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December 21, 2024
 

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YEN

Bank of Japan Gov. Kazuo Ueda speaks during a Lower House committee meeting on Friday.
BUSINESS / Economy / ANALYSIS
Aug 26, 2024
BOJ shows how action matters more than hawkish signs
In the debate over how central banks can affect market perceptions, the central bank may have gotten it right when in July it raised rates for a second time.
U.S. Federal Reserve chairman Jerome Powell
BUSINESS / Economy
Aug 26, 2024
Powell’s pivot leaves traders debating size and path of rate cuts
Bond traders are now focusing in on bets over the size of the first U.S. interest rate reduction and the future path of easing.
IMF chief economist Pierre-Olivier Gourinchas says Japan's inflation is higher than 2% and inflation expectations have started to move toward, or "maybe even a little bit above" the BOJ's 2% target. As a result, the BOJ is normalizing the extremely loose monetary policy it has had for decades.
BUSINESS / Economy
Aug 24, 2024
IMF sees scope for Bank of Japan to keep raising rates
The BOJ can raise interest rates gradually as heightening inflation expectations leave further scope for normalization, the IMF said.
The yen's rebound is clouding an outlook for Japanese firms' earnings that have enjoyed a boost from the weak yen.
BUSINESS / Companies
Aug 22, 2024
Yen’s rebound threatens earnings growth in Japan
Weak demand in China and the risk of a slowing U.S. economy are fueling worries about how sustainable their earnings growth will be.
The 225-issue Nikkei average ended in negative territory Monday for the first time in six sessions.
BUSINESS / Markets
Aug 19, 2024
Nikkei falls on yen's gain, while Seven & I surges
The Nikkei index closed 1.77% lower at 37,388.62, snapping a five-day winning run that pushed up the index 8.7% last week.
The display window of a brokerage showing the closing numbers of the Tokyo Stock Exchange, along a street in the capital on Tuesday.
BUSINESS / Markets
Aug 17, 2024
Foreign investors are trading Japan’s stocks like never before
The Nikkei 225-issue average slumped 12% on Aug. 5, the biggest percentage fall since Black Monday in 1987, before rebounding 10% the next day.
A monitor in Tokyo on Friday shows the Nikkei stock average rising more than 1,000 points from the previous day.
BUSINESS / Markets
Aug 16, 2024
Nikkei surges on back of strong U.S. economic data
The 225-issue Nikkei average added 3.64% to end the session at 38,062.67, a gain of 8.7% over the week.
Prime Minister Fumio Kishida leaves at the end of a news conference, in which he announced he is stepping down, at the Prime Minister's Office in Tokyo on Wednesday.
BUSINESS / Markets
Aug 14, 2024
Kishida's shock announcement shakes already unsettled Japanese markets
The prime minister's decision to step down follows the Bank of Japan's surprise rate hike just two weeks earlier.
The size of the carry trade strategy is hard to determine because currency transactions, unlike stock trades, aren't tracked on exchanges. We only have estimates.
COMMENTARY / Japan
Aug 14, 2024
How big is the yen carry trade, really?
There is now worry that the unwinding of yen-funded carry trades would wreck investors’ frothy exposures to U.S. technology and AI-related companies.
The WisdomTree Japan Hedged Equity Fund saw an outflow of more than $400 million last week, the most since 2018.
BUSINESS / Markets
Aug 13, 2024
Yen-hedged ETF suffers exodus of cash from carry-trade fiasco
The fund’s cash withdrawal last week now puts it on pace for its worst month of outflows since December 2018, though it still has a positive haul overall for the year.
What are known as yen carry positions in the international monetary market appear to have been rapidly unwound as the yen has rallied about ¥20 per dollar in about a month after hitting a 37-year low.
BUSINESS / Markets
Aug 12, 2024
Yen carry positions rapidly unwound amid recent yen rally
In the yen carry trade, investors borrow yen funds at low interest rates and sell them for other currencies with higher interest rates.
JPMorgan Asset has wagers that profit when the yield gap between shorter and longer-term Japanese bonds narrows, and is among those mapping out the BOJ’s next policy step after a wild week of trading.
BUSINESS / Economy
Aug 10, 2024
JPMorgan Asset gameplans for risk BOJ hikes are done this year
"It’s pretty clear that the Bank of Japan is not going to move until markets settle down,” said the head of global rates at the firm.
An electronic board displaying Topix and the yen exchange rate against the U.S. dollar outside a brokerage in Tokyo on Tuesday.
BUSINESS
Aug 9, 2024
Tokyo’s Monday stock crash an afterthought by Friday
Concern remained, and the search for a coherent explanation as to why Tokyo stocks crashed and shook investors globally was ongoing.
Traders work on the floor of the New York Stock Exchange on Monday as selloffs in global markets, including Japan’s Nikkei 225 index, deepened amid concerns about a slowdown in the global economy.
EDITORIALS
Aug 9, 2024
BOJ rate hike spooked markets, but it's not the sole culprit
Unwinding decades of loose monetary policy was always going to be challenging, and the global economy must brace for similar adjustments from other central banks.
The Bank of Japan headquarters in Tokyo. This week's market turmoil underscored how difficult it is for the central bank to limit market shocks as it unwinds years of extraordinary monetary stimulus.
BUSINESS / Markets
Aug 9, 2024
Mixed messages from BOJ leave traders guessing about its true aims
Investors are wondering how much faith they can put into the Bank of Japan following comments that appear to be damage control.
Bank of Japan Gov. Kazuo Ueda speaks to reporters on July 3.
BUSINESS / Economy
Aug 8, 2024
Bank of Japan’s surprise rate rise a real head-scratcher for some analysts
Some analysts are skeptical about consumption actually being stimulated, saying that positive wage growth will not necessarily guarantee that.
The Bank of Japan headquarters in Tokyo. BOJ Deputy Gov. Shinichi Uchida sent a strong dovish signal in the wake of historic financial market volatility in Japan by pledging to refrain from hiking interest rates when markets are unstable.
BUSINESS / Markets
Aug 7, 2024
BOJ deputy governor plays down chance of near-term rate hike
Shinichi Uchida's remarks stand in contrast with Gov. Kazuo Ueda's hawkish comments made last week when the BOJ unexpectedly raised interest rates.
The rate of the yen against the dollar displayed in the trading room at a foreign exchange brokerage in Tokyo on April 25.
BUSINESS / Markets
Aug 7, 2024
Japan's April yen-buying intervention sets new daily record
Quarterly data from the Finance Ministry showed that Japan spent a record ¥5.92 trillion on a single-day yen-buying intervention on April 29.
Shigeru Ishiba speaks during an interview in Tokyo on Tuesday.
BUSINESS / Economy
Aug 7, 2024
LDP bigwig Ishiba endorses BOJ's rate hikes
"The Bank of Japan is on the right policy track" in raising interest rates, Shigeru Ishiba said.
A return to the world with interest will almost certainly mean an increase in the bifurcation of Japan's haves and have-nots.
COMMENTARY / World
Aug 5, 2024
Is Japan ready for a ‘world with interest?’
Ever since Ueda arrived at the central bank 15 months ago, economists have been debating what the "world with interest” will look like.
Mother hopes for reunion with daughter ensnared by Tokyo host clubs
The Kabukicho district in Tokyo, where the daughter of a woman in her 60s fell deeply into the host club culture.
A year after going private, structural reforms bearing fruit for Toshiba
Toshiba's Corporate Senior Executive Vice President Koji Ikeya speaks during an interview in Tokyo on Monday.
Taiwan lawmakers brawl over bills that would 'damage democracy'
Lawmakers from the Democratic Progressive Party and opposition party Kuomintang brawl in parliament in Taipei on Friday.
Record 78% of people in Japan feel anxious, government survey finds
The public opinion survey on people's lives, conducted by the Cabinet Office, found that 28.1% of respondents think that their standard of living is at a lower-middle level among the general public — the highest percentage to give that response in 35 years.
Police raided suspect's home to arrest him after fatal Kitakyushu stabbing
Broken window glass is seen at Masanori Hirabaru's house in Kitakyushu's Kokuraminami Ward.
Japanese officials inspect Yokota Air Base over PFAS concerns
The Yokota Air Base in western Tokyo in September 2019. An inspection of the base by Japanese government officials on Friday came amid public pressure to investigate suspected links between the use of PFAS-containing firefighting foam by the U.S. base and contamination of soil and groundwater in western Tokyo.
Crime numbers rise in Japan for second straight year
A police officer stands in front of the residence of a man alleged to have stabbed two junior high school students in Kitakyushu.
A year of Oscar wins and a quiet push for diversity
Ryusuke Hamaguchi’s “Evil Does Not Exist,” released in Japanese theaters in April, sharply dramatizes the clash between rural and urban values. The film won five awards at the 2023 Venice Film Festival, including the second-place Silver Lion prize.
Curiosity didn’t kill the meme: Why cats still rule Japanese YouTube
A screen shot from YouTube user @lagelda shows the simplicity of going viral in Japan in 2024: A cat dancing to EDM in front of a green screen.
With rare Asia carrier deployment, France seeks greater interoperability
The flight deck of the French Navy's Charles de Gaulle aircraft carrier during a stop at Changi Naval Base in Singapore in May 2019

Podcast

One of the many entrances to the Kabukicho neighborhood in Tokyo’s Shinjuku Ward.
Kabukicho: Tokyo’s ‘stadium of desire’

Longform

Yasuyuki Yoshida stirs a brew in a fermentation tank at his brewery in Hakusan.
The quake that shook Noto's sake brewing tradition
By Alex K.T. Martin

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