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☆ Traders on intervention watch as yen hits 150, pound gains as Truss resigns
▼ + stars: | 2022-10-20 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

The fragile yen briefly weakened past 150 per dollar for the first time since August 1990. It was last trading at 149.76 yen per dollar. This has sent U.S. yields and the dollar higher, particularly against the yen as the Bank of Japan is committed to keeping interest rates near zero. The pound rallied ahead of the announcement, before paring gains and then again moving higher. The dollar index dipped 0.50% against a basket of major currencies to 112.40, which analysts said was likely due to consolidation.

☆ Japan's FX diplomat vows 'decisive' action against volatile yen moves
▼ + stars: | 2022-10-15 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

WASHINGTON (Reuters) -Japan’s top currency diplomat Masato Kanda on Friday said authorities are ready to take decisive action in the currency market if excessive moves in the yen continue. “As mentioned in the statement, excessive volatility and disorderly moves in the currency market have a negative impact on economies,” said Kanda, who oversees Japan’s currency policy as vice finance minister for international affairs. “If excessive moves in the yen continue, we’re ready to take decisive action any time,” Kanda told reporters in Washington. “I won’t comment on specific market moves,” Kanda said when asked whether the yen’s sharp declines in recent days were deemed volatile. “I will, however, mention that many people believe recent moves have been somewhat rapid,” he added.

☆ Japan manufacturers' mood sours again, higher costs dim outlook - Reuters Tankan
▼ + stars: | 2022-10-11 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

FILE PHOTO: A factory area is seen in front of Mount Fuji in Yokohama, Japan, January 16, 2017. The monthly poll, which tracks the Bank of Japan’s (BOJ) closely-watched tankan quarterly survey, found manufacturers’ mood expected to deteriorate again over the coming three months while service-sector mood was seen rebounding further. “There are concerns about worsening profits due to import costs boosted by a weak yen on top of rising raw materials and energy costs,” said a manager of a food-processing firm. The BOJ’s last survey showed on Oct. 3 big manufacturers’ mood worsened in July-September for a third straight quarter as high material costs dim recovery prospects for the fragile economy. The Reuters Tankan index readings are derived by subtracting the percentage of respondents who say conditions are poor from those who say they are good.

☆ Japan manufacturers' mood sours, higher costs dim outlook - Reuters Tankan
▼ + stars: | 2022-10-11 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

REUTERS/Issei Kato/File PhotoThe monthly poll, which tracks the Bank of Japan’s (BOJ) closely watched tankan quarterly survey, found manufacturers’ mood is expected to deteriorate again over the coming three months while service-sector mood was seen rebounding further. Industries such as autos, steel and textiles weighed on overall manufacturers’ sentiment, while communications, transport and utilities led non-manufacturers. “The prices of products are not keeping pace with surging raw materials costs” as many subcontractors in the supply chain could not pass on input costs to their clients, one manager at a chemicals maker said. “There are concerns about worsening profits due to import costs boosted by a weak yen on top of rising raw materials and energy costs,” said a manager of a food-processing firm. The BOJ’s last survey on Oct. 3 showed big manufacturers’ mood had worsened in July-September for a third straight quarter as high material costs dimmed recovery prospects for the fragile economy.

☆ Leapmotor’s modest IPO obviates big leap of faith
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/StringerHONG KONG, Sept 27 (Reuters Breakingviews) - Leapmotor is cruising in gloomy markets. The Chinese electric-vehicle maker priced shares of its initial public offering, the largest in Hong Kong this year, at the bottom end of a previously indicated range, per IFR. Chinese consumers are increasingly gravitating towards more affordable local brands too, according to a Bernstein survey released this month. Leapmotor’s sales in the first quarter fell a little short of the pace it needs to hit but its still within reach. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Clock ticks for reining in TikTok risk
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

TikTok app logo is seen in this illustration taken, August 22, 2022. The more time that passes, the harder TikTok gets to police. Biden’s predecessor Donald Trump tried to force a sale two years ago and threatened to ban TikTok over concerns that Chinese parent ByteDance could take American data. Biden’s team has similar security worries, and the latest proposal is to have TikTok store its American data in the United States, according to the New York Times citing sources familiar with the talks. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Grab's steady steering offers a smoother ride
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Caroline ChiaHONG KONG, Sept 26 (Reuters Breakingviews) - A rising tide once lifted all of Southeast Asia's technology giants. With a global recession looming and markets in turmoil, their fortunes are starting to diverge. It's a sharp contrast to its $24 billion Singaporean rival Sea (SE.N), which is retrenching globally to achieve financial "self-sufficiency". With shares down over 60% this year, Grab's confident and careful hand at the wheel gives shareholders something to cheer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Bank of Japan’s stubbornness keeps yen volatile
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Men look at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average in Tokyo, Japan September 14, 2022. read more That’s understandable, but it will make it harder to moderate an increasingly volatile exchange rate. The yen , currently trading around 144 per dollar, is at its weakest since 1998, but more important is the rate of change. A see-sawing foreign exchange rate, though, makes executives nervous. Exporters including carmakers Nissan Motor (7201.T) and Toyota Motor (7203.T), and drugmaker Takeda Pharmaceutical (4502.T), which reported nice forex tailwinds in its last quarterly report, are benefitting from unexpected exchange rate gains on paper.

☆ Premarket stocks: Jerome Powell is heading into the 'danger zone'
▼ + stars: | 2022-09-22 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

“We feel the economy is very strong and will be able to withstand tighter monetary policy,” Powell said in March. Breaking it down: The central bank didn’t go as hard as some investors thought it might. Yet tucked into the central bank’s projections were signs that it plans to stay tough, even if it means pushing the economy into rocky territory. The Fed’s main interest rate is now set between 3% and 3.25%. Plus, many factors pushing up inflation numbers — such as the war in Ukraine and drought conditions — are outside the central bank’s control.

☆ Tokyo blinks in game of forex chicken
▼ + stars: | 2022-09-22 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The BOJ would rather wait for the outcome of companies’ annual wage negotiations next year before leaping to policy conclusions. That further widens the gap between American and Japanese benchmark bond yields – already well over 3 percentage points – which further hurts the yen. Register now for FREE unlimited access to Reuters.com RegisterThat’s why Tokyo has decided to deploy some of its $1.3 trillion in forex reserves to stem the slide. Bond investors have already expressed scepticism towards the BOJ’s commitment to keeping the 10-year sovereign bond yield below 0.25%.

☆ Novartis’ growth ills lay tricky treatment pathway
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 22 (Reuters Breakingviews) - Novartis (NOVN.S) is facing a prolonged period in recovery. On Thursday, the $187 billion Swiss drugmaker said it will make expansion in the U.S. market a top priority as it seeks to boost its lacklustre growth. He will also spin off its generic drug business next year and list it on the Swiss stock exchange. Strip that away from Novartis’ current enterprise value of $196 billion and the core drugs business is valued at around $167 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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