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Japanese stocks are enjoying a banner year, with foreign investors plowing into the market. Japanese investors are hesitant Japanese investors have long been skeptical of the local stock market after the asset price bubble burst in the early 1990s. Another reason Japanese investors may not be as keen on their domestic market could be the yen falling sharply. Outlook for Japanese stocks still strong Despite the recent bout of selling from local investors and the market's recent struggles, many global investors remain bullish on Japanese stocks. This is another "slow-moving but important tailwind to Japanese stocks," with more room to run, according to Zachary Hill, Horizon Investments head of portfolio management.
Persons: Goldman Sachs, Morgan Stanley, Kishida, Julian McManus, Janus Henderson, Bernstein, Zachary Hill, Raymond Chan, Chan, McManus, he's, Warren Buffett Organizations: Japan Exchange Group, Nikkei, Bank of Japan, U.S ., Ministry of Internal Affairs and Communications, Investment, Association, Prime, Nippon, Savings, U.S, Horizon Investments, Federal Reserve, Asia Pacific, Allianz Global Investors, Mitsui, Itochu, Sumitomo Locations: U.S, Japan, Asia
CNBC Daily Open: Dow's worst day in 2024, Nvidia shares pop
  + stars: | 2024-05-24 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow sinks 600 pointsThe Dow Jones Industrial Average suffered its worst day of the year, dropping over 600 points on Thursday. Nvidia's blockbuster earnings and guidance failed to prop up markets, with more than 400 stocks on the S&P 500 trading lower. Nvidia popsShares of Nvidia soared as much as 11% after the AI chipmaker's earnings that beat Wall Street's estimates. Wall Street analysts are revising their price targets for Nvidia upwards after its blowout earnings and guidance.
Persons: Dow, Musk, Elon Musk, he's, Joe Biden, Tesla, Karen Tso, Brian West, Korea's Kospi Organizations: CNBC, Dow Jones, Boeing, Dow, Nasdaq, Treasury, Nvidia, Nikkei, Bank of Japan, Samsung Electronics, Samsung, CSI, Wall, Microsoft Locations: China, Asia, Pacific, Japan
Kabosu, the Shiba Inu who became the face of Dogecoin, has died at the age of 18. Her quizzical expression went viral in 2010 and was later used as the cryptocurrency mascot. Elon Musk was one of Dogecoin's biggest fans, and Kabosu briefly became the Twitter logo in 2023. AdvertisementA diminutive Japanese dog who became the face of Dogecoin has died. The billionaire joked about Dogecoin on "SNL" and even briefly changed the Twitter home button to an image of Kabosu after buying the site in 2022.
Persons: Shiba Inu, Elon Musk, Kabosu, , Dogecoin, Kabosu —, Atsuko Sato, Sato, Billy Markus, Jackson Palmer, Shiba Organizations: Service, Business Locations: Japan
Dollar hovers near highest in a week after hawkish Fed minutes
  + stars: | 2024-05-23 | by ( ) www.cnbc.com   time to read: +3 min
The yen l anguished just above a three-week low despite the continued threat of intervention by Japanese officials. The dollar index, which tracks the currency against six major rivals including the euro , sterling and yen, was little changed at 104.89 after gaining 0.28% overnight. The dollar was little changed at 156.77 yen after rising to 156.85 overnight, the highest since May 1. Traders and analysts suspect Japan's Ministry of Finance intervened several times to support the yen following its plunge to a 34-year low of 160.245 per dollar on April 29. Bigger rival bitcoin was little changed at $69,491 after reaching $71,957 on Tuesday for the first time since April 9.
Persons: Sterling, Ether, James Kniveton, Japan's, Rishi Sunak, bitcoin Organizations: Bank of Japan, Reserve, Federal, Traders, of Finance, Bank of England, Conservatives, Labour Party, Labour, Securities
Asia-Pacific markets traded mixed Wednesday. Japan's Nikkei 225 was trading about 0.5% lower in the first hour of trade, while the Kospi slid 0.35%. There was a marginal improvement in business sentiment, with the Reuters Tankan non-manufacturing index coming in at +26. Japan is slated to release its April trade data, as well as machinery orders for the month of March. Futures for Hong Kong's Hang Seng index stood at 19,212 pointing to a slightly weaker start compared with the HSI's close of 19,220.62.
Organizations: Nikkei, Reuters, Reserve Bank of New Zealand Locations: Asia, Pacific, Australia, Japan
CNN —The US embassy in London is refusing to pay more than $18.6 million in charges from unpaid congestion fees, according to Transport for London (TfL), which oversees the city’s vast transport network. The congestion charge was introduced in 2003 in order to stem traffic and pollution in central London. However, TfL is insisting that in agreement with the UK government, London’s congestion charge constitutes a service and not tax. As of December 31, 2023, a total of 161 embassies, high commissions and consulates owed more than $182 million combined in unpaid congestion charge fees, according to TfL data. According to TfL’s figures, the Japanese embassy owes the second highest amount from unpaid congestion charge fees, at around $12.8 million.
Persons: , Dominic Raab Organizations: CNN, Transport, London, Drivers, TfL, International Court of Justice, Diplomatic Relations, U.S . Government, CNN “, of, Embassy, Foreign Office Locations: London, Vienna, of Japan
The Joint Program Office declined to comment to Military.com regarding the restriction. A spokesperson for the Marine Corps could not provide details on the restriction but said efforts are underway to return the aircraft to full operations. Pedro Caballero, a spokesperson for the Marine Corps, told Military.com when asked whether the restrictions applied to its roughly 350 Ospreys, the vast majority of the military's fleet. US Marine Corps MV-22B Ospreys take off at Port Darwin in Australia. An MV-22B Osprey conducts an external lift with US Marines during helicopter support team training at Marine Corps Air Station in Miramar, California.
Persons: , Military.com, Beth Teach, Cpl, Juan Torres, Capt, Pedro Caballero, Caballero, Colton Martin Lt, Rebecca Heyse, Amelia Kang, Brian Taylor, Taylor, Juan Paz Taylor Organizations: Service, Force, Marine Corps, Ospreys, Business, Navy, Naval Air Forces, Office, Naval Air Systems Command, Royal Australian Air Force Base, US Marine Corps, Corps, Port Darwin, Air Force Special Operations Command, Greyhound, House Armed Services, US Marines, Marine Corps Air, Services, Aviation, Air Force, Marines, Program Office, Marine, US Air National Guard, Staff Locations: Japan, Port, Australia, Miramar , California, Darwin, Washington ,, Lemonnier, Djibouti
Flying is cheaper in 2024. But not for some destinations
  + stars: | 2024-05-20 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +2 min
Americans traveling this summer have broadly seen prices fall for airline fares, a welcome trend after last year's sticker shock. But airfare remains more expensive in 2024 for some regions and destinations, largely for trips abroad, data shows. Flights to Canada, South America, and the Middle East and Africa regions are also up 6%, 2% and 1%, respectively, from summer 2023, Hopper found. High prices to certain Asian cities impact many American tourists since the continent is their second-most frequented international travel destination, Hopper said. Average fares to Europe, the most popular trip abroad for Americans, are down 8% in summer 2024 versus a year ago, when they were at record highs.
Persons: Hopper Organizations: Finance Locations: Tokyo, Japan, Canada, South America, East, Africa, Europe, Asia, Sakata, Ipoh, Udon Thani, Thailand's, Rio de Janeiro, Brazil, Lima, Peru, Santiago, Chile, Friedrichshafen, Memmingen, Germany, Bratislava, Slovakia
Three of these towns — Katayamazu Onsen, Yamashiro Onsen and Yamanaka Onsen — are famous for their onsen, or hot springs. Japanese tourists still flock to Kaga’s onsen towns every fall, when the leaves turn fiery and snow crab is in season. But few foreigners find their way here, in part because the journey from Tokyo has not been easy. A new extension of the Hokuriku Shinkansen, the high-speed train that rockets passengers from Tokyo to this region, now includes a stop at Kagaonsen station. The trip takes less than three hours on a single train.
Persons: Yamanaka, Matsuo Basho Locations: Ishikawa, Japan, Kaga City, Tokyo, Kagaonsen
International Monetary Fund (IMF) Managing Director, Kristalina Georgieva (R), with Director of Strategic Communications Julie Kozack, speaks at a press briefing on the global policy agenda during the International Monetary Fund (IMF) and World Bank Spring Meetings at IMF headquarters in Washington, DC, on April 13, 2023. The U.S. would be better served by maintaining its open trade system rather than imposing new punitive duties on Chinese goods, the International Monetary Fund said on Thursday, adding that Washington and Beijing should work together to resolve their trade tensions. IMF spokesperson Julie Kozack told a regular news briefing that such trade restrictions as those announced by President Joe Biden on Tuesday can distort trade and investment, fragment supply chains and trigger retaliatory actions. "With respect to the tariffs, our view is that the U.S. would be better served by maintaining open trade policies that have been vital to its economic performance," Kozack said. "We also encourage the U.S. and China to work together toward a solution that addresses the underlying concerns that have exacerbated trade tensions between the two countries."
Persons: Kristalina, Strategic Communications Julie Kozack, Julie Kozack, Joe Biden, Kozack Organizations: Monetary Fund, Strategic Communications, International Monetary Fund Locations: Washington ,, U.S, Washington, Beijing, Japan, Germany, China
Dollar droops to one-month low vs euro before key CPI test
  + stars: | 2024-05-15 | by ( ) www.cnbc.com   time to read: +4 min
In this photo illustration, the new £10 note is seen alongside euro notes and U.S. dollar bills on Oct. 13, 2017 in Bath, England. The euro edged up 0.03% to $1.0823 in Asian trading hours, and earlier rose to $1.0828 for the first time since April 10. The dollar edged back 0.12% to 156.245 yen on Wednesday, but had pushed as high as 156.80 overnight. The dollar dropped 0.24% to 7.2232 yuan in offshore trading, after reaching the highest since May 1 at 7.2460 overnight. The New Zealand dollar climbed 0.37% to $0.6062, and earlier touched $0.6064 for the first time since April 10.
Persons: Alan Ruskin, Jerome Powell, Tony Sycamore, Joe Biden's Organizations: Reserve, U.S, Treasury, Deutsche Bank, Bank of Japan, CPI, IG, Australian, New Zealand Locations: Bath, England, U.S, China
Japan’s economy contracts in first quarter
  + stars: | 2024-05-15 | by ( ) edition.cnn.com   time to read: +2 min
Tokyo Reuters —Japan’s economy contracted in the first quarter, squeezed by weaker consumption and external demand and throwing a fresh challenge to policymakers as the central bank looks to lift interest rates away from near-zero levels. The reading translates into a quarterly contraction of 0.5%, versus a 0.4% decline expected by economists. “Japan’s economy hit the bottom in the first quarter,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. “The economy will certainly rebound this quarter thanks to rising wages although uncertainty remains on service consumption.”Capital spending, a key driver of private demand, fell 0.8% in the first quarter, versus an expected decline of 0.7%, despite hefty corporate earnings. External demand, or exports minus imports, knocked 0.3 of a percentage point off first quarter GDP estimates.
Persons: Downwardly, , Yoshimasa Maruyama Organizations: Tokyo Reuters, Nikko Securities, , Daihatsu, Bank of Japan Locations: Tokyo, , Noto, Toyota’s
Asia-Pacific markets were largely higher Tuesday even as stocks on Wall Street stumbled, with the Dow Jones Industrial Average snapping an eight-day winning streak. Investors in Asia assessed India's inflation numbers. Data released Monday showed consumer price index climbed 4.83% year on year, nearly in line with the 4.8% expected by economists polled by Reuters. India's wholesale inflation reading is due to be released later in the day. Data from the Bank of Japan showed that corporate inflation was steady in April compared with a year earlier, but import prices jumped 6.4% year over year last month, most likely due to the yen's sharp declines.
Organizations: Dow Jones, Reuters, Bank of Japan Locations: Jama, New Delhi, India, Asia, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan has 'put a floor under the yen,' but it is not on 'firm footing,' David Roche saysDavid Roche, president and global strategist at Independent Strategy, discusses the Bank of Japan's monetary policy and the Japanese yen.
Persons: David Roche Organizations: Email Bank of Japan, Independent, Bank
SoftBank's Vision Fund, the brainchild of the company's founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics. SoftBank posted a 7.24 billion Japanese yen ($4.6 billion) gain on its Vision Fund in the fiscal year ended March, the first time the flagship tech investment arm has been in the black since 2021. SoftBank's flagship tech investment arm, the Vision Fund, had a tough time in the fiscal year that ended in March 2023, posting a record loss of around $32 billion amid a slump in tech stock prices and the souring of some of the business' bets in China. However, in the June quarter of last year, the Vision Fund posted its first investment gain in five consecutive quarters, signalling early stages of a recovery. SoftBank's Chief Financial Officer Yoshimitsu Goto said in the previous quarter that SoftBank had shifted from an "Alibaba to AI-centric portfolio."
Persons: Masayoshi Son, SoftBank, Masayoshi, Yoshimitsu Goto, Goto Organizations: Vision, Vision Fund Locations: China, Alibaba
Tokyo/Hong Kong CNN —With a history spanning more than 1,200 years, “hadaka matsuri,” or the naked festival, is Japanese masculinity on full display. Some women in Japan still battle deep-rooted cultural expectations that require them to take the role of “shufu,” or housewife, experts say. But in the naked festival, women have recently found hope. Men strip naked — except for a delicate piece of crotch-covering white loincloth — to take part in the naked festival at Konomiya Shrine on February 22, 2024. Women — donning happi, a traditional festive coat — are responsible for carrying a bamboo offering during the naked festival at Konomiya Shrine on February 22, 2024.
Persons: , Saudi Arabia —, , Christopher Gallagher, , we’ve, ” Haruhiko, Atsuko Tamakoshi, Chris Gallagher, Enyukai, Ayaka Suzuki, Mitsuko Tottori, Yoko Kamikawa, Fumio, Kaori Katada, Hiyori Kon, Sumo, won’t Organizations: Hong Kong CNN, Economic, Japan, Reuters, Mikiko, Hosei University, pre, CNN, , Ministry of Health, ” Eto, Organization for Economic Cooperation, Development, Japan Airlines, Netflix, Little Locations: Tokyo, Hong Kong, Japan, jostle, Germany, Britain, United States, India, Saudi Arabia, Konomiya Shrine, Konomiya
Dollar holds its ground as key inflation data looms
  + stars: | 2024-05-09 | by ( ) www.cnbc.com   time to read: +2 min
U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Against the Japanese yen, the dollar slowly inched up after it fell more than 3% last week, its biggest weekly percentage drop since early December 2022. Japan's top currency diplomat Masato Kanda on Thursday reiterated a warning that Tokyo is ready to take action in the currency market. The dollar index rose to 0.05% to 105.55, while the Japanese yen was mostly flat at 155.59 per greenback. The BOE is likely to take another step towards its first interest rate cut in four years as inflation falls.
Persons: Masafumi Yamamoto, Masato Kanda, Susan Collins, Sterling, BOE, bitcoin Organizations: Federal Reserve, Bank of, Mizuho Securities, Traders, PPI, Fed Bank of Boston, European Central Bank Locations: Buenos Aires, Argentina, Japan, U.S, United States, Tokyo,
Japan is not seeking a strong yen but rather aiming for a relatively stable currency, according to veteran investor David Roche. The Japanese yen has been on a roller coaster ride, with the currency breaking past 160 against the greenback last week — steepest decline in more than three decades. "The Japanese are not aiming at a particularly strong yen. Japan could not "possibly speak to have policy that really results in a strong yen unless they tighten monetary policy," Roche said, adding that it would involve raising interest rates by at least 50 basis points and allowing "unsterilized intervention" of the yen. As far as I can see from the statistics, they've [Bank of Japan] done nothing like that," Roche noted.
Persons: David Roche, Roche, CNBC's Organizations: greenback, Independent, Bank of Japan, Bank of Locations: Japan, Bank of Japan
Yaorusheng | Moment | Getty ImagesAsia-Pacific markets were mixed ahead of China's April trade data, as well as pay statistics from Japan. Economists polled by Reuters are expecting a 1.5% rise in China's exports, a reversal from the 7.5% fall in March. Imports are also expected to grow 4.8% year-on-year in April, compared with a 1.9% fall in March. Separately, investors will assess pay statistics from Japan as they look for any signs of the "virtuous cycle" of increasing wages and prices envisioned by the Bank of Japan. Futures for Hong Kong's Hang Seng index stood at 18,277, pointing to a weaker open compared to the HSI's close of 18,313.86.
Persons: Korea's Kospi Organizations: Reuters, Bank of Japan, Japan's Nikkei Locations: Shanghai, Asia, Pacific, Japan
Lawson’s, one of Japan’s largest convenience store chains, has an outpost in the small town of Fujikawaguchiko. Tourists have flooded into Fujikawaguchiko to take one specific picture – a shot of Mount Fuji behind a Lawson’s store, where the mountain’s classic elegance contrasts with the store’s modern neon signage. Although Lawson’s has not encouraged visitors to take pictures of their store, the company nevertheless issued a statement addressing the issue on May 5. Many of them headed to the same destinations, crowding Kyoto’s narrow streets and the walking trails of Mount Fuji. And Lawson’s is not the only Japanese tourist destination that has resorted to putting up signs warning visitors of bad behaviors.
Persons: Fuji –, Lawson’s, Lawson, , overtourism, Fujikawaguchiko, Semans Organizations: CNN, Fuji, Mount Fuji, , Mount, UNESCO Locations: Fujikawaguchiko, Yamanashi prefecture, , Japan, Mount, Yamanashi
Tokyo police arrested a yakuza boss, accusing him of stealing Pokémon cards. Anti-gang laws and lower profits have made yakuza membership less appealing to younger Japanese. AdvertisementTokyo Metropolitan Police last week arrested an executive of the Takinogawa gang, a faction of Japan's second-most powerful organized crime syndicate — the Sumiyoshi-kai. Police accuse him of stealing Pokémon cards. Yakuza are members of organized crime syndicates, the Japanese equivalents of gangsters or mafiosos.
Persons: Organizations: Tokyo, Service, Police, Business Locations: Tokyo
DavidCallanAsia-Pacific markets are mixed on Wednesday, mirroring moves in Wall Street's Tuesday session. Investors in the region will parse through earnings reports including those of Japanese giants Toyota and Mitsubishi, as well as Singapore's UOB. Traders will also brace for key economic data out of China and Japan on Thursday, with China releasing its April trade data and Japan announcing its March pay statistics. Japan's Nikkei 225 slipped 0.33% on its open, while the broad based Topix was down 0.3%. South Korea's Kospi extended gains and rose 0.1% after leading Asian markets on Tuesday.
Persons: HSI Organizations: Toyota, Mitsubishi, Traders, Nikkei Locations: DavidCallan Asia, Pacific, Wall, China, Japan
"The Fed is the central bank most able to chart its own course," Citi economist Andrew Hollenhorst said in a client note Wednesday. It was the first time the Riksbank had cut since 2016 and takes its main policy rate down to 3.75%. The Riksbank's move was the second central bank cut of the year, as the Swiss National Bank reduced its key rate a quarter point in March in what was seen as a surprise action. Reductions from the Bank of England and European Central Bank are expected to come next, possibly within a month. "With the exception of Japan, developed markets are embarking on a program of rate cuts," Hollenhorst said.
Persons: Andrew Hollenhorst, BOE, Mark, Bailey, Citi's Hollenhorst, Christine Lagarde, CNBC's Sara Eisen, Lagarde, Hollenhorst Organizations: U.S . Federal, Citigroup, Citi, Sweden's, Swiss National Bank, Bank of England, European Central Bank, Bank of America Locations: U.S, Japan
Dollar regains momentum as yen struggles
  + stars: | 2024-05-08 | by ( Sopa Images | Lightrocket | Getty Images | ) www.cnbc.com   time to read: +3 min
The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. Analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the U.S. and Japan remain. Analysts expect the central bank to leave the door open to lower interest rates as early as June. The Australian dollar fell 0.2% to $0.6585, pressured in part by a less hawkish outlook from the Reserve Bank of Australia than anticipated after it held interest rates steady on Tuesday.
Persons: Kazuo Ueda, Shunichi Suzuki, they'll, Carol Kong, Neel Kashkari, Kashkari, Rodrigo Catril Organizations: Federal, U.S, Bank of Japan, country's Finance, Commonwealth Bank of Australia, New Zealand, greenback, Minneapolis, Minneapolis Fed, National Australia Bank, Bank of, Reserve Bank of Australia Locations: Tokyo, Beijing, Japan, Bank, U.S, Minneapolis
“This is a symptom of Japan’s population decline,” said Jeffrey Hall, a lecturer at Kanda University of International Studies in Chiba. “It’s not really a problem of building too many houses” but “a problem of not having enough people,” he said. According to figures compiled by the Ministry of Internal Affairs and Communications, 14% of all residential properties in Japan are vacant. “When an earthquake or a tsunami occurs, there is a possibility that vacant houses will block evacuation routes as they break down and get destroyed,” he said. In other rural areas with a high concentration of vacant houses, akiya have stalled development, the professor said.
Persons: , Jeffrey Hall, “ It’s, don’t, Akio Kon, it’s, “ They’re, Buddhika Weerasinghe, Yuki Akiyama, Akiyama, ” Akiyama Organizations: CNN, Kanda University of International Studies, Ministry of Internal Affairs and Communications, Kanda University, , Bloomberg, Getty, Ministry, Internal Affairs, Communications, Tokyo City University, Homes Locations: Japan, New York City, Tokyo, Kyoto, Chiba, Kanda, Yato, Yokosuka City, Kanagawa prefecture, Tambasasayama, Noto, Ishikawa, Europe, West,
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