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☆ Japan's finance minister says yen intervention may be necessary when there are 'excessive' moves
▼ + stars: | 2024-05-03 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. "When there is an excessive movement, it may be necessary to smooth it out," he told CNBC's Dan Murphy, according to a translation. Japanese Finance Minister Shunichi Suzuki on Friday backed currency interventions by his country's policymakers if the yen moved in sharp directions that started to impact households and companies. The finance minister declined to comment when asked whether current levels for the yen were appropriate. In the last few decades, while other global central banks have tightened their policies, Japan had maintained its ultra-loose strategy.

Persons: Shunichi Suzuki, CNBC's Dan Murphy, they've, Nicholas Smith Organizations: Toki, Japanese Finance, CNBC Locations: Niigata, Japan, Tbilisi , Georgia, propping

☆ Why Less Snow Is Threatening Japan's Expensive Kanzuri Chile Paste
▼ + stars: | 2024-04-19 | by ( Enxhi Dylgjeri | Teresa Zhang | ) www.businessinsider.com time to read: 1 min

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

Two idled reactors at Shika nuclear power plant on the Noto Peninsula in Ishikawa suffered power outages because of damage to transformers. All Japanese nuclear power plants were temporarily shut down after the 2011 Fukushima nuclear disaster for safety checks under stricter standards. They are asking officials to freeze the screening process while damage at the Shika nuclear plant is fully examined and safety measures are implemented. Nuclear safety officials have noted that the extensive damage suffered by houses and roads in the area of the Shika plant make current evacuation plans largely unworkable. Hundreds of other residents of towns hosting nuclear plants submitted similar requests to regulators and Prime Minister Fumio Kishida earlier this week.

Persons: Susumu Kitano, Fumio Organizations: TOKYO, Hokuriku, Co, Nuclear, Authority Locations: Ishikawa, Noto, Tokyo, Kanazawa, Fukui prefecture, Niigata prefecture

☆ A new train pass is launching in Japan this winter — but travelers will have to act fast
▼ + stars: | 2024-01-09 | by ( Jonathan Delise | ) www.cnbc.com time to read: +2 min

Prices for the JR Pass, as it's known, increased roughly 65%-75%, in October 2023. The East Japan Railway Company, better known as JR East, announced a new Kyun Pass in December. Kyun Pass pricesThe cost for the one-day, all-you-can-ride Kyun Pass is a flat 10,000 yen ($70). Here's a comparison of roundtrip bullet train tickets, with and without the Kyun Pass. What the Kyun Pass covers

Persons: Matsumoto, Kyun Organizations: The East Japan Railway Company, East, JR, Yokohama — Locations: Japan, Tokyo, Kyoto, Osaka, Aomori, Nagano, Kanto, Yokohama, Niigata

☆ BOJ's Noguchi says wage growth momentum is biggest focus for Japan economy
▼ + stars: | 2023-10-12 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, Oct 12 (Reuters) - Bank of Japan board member Asahi Noguchi said on Thursday that the biggest focus for the Japanese economy now was to ensure that momentum for wage growth stayed in place, with a 3% rise in nominal pay to back efforts to meet the 2% inflation target. "His emphasis on wage growth probably meant the BOJ will retain its easy policy until wage hikes are firmly in place following the labour talks next March." "The biggest focus now is whether this (wage growth) momentum will be maintained or not from now on as well." Noguchi said household inflation expectations are steadily rising, but if wage growth lags behind price hikes, consumers would have no choice but to reduce their spending, as seen lately. "The BOJ's mission for the time being is to realise it (positive growth in real wages) through patient monetary easing," Noguchi said.

Persons: Asahi Noguchi, Noguchi, Yoshimasa Maruyama, Tetsushi, Chang, Ran Kim Organizations: Bank of Japan, Nikko Securities, Thomson Locations: TOKYO, Niigata, Tokyo

☆ Japan to chair G7 finance ministers meeting at IMF conference on Oct 12
▼ + stars: | 2023-10-10 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. Shuji Kajiyama/Pool via REUTERS/File Photo Acquire Licensing RightsTOKYO, Oct 10 (Reuters) - Japan will chair a meeting of finance ministers and central bank governors from the Group of Seven (G7) advanced nations on Oct. 12 to discuss the war in Ukraine and the world economy, Finance Minister Shunichi Suzuki said on Tuesday. The G7 meeting will be part of a broader Group of 20 gathering, Suzuki told reporters that will be held on the sidelines of the annual International Monetary Fund conference in the Moroccan city of Marrakech. The G7 meeting will also include roundtable talks with African nations to facilitate flows of private-sector funds to the continent, Suzuki said. Reporting by Tetsushi Kajimoto; Editing by Christian Schmollinger and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Shunichi Suzuki, Shuji, Suzuki, Kazuo Ueda, Tetsushi Kajimoto, Christian Schmollinger Organizations: Toki, Rights, Finance, International Monetary Fund, Marrakech . Bank of Japan, Thomson Locations: Niigata, Japan, Ukraine, Moroccan, Marrakech

☆ Many factors to consider if FX moves are 'excessive' -Japan finmin
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. Shuji Kajiyama/Pool via REUTERS/File Photo Acquire Licensing RightsTOKYO, Oct 6 (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Friday there were many factors to consider in determining whether moves in the foreign exchange market were "excessive", adding that there were no changes in how the government would deal with them. Investors often think excessive volatility can be measured over a period of one day or so. "There's no change in the government stance," Suzuki said, when asked about intervention and what defines an excessive move. The minister added that authorities should make a comprehensive judgment on what constitute excessive moves, taking various factors into account.

Persons: Shunichi Suzuki, Shuji, Masato Kanda, Suzuki, Tetsushi Kajimoto, Satoshi Sugiyama, Jacqueline Wong, Jamie Freed Organizations: Toki, Rights, Japanese Finance, Thomson Locations: Niigata, Japan

By last year, with sanctions elsewhere tightening, Russia was buying more than a quarter of Japan's used-car exports for an average price of almost $8,200. That was more than double the price in 2020, when Russia took about 15% of Japan's used-car exports. Those sales had been on track to top $1.9 billion for all of 2023 before Japan imposed its own tougher sanctions, trade data show. A system of mandatory inspections pushes the cost of maintaining used cars higher for customers in Japan. Battery recycling firm 4R Energy has seen a "significant" tailwind from declining used-car prices, including the Nissan Leaf, said chief executive Yutaka Horie.

Persons: Sergei Karpukhin, Japan's, we've, Olesya Alekseeva, Takanori Kikuchi, Wataru Nishiwaki, Yutaka Horie, Daniel Leussink, Gleb Stolyarov, Kevin Krolicki, Sonali Paul Organizations: Toyota, REUTERS, Rights, SV Alliance, Japan's Ministry, Economy, Trade, Industry, Honda, Energy, Nissan, Sumitomo, Thomson Locations: Moscow, Russia, Ukraine, Japan, New Zealand, Southeast Asia, Africa, Toyama, Russia's Vladivostok, Malaysia, Mongolia, Pakistan, Tanzania, Niigata prefecture

The plaintiffs, in their 50s and 80s, were living in Kumamoto and nearby Kagoshima at the time of the mercury poisoning and later moved to Osaka and elsewhere in western Japan. Their symptoms, including numbness of the limbs, were typical of the mercury poisoning and cannot be explained by any other cause, the ruling said. It is one of Japan's worst environmental disasters and became an international symbol of environmental damage and corruption behind Japan’s rise to economic prominence. The central government had argued that there was no evidence to prove the plaintiffs suffered from Minamata disease. A 2004 Supreme Court ruling held the government responsible for allowing the pollution to continue for years after its discovery, prompting renewed calls for the government to expand the scope of support.

Persons: —, Judge Yuki Tatsuno, “, ”, Yoshie Maeda, Yoshiyuki Tokui, Hirokazu Matsuno Organizations: TOKYO, Wednesday, Court, Chisso Corp Locations: Kumamoto prefecture, Osaka, Kumamoto, Kagoshima, Japan, Minamata, Kyushu, Tokyo, Niigata

☆ Japan Finance Minister: Expect BOJ to pursue inflation target with appropriate policies
▼ + stars: | 2023-09-12 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. "Specific monetary policy conduct is up to the BOJ to decide," Suzuki said. "I expect the BOJ to continue to liaise with the government closely and conduct monetary policy appropriately, while taking the economy, prices and financial conditions into account, to achieve its price stability target in a stable and sustainable way." Japanese long-term rates spiked on Monday to their highest in nine years and eight months on expectation that the BOJ could shift away from its negative rate policy, following Ueda's remarks in an interview with the Yomiuri Shimbun. The yen also rose sharply against the dollar on Monday after Ueda said on Saturday the central bank could end its negative interest rate policy when achievement of its 2% inflation target is in sight, signaling possible interest rate hikes.

Persons: Shunichi Suzuki, Shuji, Suzuki, Kazuo Ueda, Ueda, Tetsushi Kajimoto, Simon Cameron, Moore Organizations: Toki, Rights, Japanese Finance, Bank of Japan, Yomiuri Shimbun, Thomson Locations: Niigata, Japan

FILE PHOTO-Italy's Minister of Economy and Finance Giancarlo Giorgetti delivers a speech at the G7 High-Level Corporate Governance Roundtable in Niigata on May 11, 2023. "It may be that the tax is inappropriate, it can certainly be improved upon ... but I do not accept that it is considered an unfair tax," Giorgetti said at The European House - Ambrosetti economic forum. Bank shares tumbled before the economy ministry clarified that the new tax would amount to no more than 0.1% of their total assets. Forza Italia is also seeking an exemption for small banks and wants a guarantee the levy will not be extended beyond 2023. Giorgetti did not comment on his government ally's proposals on the bank tax.

Persons: Finance Giancarlo Giorgetti, KAZUHIRO, Giancarlo Giorgetti, Giorgetti, Antonio Tajani, Siena, Giselda Vagnoni, Giancarlo Navach, Hugh Lawson, David Evans Organizations: Economy, Finance, Bank, League, Forza Italia, Monte, Thomson Locations: Niigata, Italy, Cernobbio

☆ Japanese restaurant owners in Hong Kong brace for Fukushima seafood ban
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, Aug 22 (Reuters) - Japanese restaurant owners in Hong Kong are grappling with a looming ban on seafood imports from 10 Japanese prefectures because of Tokyo's plan to release treated water from the crippled Fukushima plant into the sea from Aug. 24. Hong Kong is Japan's second largest market, after mainland China, for agricultural and fisheries exports. Although the details of Hong Kong's ban remains unclear, Halry Yu, 42, owner of Japanese restaurant Hassun, said more than 90% of seafood sent to Hong Kong is gathered in Tokyo. “If they ban imports that come via Tokyo, I think all sushi restaurants in Hong Kong will be in trouble. Advertising executive Hilda Lee, 30, said she enjoys eating Japanese seafood, and dines at Japanese restaurants two to three times each month.

Persons: Hong, Halry Yu, ” Yu, barbecued, Yu, Hong Kong, Hilda Lee, dines, Lee, Jim Smith, there's, Smith, Dino Leung, Leung, Edmond Ng, Joyce Zhou, Farah, Gerry Doyle Organizations: Japan, Hong, University of Portsmouth, Thomson Locations: HONG KONG, Hong Kong, China, Japan, Tokyo, Osaka, Hong, Fukushima, Chiba, Tochigi, Ibaraki, Gunma, Miyagi, Niigata, Nagano, Saitama, Wan Chai

☆ Japan's Suzuki: Not targeting absolute levels on FX intervention
▼ + stars: | 2023-08-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

"It's important for the currency market to move stably reflecting fundamentals. "We're watching market moves with a strong sense of urgency. We'll respond appropriately to excessive moves." Japan will assess whether moves are speculative, volatile or based on fundamentals, rather than focusing on absolute levels, Suzuki added. Japan's top forex diplomat Masato Kanda said later on Tuesday that he would take appropriate steps against excessive currency moves, according to the Jiji news agency.

Persons: Shunichi Suzuki, Shuji, Suzuki, Japan's, Masato Kanda, Jiji, Tetsushi Kajimoto, Kantaro Komiya, Jacqueline Wong, Muralikumar Anantharaman, Sharon Singleton Organizations: Toki, Japanese Finance, U.S, Bank of, Thomson Locations: Niigata, Japan, TOKYO, U.S . Federal, Bank of Japan

☆ Fukushima wastewater: Hong Kong poised to ban Japanese seafood over treated water
▼ + stars: | 2023-07-13 | by ( Chris Lau | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Hong Kong, one of the world’s biggest buyers of Japanese fish, says it will ban seafood imports from 10 prefectures in the country if Tokyo presses ahead with its plan to release treated radioactive water from Fukushima into the sea. Japanese food is hugely popular in Hong Kong, which has more than 2,000 Japanese restaurants. The move comes less than a week after Beijing announced a similar ban on Japanese seafood exports to mainland China, citing concerns over health and safety. Customers wait to get into Japanese sushi chain Sushiro in Causeway Bay, Hong Kong, on July 13, 2023. The 10 prefectures facing a seafood ban are Tokyo, Fukushima, Chiba, Tochigi, Ibaraki, Gumma, Miyagi, Niigata, Nagano and Saitama, he said.

Persons: Tse Chin, Let’s, ” Tse, Chris Lau, Tse, ”, “, Rafael Grossi, Fumio Kishida, Grossi, Sandy Yu, Timothy Lo Organizations: Hong Kong CNN, Beijing, International Atomic Energy Agency, IAEA, CNN, Hong, South, UN, HK Locations: Hong Kong, Tokyo, Fukushima, Japan, China, South Korea, United States, Causeway Bay, Chiba, Tochigi, Ibaraki, Gumma, Miyagi, Niigata, Nagano, Saitama, Hong, Causeway

The latest surge of dark fleet ships began after Russia invaded Ukraine and the West tried to limit Moscow’s oil revenue with sanctions. The ships most likely sell their Russian oil to China above a price limit set by the sanctions. “The price cap is achieving its dual goals: restricting Russia’s oil revenues while keeping Russian oil flowing, and markets stable and well-supplied,” a U.S. Treasury spokesperson told The Times. The spoofing tankers using American insurance show that the practice is not limited to Russian oil alone. The company, Gatik Ship Management, owns a fleet of 50 newly acquired tankers dedicated to the Russian oil trade, the report said.

Persons: ”, David Tannenbaum, it’s, Samir Madani, Daniel Tadros, Russia Lady Ella, Russia Snow, Price, Konstantin Zavrazhin, Tannenbaum, Mr, Tadros, what’s, Min Chao Choy Organizations: Cathay, Labs, Copernicus Sentinel, Maxar Technologies, The New York Times, The Times, U.S . Treasury, Times, American Club, Club’s, Alma, Cargo, Russia Cathay Phoenix, Hong, International Maritime Organization, American, ”, AIS, telltale, Treasury’s, Foreign, Control, Maritime, C4ADS, Gatik Ship Management Locations: Japan, Kozmino, China, U.S, Russia, Venezuela, Iran, Ukraine, ”, Hong Kong, Niigata, Russia Ginza, Varna, Bulgaria, Taman, Niigata Port, Siberia, Cathay Phoenix, O.F.A.C, South Korea, Washington, Ginza, Oman, India

☆ A remote-working employee of the world's biggest nuclear power plant left important documents on the roof of his car before driving off. It could delay a Tepco plant restart.
▼ + stars: | 2023-05-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

A Tepco nuclear plant employee in Japan left work documents on the roof of his car before driving off. The incident could thwart efforts to restart the world's largest nuclear plant on Japan's west coast. But the incident could thwart efforts to restart the Kashiwazaki-Kariwa nuclear power plant, which had been offline since 2012 amid strict nuclear energy regulations and safety lapses following the Fukushima nuclear disaster in 2011, per Bloomberg. The Fukushima disaster was the second worst nuclear accident in the history of nuclear power generation after Chernobyl in the former Soviet Union in 1986. Just last week, Japan's Nuclear Regulation Authority decided to keep a de facto ban on the Kashiwazaki-Kariwa facility, according to various media reports, including broadcaster NHK.

Organizations: Service, Electric Power, Tepco, Bloomberg, Soviet Union, Authority, NHK Locations: Japan, Wall, Silicon, Niigata

☆ As G-7 Summit kicks off in Hiroshima, China and Russia are on everyone’s minds
▼ + stars: | 2023-05-18 | by ( Jihye Lee | ) www.cnbc.com time to read: +5 min

A man rides his bicycle past a "G7 Hiroshima" flower sign at the Peace Memorial Park in Hiroshima, ahead of the G7 Leaders' Summit, on May 17, 2023. (Photo by Philip FONG / AFP) (Photo by PHILIP FONG/AFP via Getty Images) Philip Fong | Afp | Getty ImagesThe annual Group of 7 summit officially kicks off on Friday in Hiroshima, Japan. A sign of G7 Hiroshima Summit is pictured in Hiroshima, ahead of the G7 Leaders' Summit, on May 16, 2023. G-7 finance leaders and central bankers finalized a three-day meeting in Niigata last week. "The U.S. will have a package of sanctions associated with the G-7 statement that will center on this enforcement issue," he told reporters.

☆ World Leaders Warily Watch U.S. Debt-Limit Standoff
▼ + stars: | 2023-05-15 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline MarshallNIIGATA, Japan—World leaders, already struggling with inflation and rising interest rates, now face the battle over raising the U.S. debt limit as the latest risk to their economic outlook. The impasse in Washington over raising the roughly $31.4 trillion borrowing limit is looming over a series of meetings of the Group of Seven advanced democracies this month. At a gathering of G-7 finance ministers along the Sea of Japan last week, officials discussed the prospects for a debt-limit deal between President Biden and House Speaker Kevin McCarthy (R., Calif.) alongside other global topics such as sanctions on Russia and ways to counter China.

☆ China's rising clout spotlighted at finance chief meetings before G7 summit
▼ + stars: | 2023-05-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

China is among the biggest markets for most G7 countries, particularly for export-reliant economies such as Japan and Germany. In a joint statement on Saturday, the G7 finance chiefs stressed the urgency of addressing debt vulnerabilities in low- and middle-income countries, mentioning Zambia, Ethiopia, Ghana and Sri Lanka. "There were talks about coercion" at the G7 finance leaders' meeting, the Japanese finance ministry official said. The G7 summit will most likely have a special session on China to debate Beijing's "economic coercion" against other countries, according to a Reuters report. "No matter how the G7 want to fence in the Global South, it's not easy," said Atsushi Takeda, chief economist at the Itochu Economic Research Institute.

Canada’s Chrystia Freeland, in glasses, was among the G-7 finance ministers meeting in Niigata, Japan, last week. Photo: Shuji Kajiyama/Associated PressThe U.S. and its allies are poised to increase pressure on China at this week’s Group of Seven summit in Japan, with an expected joint statement rejecting use of economic retaliation against nations over policy disputes and other disagreements, according to people familiar with the situation. The anticipated statement isn’t expected to mention any country by name, the people said, but comes as concerns mount among the U.S. and its allies over Beijing’s increasing use of what its critics call “economic coercion” to show its displeasure with other countries.

☆ Yellen hopeful of a solution to 'more difficult' debt ceiling showdown
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

President Joe Biden, a Democrat, insists Congress has a constitutional duty to raise the limit without conditions to fund previously approved spending. POLARISATIONYellen said the first major standoff over the debt ceiling since 2011 reflected continuing U.S. polarisation after the presidency of Donald Trump. "Maybe this time is more difficult, but I'm hopeful that...we will find a solution." Despite the debt ceiling fight, Yellen said she remained convinced that the Biden administration had re-established U.S. leadership in the world and other G7 leaders were grateful they had turned "the dial 180 degrees relative to the Trump administration". "We should be talking about raising the debt ceiling.

☆ UK's Hunt says 'absolutely devastating' if US failed to raise debt ceiling
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

NIIGATA, Japan, May 13 (Reuters) - British finance minister Jeremy Hunt said on Saturday it would be "absolutely devastating" if the United States failed to reach agreement to raise its debt ceiling and had its gross domestic product "knocked off track". A standoff between President Joe Biden and the Republican-controlled House of Representatives, which has raised the prospect of a first-ever U.S. debt default, posed a "very serious threat to the global economy," Hunt said. "It would be absolutely devastating if America, which is one of the biggest motors of the global economy, was to have its GDP knocked off track by not reaching agreement," he said. G7 members also agreed that any country that engages in economic coercion should expect a united response from advanced democracies, but gave no details on what that would entail. Reporting by Andrea Shalal; Writing by Kantaro Komiya; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

While the communique made no mention of the U.S. debt ceiling stalemate, it figured constantly in discussions. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," they added in the communique after the meeting. G7 central bank chiefs vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation. CHINA AND SUPPLY CHAINSSeeking to reassure investors after recent U.S. bank failures, the G7 finance chiefs retained an April assessment that the global financial system was "resilient". In the communique, the finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains.

☆ Exclusive: G7 summit statement to target China's 'economic coercion'
▼ + stars: | 2023-05-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

The main G7 statement is set to include "a section specific to China" with a list of concerns that include "economic coercion and other behavior that we have seen specifically from the [People's Republic of China]," the official said on Friday. A separate "economic security statement will speak more to tools" used to counter coercive efforts from any countries responsible, including planning and coordination, the person said. The joint statement issued by all the G7 leaders every year is intended to signal that the powerful countries are aligned on a range of political and economic issues. CHINA TESTS G7 ALLIANCEThe G7 meeting will be a test of how much the members, all rich democracies, can agree on a common approach to China, the world's second largest economy. Traveling for the G7 finance meeting in Japan, U.S. Treasury Secretary Janet Yellen said on Thursday that China had clearly used economic coercion with Australia and Lithuania.

☆ Yellen expects US regulators to be open to mergers among midsize banks
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

... Read moreNIIGATA, Japan, May 13 (Reuters) - The current banking environment and pressures on earnings of some U.S. regional banks may lead to some concentration in the sector, and regulators will likely be open to such mergers, Treasury Secretary Janet Yellen said on Saturday. Yellen told Reuters she was not seeing evidence of pressure on smaller community banks, which had a large percentage of insured deposits. She expressed confidence that nearly all banks had access to sufficient liquidity to guard against unexpected deposit outflows from uninsured depositors. However, she said a certain degree of consolidation in the regional and midsize banking sector could occur. Yellen noted that pressure on a bank's stock could unsettle uninsured depositors.

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