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☆ Dollar steady as PCE data sets up June rate cut bets; yen in focus
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +3 min

The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention. The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention. The report also showed consumer spending rising by the most in just over a year last month, underscoring the economy's resilience. The yen touched a 34-year low against the dollar of 151.975 on Wednesday and was last at 151.315 per dollar, a shade stronger, on Monday. In other currencies, the Australian dollar rose 0.21% to $0.654, while the New Zealand dollar was 0.20% higher at $0.599.

Persons: Jerome Powell, Sterling, Shunichi Suzuki, bitcoin Organizations: Federal, Commerce Department's, Reuters, Traders, Citi, Japan, Bank of Japan, Ministry of Finance, Financial Services Agency, New Zealand Locations: Japan

☆ Japan's yen hits 34-year-low, heating talk of intervention
▼ + stars: | 2024-03-27 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Japanese 1,000 yen, 5,000 yen and 10,000 yen banknotes arranged in Kyoto, Japan, on Thursday, Nov. 2, 2023. The contradictions in Japan's efforts to protect the yen while slowing the pace of rising bond yields are becoming increasingly clear in currency and debt markets. The yen was last at 151.22 against the dollar at 10:19 a.m. London time after paring back some losses. The yen hit a 34-year-low on Wednesday, weakening as much as 151.97 against the U.S. dollar and fueling market questions over potential government intervention to prop the Japanese currency. "There is now a higher chance of Japanese FX intervention.

Persons: Kentaro Takahashi, Shunichi Suzuki, Masato Kanda, Kanda Organizations: Bloomberg, Getty, U.S ., Bank of Japan, Financial Services Agency, Reuters, FX, Commonwealth Bank of Australia, Bank of America Global Research Locations: Kyoto, Japan, London

☆ Japan regulator to monitor potential BOJ impact on regional banks
▼ + stars: | 2023-08-29 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +1 min

[1/2] A man walks at the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. The Financial Services Agency (FSA) "will monitor how potential changes in the financial markets and client situations will affect regional banks' profits and health," the regulator said in its annual policy outlook released on Tuesday. Large banks have shortened the duration of their bond portfolios in anticipation of higher yields, but analysts say some smaller, regional banks do not have such flexibility. The FSA said in the policy outlook that it would "encourage regional banks to take necessary steps ahead of time" to address potential changes in the financial and economic situations. The policy outlook, set yearly, lays out guidelines for the FSA's supervision and direction of banks and other financial firms.

Persons: Issei Kato, Makiko Yamazaki, Sam Holmes Organizations: Bank of Japan, REUTERS, Rights, Financial Services Agency, Thomson Locations: Tokyo, Japan

As of end-March, the three banks had total credit exposure of about $64 billion to China, or roughly 1% of their total assets, according to their financial statements. The FSA's request to look into China-related geopolitical risk was made in May, said two other sources. At a meeting last month, one of the banks was asked by the FSA how it is assessing risk related to China operations, one of them said. China claims democratically governed Taiwan as its territory and has never renounced the use of force to bring it under its control. Dealing with China sanctions would be extremely complex, the executive added.

Persons: Banks, SMFG, Antony Blinken, Wang Yi, Takaya Yamaguchi, Makiko Yamazaki, Sumeet Chatterjee, Jamie Freed Organizations: Financial Services, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Mizuho, American Chamber of Commerce, Reuters, Thomson Locations: China, TOKYO, Ukraine, Russia, United States, China . U.S, Beijing, West, Taiwan, U.S, Tokyo, New York

☆ Japan will stop yen decline beyond USD/JPY 145, most economists say: Reuters poll
▼ + stars: | 2023-06-15 | by ( Satoshi Sugiyama | ) www.reuters.com time to read: +4 min

TOKYO, June 15 (Reuters) - Japan's government and central bank will act to stop the yen's decline if it depreciates to the 145 per U.S. dollar level, more than half of economists polled by Reuters said. Fifteen of 28 economists (54%) said the government and the BOJ will take steps such as issuing a warning or intervening into the currency market once the yen weakens beyond 145 per greenback, the June 8-13 poll found. In a separate question on the weak yen's impact on BOJ policy, nine economists (31%) said the central bank's decisions could be swayed by a yen depreciation beyond 145 per dollar. In the poll, all but one - JP Morgan - out of 28 economists corroborated the view, citing an improved bond market functionality and Governor Kazuo Ueda's accommodative remarks so far. BOJ's Ueda has said an end to easy policy would depend on the economy achieving 2% inflation coupled with pay growth.

Persons: Harumi Taguchi, Morgan, Kazuo Ueda's accommodative, Hiroshi Watanabe, BOJ's Ueda, Satoshi Sugiyama, Kantaro Komiya, Veronica Khongwir, Anant Chandak, Christian Schmollinger Organizations: Reuters, Bank of Japan, P, Financial Services Agency, Sony Financial Group, Thomson Locations: TOKYO

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/IllustrationLONDON/SINGAPORE, May 30 (Reuters) - The yen strengthened on Tuesday on news of a meeting of Japan's finance ministry and central bank, while elsewhere the dollar rose to a two-month high against a basket of its peers after the U.S. debt ceiling deal. The dollar was last down 0.18% against the Japanese yen at 140.18 after the country's finance ministry said senior officials from the Ministry of Finance, Bank of Japan and Financial Services Agency will meet from 5:30 p.m. (0830 GMT). Japanese central bank policy has been a major focus for investors in the past year after the BOJ last year intervened to strengthen the yen. Kenneth Broux, head of corporate research for FX and rates at Societe Generale, said FX intervention at current levels was unlikely.

☆ Japan convening panel on digital yen as BOJ pilot scheme gets underway
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

Central banks around the world have scrambled to develop digital currencies to modernize financial systems and facilitate domestic and cross-border payments. But Japan remains undecided on whether to issue a central bank digital currency (CBDC), and the BOJ has said the pilot programme may last for several years. "We understand the BOJ's study is making a steady headway," a finance ministry official told reporters. "However, we have not at all decided on whether Japan will issue a CBDC." The BOJ and Financial Services Agency will attend the panel sessions as observers.

TOKYO, March 31 (Reuters) - Japanese regional lenders will be well able to weather even "large" losses on their foreign bond portfolios thanks to strong capital buffers, a senior banking regulator official said, rebuffing concerns fuelled by U.S. banking woes. "Overseas media seem to be focusing on Japanese regional banks in association with the SVB collapse, but I'd like to emphasise that they are completely different," he told Reuters in an interview. Analysts at SMBC Nikko Securities calculated unrealized foreign bond losses at over 70 listed Japanese regional banks totalling 1.4 trillion yen ($10.6 billion) at the end of last year, the worst in decades for global bond markets. "It is true that unrealized losses on foreign bond holdings at some regional banks are large, but the banks have enough capital buffers even when such losses are taken into account," Yashiki said. He also said he saw no immediate need to review Japan's regulatory framework as Japanese banks have grown resilient with significantly improved asset quality.

Credit Suisse fell 8% in Europe and First Republic tumbled 30%. Banking troubles revived memories of the 2008 financial crisis, when dozens of institutions failed or were bailed out with billions of dollars of government and central bank money. Earlier this week, the franc plunged the most against the dollar in one day since 2015, when the Swiss central bank loosened its currency peg. Japan's Ministry of Finance, Financial Services Agency and Bank of Japan officials met on Friday evening to discuss financial markets. Masato Kanda, vice finance minister for international affairs, told reporters after the trilateral meeting that the government, the central bank and the banking watchdog would coordinate to ensure the stability of the financial system.

☆ Relief rally on bank rescue lifts riskier currencies; dollar slips
▼ + stars: | 2023-03-17 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The Aussie jumped 0.76% to $0.6708 in Asia trade on Friday, while the kiwi rose 0.69% to $0.6239. The move followed Credit Suisse's (CSGN.S) announcement earlier on Thursday that it would borrow up to $54 billion from the Swiss National Bank, after the central bank threw a financial lifeline to the embattled Swiss lender. Earlier in the week, the Swissie had plunged the most against the dollar in a day since 2015. It was last 0.56% higher at 133.01 per dollar, on track to rise more than 1% for the week. Reporting by Rae Wee; Editing by Bradley Perrett and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Japan says closely coordinating with BOJ, overseas authorities on banking issues
▼ + stars: | 2023-03-17 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese policymakers have so far stuck to the view that the possibility of another financial crisis is low. On Friday, Suzuki said he was closely watching financial markets in and outside of Japan and for any impact from problems in the banking sector in the West on the Japanese economy. Japan has multilateral currency swap arrangements with Southeast Asian economies to prepare for crises like the 1997/98 Asian currency crisis. However, a bilateral currency swap arrangement with South Korea expired several years ago. "Nothing has been decided on financial track issues such as bilateral currency swap," Suzuki added.

☆ Kazuo Ueda is set to become Japan's next central bank governor. Here's what it means
▼ + stars: | 2023-02-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesKazuo Ueda is set to become the next governor of the Bank of Japan, succeeding current central bank chief Governor Haruhiko Kuroda. Kishida recently emphasized the need for the next central bank governor to have "global communication skills" and be able to coordinate closely with global peers, Reuters reported, citing his comments in parliament. He has led the central bank's ultra-dovish monetary policy, including maintaining a negative interest rate since 2016 – even as global peers have been hiking to tackle inflation. Bank of America Global Research expects gradual policy normalization under the central bank's new leadership instead of an abrupt change, according to the firm's economists led by Izumi Devalier. 'Well-suited' deputiesJapan's government also reportedly announced its nominees for other central bank roles including Shinichi Uchida, currently the central bank's executive director, and Ryozo Himino, the former chief of Japan's Financial Services Agency.

☆ Japanese yen jumps on report Kazuo Ueda will be next governor of the central bank
▼ + stars: | 2023-02-10 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Bank of Japan left its monetary policy unchanged on Wednesday. The Japanese yen pushed higher against both the euro and U.S. dollar on Friday after a Nikkei report said Kazuo Ueda would be appointed as the Bank of Japan's next governor. Economist Ueda is a former member of the central bank's policy board. Kuroda has overseen the BOJ's policy of ultra-low interest rates while other major central banks have been hiking to tackle inflation. However, Muto added, he may not be a "super hawkish type" – so any "normalization" would take place very slowly.

☆ Explainer: How will Japan resolve shipping insurance for Russian LNG imports?
▼ + stars: | 2022-12-29 | by ( Yuka Obayashi | ) www.reuters.com time to read: +6 min

Japan's Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance told shipowners last week that from Jan. 1 they would stop offering insurance coverage for ship damage caused by war in Russian waters, because reinsurers were withdrawing coverage. Japan receives 9% of its imported LNG from Sakhalin-2, which is owned by Gazprom (GAZP.MM) and Japanese trading houses. Loss of supply from Sakhalin-2 could send Japanese power and gas utilities such as JERA and Tokyo Gas Co Ltd (9531.T) scrambling for alternatives. It has had to persuade G7 partners to give it leeway so it could keep importing Russian LNG, and after the Russian government decided in June to seize control of Sakhalin-2, Japanese trading houses had to agree to remain as shareholders of the new Russian operator. read more"The top priority now is to secure marine war insurance," a senior official at the industry ministry said.

☆ Crypto exchange Kraken to stop operations in Japan
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - U.S.-based crypto exchange Kraken said on Wednesday it would cease its operations in Japan next month, citing the current market conditions in the country and a weak crypto market globally. Kraken will deregister from the Financial Services Agency (JFSA) as of Jan. 31, by which time clients would have to withdraw their fiat and crypto holdings, it said in a statement. Kraken said it is fully funded to ensure that all affected clients could withdraw their assets in a timely manner. Last month, Kraken said it would reduce its workforce by 30%, or about 1,100 employees, as tough market conditions had crippled demand for digital assets. Bitcoin, the pre-eminent cryptocurrency, has lost 60% of its value this year, while the wider crypto market has shrunk by $1.4 trillion, squashed by the collapse of Sam Bankman-Fried's FTX empire, Celsius and supposed 'stablecoins' terraUSD and Luna.

☆ Crypto exchange Kraken to shutter its Japan operations after global layoffs
▼ + stars: | 2022-12-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Digital currency exchange Kraken will close down its operations in Japan next month, in another sign of consolidation in the battered crypto industry. In a blogpost on Wednesday, Kraken said it would cease crypto trading services through its Japanese subsidiary, Payward Asia, and deregister from Japan's Financial Services Agency on Jan. 31, 2023. It is the second time Kraken has left the Japanese market. It cited a combination of "current market conditions in Japan" and a "weak crypto market globally" as the reasons behind its decision. Japanese customers will have until Jan. 31 to withdraw their fiat and crypto holdings from the Kraken platform, the company said.

☆ Japan govt asks insurers to retain marine war insurance for LNG shippers in Russian waters
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Dec 27 (Reuters) - The Japanese government has requested insures to take on additional risks to continue providing marine war insurance for liquefied natural gas (LNG) shippers in Russian waters, a senior official at the industry ministry said. The Financial Services Agency and Agency for Natural Resources and Energy made the request in a letter to the country's general insurance association. Tokyo wants to ensure Japan will continue to import LNG from the Sakhalin-2 project in Russia, the official told Reuters. Three Japanese insurance companies that are set to halt marine coverage of risks related to the war in Ukraine starting next month are in talks with reinsurers to resume those operations, they said on Monday. read moreReporting by Yuka Obayashi Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Japan PM Kishida to replace embattled reconstruction minister Akiba - NHK
▼ + stars: | 2022-12-26 | by ( Sakura Murakami | ) www.reuters.com time to read: +2 min

TOKYO, Dec 26 (Reuters) - Japanese Prime Minister Fumio Kishida, who is battling low approval ratings, will replace a government minister for the fourth time since he created his current cabinet in August, public broadcaster NHK reported on Monday. Discussions on a replacement for Kenya Akiba, minister responsible for overseeing the reconstruction of areas hit by Japan's massive earthquake and tsunami in 2011, are still underway, the broadcaster said. NHK initially reported that Akiba will be replaced by former financial services agency minister Tatsuya Ito, but later corrected that report to say a successor has not been picked. That's all I can say," Kishida said on Monday when asked whether he planned to replace Akiba. Kishida also plans to replace Mio Sugita, his Parliamentary Vice-Minister for Internal Affairs, Kyodo reported on Monday citing multiple unidentified government sources.

☆ Japan PM Kishida to replace reconstruction minister Akiba - NHK
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Dec 26 (Reuters) - Japanese Prime Minister Fumio Kishida will replace reconstruction minister Kenya Akiba with former financial services agency minister Tatsuya Ito, public broadcaster NHK reported on Monday. Akiba would be the fourth minister to be let go from the cabinet of Kishida, whose approval ratings have remained low after the killing of former premier Shinzo Abe revealed close connections between ruling Liberal Democratic Party lawmakers and the church, which critics say is a cult. Reporting by Rocky Swift Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Binance enters Japanese market with Sakura Exchange BitCoin deal
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Cryptocurrency exchange operator Binance said on Wednesday it acquired Sakura Exchange BitCoin (SEBC), a crypto exchange service registered in Japan, to expand into the Asian country. The terms of the transaction were not disclosed by Binance. Through the acquisition, Binance will be able to operate in the Japanese market as an entity regulated by the Japan Financial Services Agency (JFSA). Takeshi Chino, general manager of Binance Japan, said, "We will actively work with regulators to develop our combined exchange in a compliant way for local users." Reporting by Urvi Dugar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Global regulators to target crypto platforms after FTX crash
▼ + stars: | 2022-11-24 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Nov 24 (Reuters) - The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview. Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch. Cryptoassets like bitcoin have been around for years but regulators have resisted jumping in to write new rules. "Is it the case for the crypto market? "For investor protection reasons, there is a need to provide additional clarity to these crypto markets markets through targeted guidance in applying IOSCO’s principles to crypto assets," Servais said.

☆ Regulator suspends licence of FTX's Australian unit until mid-May
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/IllustrationNov 16 (Reuters) - The Australian securities regulator has suspended the licence of the local arm of FTX until mid-May next year, it said on Wednesday, adding to the woes of the collapsed cryptocurrency exchange as it faces intense global regulatory scrutiny. The Australian Securities & Investments Commission (ASIC) in a statement said FTX Australia's financial services licence will be suspended until mid-May next year, taking back its permit to deal in derivative and foreign exchange contracts to retail and wholesale clients, along with provide general advice. "ASIC is monitoring this situation closely and speaking regularly with international regulators and the external administrators," the regulator said on Wednesday. It added FTX Australia could continue to provide limited financial services for terminating existing derivatives with clients until Dec. 19.

☆ Factbox: Global regulatory actions against FTX
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

FTX and its local units, had already attracted scrutiny from regulators around the world. The Securities Commission of the Bahamas said on Thursday it would freeze the assets of FTX Digital Markets, the group's local unit, and also appointed a provisional liquidator for the unit. EUROPE/CYPRUSCyprus's Securities and Exchange Commission asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday. FTX announced in September it had received approval from the Cypriot regulator to operate as a Cyprus Investment Firm, allowing the company to fully own a local investment firm it had previously acquired. The local unit resumed withdrawals on Friday.

☆ Japan's SBI considering delisting Shinsei, Kyodo says
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 19 (Reuters) - Japanese financial group SBI Holdings (8473.T) is considering delisting mid-size lender Shinsei Bank Ltd (8303.T) and will explore options with the country's banking regulator, the Kyodo news agency reported on Wednesday. SBI said this month it planned to increase its stake to a majority 50.05% by the end of March. An SBI spokesperson said it had nothing to announce at this time. The Japanese government owns about 20% of Shinsei following its bankruptcy in Japan's late 1990s banking crisis. SBI first took a stake in Shinsei after JC Flowers sold down its holding in 2019.

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