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The yen held its line against the dollar on Tuesday after making sharp gains the previous day in moves that traders said were sparked by suspected intervention by Japanese authorities. "There is clearly a possibility that the sharp and sudden lifts in the JPY were sparked by intervention. Official figures that would reveal whether intervention did in fact occur won't be available until late May. The Japanese currency still sits lower than it was before the Bank of Japan's policy announcement last week. The Fed is expected to strike a hawkish message, meaning more yen selling is likely, CBA's Kong said.
Persons: haven't, Masato Kanda, Carol Kong, bode, CBA's Kong, pare, Sterling, bitcoin Organizations: Federal, Commonwealth Bank of Australia, Trading, Markets, Bank of, Fed, Traders, European Central Bank Locations: Buenos Aires, Argentina, Tokyo, Asia, Japan, U.S, Bank of England
Samsung Electronics Co. Galaxy S24 smartphones during a media preview event in Seoul, South Korea, on Monday, Jan. 15, 2024. Here are Samsung's first-quarter results versus LSEG estimates: Revenue: 71.92 trillion Korean won (about $52.3 billion), vs. 71.04 trillion Korean won71.92 trillion Korean won (about $52.3 billion), vs. 71.04 trillion Korean won Operating profit: 6.61 trillion Korean won, vs. 5.94 trillion Korean won Samsung's revenue for the quarter ending March jumped 12.81% from a year ago, while operating profit soared 932.8% in the same period. The figures were in line with the company's guidance earlier this month, where Samsung said operating profit in the January-March quarter likely rose to 6.6 trillion Korean won, up 931% from a year ago. The South Korean electronics giant saw record losses in 2023 as the industry reeled from a post-Covid slump in demand. Operating profit increased to KRW 6.61 trillion as the Memory Business returned to profit by addressing demand for high value-added products," Samsung Electronics said in a statement on Tuesday.
Persons: SeongJoon Cho, SK Kim, Kim, TSMC, Biden Organizations: Samsung Electronics Co, Samsung, Bloomberg, Getty, Samsung Electronics, Memory Business, SK, Daiwa, CNBC, Micron, Citi, , Japan's Rapidus Corporation Locations: Seoul, South Korea, Korean, Taiwan, Texas, U.S, Asia
An editorial montage of the Japan flag and Japanese yen cash bank notes. Asia-Pacific markets were largely set to extend gains on Tuesday, tracking Wall Street moves, with investors awaiting China manufacturing purchasing managers' index for April. The currency weakened to its lowest level against the U.S. dollar yesterday at 160.03, before strengthening sharply to trade around the 155 level. The Wall Street Journal, meanwhile, reported that Japan had intervened to support the yen by selling U.S. dollars and buying yen. Traders will also assess economic data from Japan and South Korea.
Persons: Masato Kanda Organizations: U.S, Street Journal, Traders Locations: Japan, Asia, Pacific, China, South Korea
Dollar a tad softer as markets wait for Fed
  + stars: | 2024-04-29 | by ( ) www.cnbc.com   time to read: +2 min
Japan's yen was at 158.05 per dollar, up nearly 0.2% in quiet trading with Tokyo markets closed for the first of the country's Golden Week holidays. "The bar is pretty high for a sustained hawkish surprise, which would in turn lift yields," he said, referring to the Fed. "The BOJ disappointment might be transcribed onto the FOMC insofar that they may be more undecided than decidedly hawkish." The Fed is seen holding its benchmark interest rate steady at 5.25%-to-5.5% at the April 30-May 1 meeting. Markets are also on guard for any intervention by Japanese authorities to contain the yen's nearly 11% fall this year.
Persons: Jerome Powell, Vishnu Varathan, Sterling Organizations: U.S, Bank of, Mizuho Bank, Market Committee Locations: Japan, Tokyo, Bank of Japan, Asia, Singapore
Japan's weak currency is boosting tourism, with a record-breaking 3.1 million visitors in March. A weak currency is ensuring that it will remain that way for foreigners. The country just broke its pre-pandemic tourist record, with 3.1 million foreign visitors in March. The government said it's on track to surpass 2025's target of 32 million annual foreign visitors this year, after 8.6 million tourists visited in the first quarter of 2024. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Business Locations: Japan
An employee works on the assembly line of intelligent machinery at a workshop on March 31, 2024 in Qingzhou, Weifang City, Shandong Province of China. Asia-Pacific markets climbed Monday as traders look toward the Federal Reserve's meeting this week, following another hotter-than-expected U.S. inflation reading Friday. March's core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago, and came in ahead of the 2.7% expected by Dow Jones. Personal spending rose 0.8%, ahead of a 0.7% estimate. In Asia, China's official purchasing managers index for April is expected Tuesday ahead of the Labor Day holiday on Wednesday, along with Japan's industrial production and retail sales data from March.
Persons: Dow Jones Organizations: Labor Locations: Qingzhou, Weifang City, Shandong Province, China . Asia, Pacific, Asia
AdvertisementSome royal fans think the Duchess of Sussex and Buckingham Palace are in a jam — specifically strawberry. Speculation that Buckingham Palace and Meghan Markle might be battling it out via fruit preserves began on Wednesday. Buckingham Palace. AdvertisementIt didn't take long for online users to draw comparisons between Buckingham Palace and American Riviera Orchard. AdvertisementAmerican Riviera Orchard and Buckingham Palace haven't commented on the speculationRepresentatives for Markle and Buckingham Palace did not immediately respond to a request for comment from Business Insider.
Persons: Meghan Markle's, Buckingham, , Duchess of, Meghan Markle, Markle, Prince Harry, Duke of Sussex, influencers, Tracy Robbins, Delfina Blaqier, Chrissy Teigen, we've, Mindy Kaling, Tracee Ellis Ross, haven't, King Charles III, Queen Camilla Organizations: Markle, Service, Variety, Buckingham Palace, America, Business, Palace Locations: Duchess of Sussex, Buckingham, Buckingham Palace, Montecito, Orchard
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapanese central bank's stance can be viewed as dovish, says former BOJ officialKazuo Momma, executive economist at Mizuho Research & Technologies and former Bank of Japan assistant governor, discusses Bank of Japan's decision to keep its key rate unchanged.
Persons: Kazuo Momma Organizations: Mizuho Research & Technologies, Bank of Japan
Asia-Pacific markets were mixed on Friday as investors in Asia look to the Bank of Japan's policy decision and inflation figures out of Tokyo. Thirteen economists polled by Reuters unanimously forecast that the BOJ will leave its monetary policy unchanged. Tokyo's headline inflation rate for April came in at 1.8%, slowing from the 2.6% in March. Core inflation in the capital — which strips out prices of fresh food — sharply fell to 1.6% from March's 2.4%, missing expectations of 2.2% from economists polled by Reuters. Tokyo inflation data is widely considered as a leading indicator of nationwide trends.
Persons: Cherry Organizations: Nippon Budokan, Bank of, Reuters Locations: Tokyo, Japan, Asia, Pacific
The Biden administration is correct that China has not played fair. But he said the nations that could rival China in shipbuilding are Asian competitors. Shipbuilding subsequently dropped to around five ships per year, which is approximately the current rate of U.S. shipbuilding. President Joe Biden speaks to members of the United Steel Workers Union at the United Steel Workers Headquarters on April 17, 2024 in Pittsburgh, Pennsylvania. Biden announced new actions to protect American steel and shipbuilding industries including hiking tariffs on Chinese steel.
Persons: Biden, Ben Nolan, Nolan, Reagan, Joe Biden, Jeff Swensen, , Darron, Wadey, Lloyd, Matson, George Washington, Ronald O'Rourke, O'Rourke Organizations: Mitsui Shipbuilding Co, Taicang Port Economic, Technological, Future Publishing, Getty, CNBC, Shipbuilding, Global, United States, Trade, U.S . Trade, U.S, China's Ministry of Commerce, United Steel Workers, Japan's Nippon Steel, United Steel Workers Union, United Steel Workers Headquarters, Analysts, Matson Shipping, Jones Act, Philly Shipyard, CMA CGM, Matson, United, Maritime Administration, U.S ., Huntington Ingalls Industries, News Shipbuilding, U.S . Navy, U.S Navy, Newport News Shipbuilding, Virginian Pilot, Tribune, Service, Force, warfighting, Navy, Biden, Congressional Research Service Locations: Taicang Port, Suzhou, Jiangsu province, China, U.S, Japan, South Korea, United States, Pennsylvania, Pittsburgh , Pennsylvania, American, Bangladesh, U.S . Virgin Islands, Great, Mississippi, Ohio
Japan's Toyota Motor will pair up with China's Tencent while Nissan will team up with Baidu , the companies said on Thursday, cross-border partnerships that highlight the importance of artificial intelligence for carmakers. Both Tencent, a gaming and social media giant and Baidu, China's leading search engine, have been leaders in the country's generative AI race. The companies will offer services through Tencent's strengths in big data, AI and cloud computing, Xu said. Nissan said it and Baidu had signed a memorandum of understanding to carry out research on AI and so-called "smart cars". Nissan will use Baidu's generative AI on its platform to study the feasibility of future tech development, it said.
Persons: China's, BYD, Toyota's Yiming Xu, Xu, Nissan Organizations: Beijing Auto, Toyota, Nissan, Baidu Locations: Beijing, China
European markets are set to open in positive territory Wednesday, building on gains seen since the start of the week. Regional stocks closed higher Tuesday, with the U.K.'s FTSE 100 hitting a fresh intraday record high as investors built on upbeat sentiment this week. Europe's markets have been buoyed by gains in Asia and on Wall Street this week, where investors have been keeping a close eye on tech earnings. Overnight, Japan's Nikkei 225 led gains in Asia as markets in the region rose across the board, while S&P 500 futures edged higher Tuesday night as investors parsed the latest financial releases from corporate America.
Organizations: Nikkei Locations: Asia, America
Nurphoto | Nurphoto | Getty ImagesAsia-Pacific markets extended gains from Monday as tech shares rebounded on Wall Street and investors look toward flash business activity figures from Australia, Japan and India. Figures from S&P Global show that Australia's composite purchasing managers index hit a two-year high, coming in at 53.6 against March's 53.3. Japan and India's PMI numbers will be released later Tuesday. Japan's Nikkei 225 popped 0.8% at the open, while the broad based Topix was up 0.66%. Futures for Hong Kong's Hang Seng index stood at 16,681, pointing to a weaker open compared to the HSI's close of 16,511.69.
Persons: Kospi Organizations: Nurphoto, Getty, March's, PMI, Nikkei Locations: Jama, New Delhi, India, Asia, Pacific, Australia, Japan
Jennifer Pan is the subject of a new Netflix documentary, "What Jennifer Did." Prior to planning her parents' murder with Wong and Crawford, Pan had previously asked a former classmate to kill her parents for her, but that classmate refused, Toronto Life reported. Toronto Life reported that Crawford gave Pan a discounted rate — $10,000 vs. a standard $20,000 — to kill her parents since she was a friend of Wong's. Through analyzing phone calls and text messages, police identified Crawford, Wong, Mylvaganam, and Carty, and arrested them in early 2011. If they don't, then Crawford, Pan, Wong, and Mylvaganam can seek parole on the attempted murder charge.
Persons: Jennifer Pan, Jennifer Did, Lenford Crawford, Here's, , Ha, Huei Hann Pan, Daniel Wong, Wong's, Crawford, Pan, Wong, David Mylvaganam, Eric Carty, Mylvaganam, Bich, Hann, Pan —, banister —, Carty, Carty's, doesn't Organizations: Netflix, Service, Authorities, Pan, Toronto Life, Toronto, CBC, Ontario, Markham Economist, Sun, Canada Locations: Crawford, Wong, Toronto
Firm dollar drags yen down closer to intervention range
  + stars: | 2024-04-23 | by ( ) www.cnbc.com   time to read: +4 min
A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan's rate decision this week. A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan's rate decision this week. Traders have been keeping wary eye as yen slips towards 155.00, a level considered by many participants as the new trigger for intervention by Japanese authorities. The weak yen complicates the BOJ's policy path, with some market players betting the central bank could come under pressure to hike rates sooner than it wants to slow the currency's decline. Markets are currently pricing in a 46% chance of the Fed's first rate cut starting in September, with November not far behind at 42%, according to the CME FedWatch Tool.
Persons: Carol Kong, Shunichi Suzuki, BoE, Sterling, bitcoin Organizations: Bank of, Traders, Bank of Japan's, Commonwealth Bank of Australia, Japan's Finance, Federal Reserve, Investors, Commonwealth Bank of Australia's, European Central Bank, Bank of England Locations: Japan, Iran, Israel, Tokyo, Japan's, U.S, Commonwealth Bank of Australia's Kong
Currencies calm but cautious after a weary week
  + stars: | 2024-04-22 | by ( ) www.cnbc.com   time to read: +3 min
U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Eyes are on the yen this week, with the Bank of Japan's, or BOJ, Friday policy review the notable item on the economic calendar. The yen has been one of the biggest losers against the dollar this year, with losses mounting to 9%. The ECB's Robert Holzmann, however, said the ECB probably will not cut rates this year as much as planned if the Fed does not move. BoE Governor Andrew Bailey and Deputy Governor Dave Ramsden alluded last week to Britain's inflation slowing as expected.
Persons: Chris Weston, Weston, Kazuo Ueda, BoE, ECB policymaker Madis Muller, Christine Lagarde, Robert Holzmann, BoE Governor Andrew Bailey, Dave Ramsden, Sterling, Bitcoin Organizations: U.S ., Bank of Japan's, Federal Reserve, Monetary Fund, Bank, Washington , Bank of Japan, European Central Bank, Bank of England, ECB policymaker, ECB, Treasury Locations: Buenos Aires, Argentina, East, Tehran, Iran, Washington, United States, Japan, South Korea, Washington ,, U.S
AdvertisementHuei Hann Pan and Bich Ha Pan in a photo displayed in "What Jennifer Did." While Pan lied about attending university, forging transcripts and pretending to attend classes in Toronto, Felix studied engineering at McMaster University. The evening of the November 2010 incident, he wasn't at home, Toronto Life reported. AdvertisementFelix testified during his sister's trialThe Toronto Sun reported that Felix was a witness during Pan's trial. Toronto Life reported in 2015 that Felix had moved to the east coast of Canada.
Persons: , Bich Ha, Huei Hann Pan, Jennifer Pan, Pan, Daniel Wong, wasn't, Felix, Here's, Huei Hann, Jennifer Did, Netflix Felix Pan wasn't, Bich, Hann, banister, — Wong, affirmatively, It's Organizations: Service, Netflix, Business, Ontario Appeal, Pan, Toronto Sun, McMaster University, Toronto Locations: Markham , Ontario, Ontario, Canada, Toronto, Markham
Asia-Pacific markets were all lower on Friday, tracking Wall Street's losses overnight and giving up gains from the previous day. Traders will also be watching chip stocks, after Taiwanese chip giant Taiwan Semiconductor Manufacturing Corp beat first quarter revenue and profit expectations on Thursday. Japan released March inflation data, with the headline inflation rate coming in at 2.7%, down from the 2.8% seen in February. The core inflation rate — which strips out fresh food prices — stood at 2.6%, in line with expectations from economists polled by Reuters. Japan's benchmark Nikkei 225 was down 1.88% after the inflation reading, while the broad based Topix fell 1.3%.
Organizations: Traders, Taiwan Semiconductor Manufacturing Corp, Reuters, Nikkei Locations: Asia, Pacific
Kanzuri is a traditional fermented chile paste that is exclusively produced in Myoko in Japan's Niigata Prefecture by the Tojo family. Before the family started selling the condiment in 1966, it was only made in small batches for household use. Today, a six-year-aged 2.5-ounce bottle sells for almost $20. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
Persons: Tojo Organizations: Business Locations: Myoko, Japan's Niigata Prefecture
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Japanese don't necessarily want a much stronger yen: HSBC economistFrederic Neumann, HSBC's chief Asia economist, discusses the outlook for yen intervention, and says "the weak yen plays a functional role in Japan's reflation — the Japanese don't want necessarily a much stronger yen, so long as the depreciation is orderly."
Persons: Frederic Neumann, Japan's reflation Organizations: HSBC Locations: HSBC's, Asia
Read previewOil prices jumped while stocks sold off after reports of an escalation in Middle East tensions. International benchmark Brent crude oil futures rose as much as 4.2% before trading 2.8% higher at $89.54 a barrel at 11:15 p.m. EDT. The strike on Friday came days after Iran attacked Israel on Saturday with a barrage of more than 300 missiles and drones. Israel didn't claim responsibility for the strike, but Iran held it accountable and vowed retaliation. Oil markets shrugged off Iran's attack on Israel as the market assessed the conflict would remain contained.
Persons: , Israel didn't, Israel, Kyle Rodda, Rodda Organizations: Service, Brent, US West Texas, Business, ING, Stock Locations: East, Israel, Iran, Iran's, Damascus, Syria
Japan's core inflation slowed in March due to mild rises in food prices while staying comfortably above the central bank's 2% target, government data showed on April 19, 2024. Japan's core inflation slowed in March due to mild rises in food prices while staying comfortably above the central bank's 2% target, government data showed on Friday. The nationwide core consumer price index (CPI), which excludes fresh food items, rose 2.6% in March from a year earlier after rising 2.8% in February. The "core core" index, which excludes both fresh food and energy costs and is closely watched by the Bank of Japan as a key gauge of broader inflation trends, rose 2.9% after increasing 3.2% in February. The BOJ has said a virtuous cycle of sustained, stable achievement of its 2% price target and strong wage growth was crucial for normalizing policy.
Organizations: Bank of Japan
Earthquake jolts southern Japan's Ehime, Kochi prefectures
  + stars: | 2024-04-17 | by ( ) www.cnbc.com   time to read: 1 min
An earthquake with a preliminary magnitude of 6.4 hit southern Japan late on Wednesday, the Japan Meteorological Agency said. The epicentre of the earthquake was the Bungo Channel, a strait separating the Japanese islands of Kyushu and Shikoku, the agency said, adding that no tsunami warning had been issued. Ehime and Kochi prefectures were hit by the quake with an intensity of 6 on Japan's 1-7 scale, the JMA said. No major damage has been reported so far, according to local media reports.
Organizations: Japan Meteorological Agency, JMA Locations: Japan, Kyushu, Shikoku, Ehime, Kochi
Goldman Sachs, however, expressed optimism for the industry in a March 14 report, saying the K-pop sector is "misunderstood." Nonetheless, Goldman Sachs said it sees a "high potential for valuation re-rating," as companies still continue to deliver multi-year earnings growth. Goldman pointed out that Japan's top talent agency Johnny & Associates has been mired in a major scandal, leading to the industry turning more favorable to K-pop artists. In 2023, Kouhaku Uta Gassen, the largest music show in Japan, invited five K-pop artists and two localized groups produced by K-pop companies. It was the first time the show has featured male K-pop artists since 2011 and the largest number of K-pop groups ever featured in its line up.
Persons: Danielle, Hyein, NewJeans, Gary Miller, Goldman Sachs, Karina, Goldman, Kouhaku Uta Gassen Organizations: Park, Filmmagic, JYP, YG Entertainment, SM Entertainment, Hybe, SM, Johnny, Associates Locations: CHICAGO , ILLINOIS, Chicago , Illinois, Japan, U.S
Netflix's "What Jennifer Did" focuses on the 2010 murder of Bich Ha Pan and attempted murder of Hann Pan. AdvertisementA new Netflix documentary, "What Jennifer Did," follows the story of Canadian woman Jennifer Pan, who was found guilty of conspiring to have her parents murdered. They killed Pan's mother, Bich Ha Pan, and shot her father, Huei Hann Pan, in the head and shoulder. Hann Pan testified during the trial about what he recalled from the night of his wife's murder, and other circumstances of Pan's life. "I hope my daughter Jennifer thinks about what happened to her family and can become a good, honest person someday."
Persons: Bich, Hann Pan, Jennifer, , Jennifer Did, Jennifer Pan, Pan's, Huei Hann, Pan, banister, Daniel Wong, Karen K, Ho, Wong, Bich Ha, Felix, Hann, hadn't, Lenford Crawford, Crawford, Danny Wong, Eric Carty, he's Organizations: Service, Netflix, Canada, Toronto, Police, CBC, Ontario Appeal, of, Markham Economist, Sun Locations: Markham , Ontario, Canada, Vietnam, Toronto, Ontario, of Canada, Markham
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