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The people who work the levers of Japan’s economy are in a bind: The country’s low interest rates, which they have long used to goose growth, are now well out of step with other big economies. The yen is at a near-record low against the U.S. dollar, threatening to inflict prolonged inflation on Japan, which for years suffered the opposite problem. On Tuesday, the central bank, the Bank of Japan, tried to thread the needle, announcing a policy that aims to nudge bond yields higher. Decisions by the Bank of Japan, led by Governor Kazuo Ueda, reverberate around the world, especially in American markets. Interest rates in the United States are well above Japan’s — yields on 10-year U.S. Treasury notes briefly pushed above 5 percent in September, a level not seen since 2007.

Persons: Kazuo Ueda Organizations: U.S ., Bank of Japan, Treasury Locations: Japan, Tokyo, reverberate, United States

☆ China Evergrande, Giant Real Estate Firm, Files for U.S. Bankruptcy
▼ + stars: | 2023-08-17 | by ( Rich Barbieri | ) www.nytimes.com time to read: +1 min

China Evergrande, a behemoth property developer, filed for bankruptcy protection on Thursday more than two years after it defaulted on its debt. The company’s meltdown in 2021 was followed by the defaults of smaller developers and signaled the start of a slow decay of China’s real estate sector that now threatens to inflict damage on the country’s broader economy. Evergrande’s bankruptcy petition, filed in the United States bankruptcy court in the Southern District of New York, comes as the company continues to try to settle staggering levels of debt. As of the end of last year, Evergrande, which along with its affiliated companies has assets in the United States, reported liabilities totaling $335 billion. That Evergrande is still negotiating with its creditors is a sign of the deep structural problems and slow-moving crash facing China’s real estate market.

Organizations: of Locations: China, United States, Southern, of New York

During her first day of meetings in Beijing, Treasury Secretary Janet L. Yellen criticized punitive measures the Chinese government has taken against American firms. I’ve made clear that the United States does not seek a wholesale separation of our economies. Ms. Yellen conveyed her objections to China’s top officials, including Premier Li Qiang, in what was the first visit to China by a Treasury secretary in four years. A Treasury Department official said Ms. Yellen had discussed the outlook for the economy in an informal discussion with her former counterparts that lasted more than an hour. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Ms. Yellen said.

Persons: Janet L, Yellen, I’ve, Biden, Yellen’s, Li Qiang, Ms, “ I’ve, Mark Schiefelbein, Wang Yong, Wang, ”, Shi Yinhong, “, China’s, Michael Hart, “ We’ve, Mr, Hart, Liu He, Yi Gang, Li, Li’s, ” Claire Fu, Christopher Buckley Organizations: U.S, American Chamber of Commerce, Boeing, Bank of America, Cargill, Group, Bain & Company, Beijing, Biden, of, People, ., Center for American Studies, Peking University, “, Renmin University, U.S . State Department, Chamber of Commerce, Treasury, People’s Bank of China, Treasury Department Locations: Beijing, United States, China, American, Shanghai, U.S, States

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