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☆ Creditor Nations Likely to Agree on Sri Lanka Debt Restructuring - Report
▼ + stars: | 2023-11-28 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

TOKYO (Reuters) - A group of Sri Lanka's creditor nations are likely to reach an agreement on debt relief and an extension of repayment deadlines for the South Asian nation, Japan's Jiji News reported on Wednesday, without naming a source or giving any details. China is Sri Lanka's largest bilateral creditor and has steered clear of joining this group as a formal member. Mired in its worst financial crisis in decades, Sri Lanka has been trying to reach restructuring deals with creditors since last year. The agreement with the group of creditor nations came about a month after the debt-ridden island nation reached a deal with the Export-Import Bank of China covering about $4.2 billion of outstanding debt. In so doing, Colombo is also seeking to receive more clarity on its debt restructuring talks with key bilateral creditors.

Persons: Tetsushi Kajimoto, Chang, Ran Kim, Miral Organizations: South, Jiji, Export, Import Bank of, International Monetary Fund Locations: TOKYO, Japan, France, India, China, Sri Lanka's, Sri Lanka, Import Bank of China, Colombo

☆ Japan business lobby to discuss negative impact of weak yen -Yomiuri
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:Coins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/ File Photo Acquire Licensing RightsTOKYO, Nov 28 (Reuters) - Japan's top business lobby Keidanren will discuss at next month's executive meeting the potential negative impact of the yen's weakness on the economy, the Yomiuri newspaper reported on Tuesday. Keidanren, which is comprised of major companies including big automakers and electronics firms, traditionally favoured a weak yen and have called on the government to stave off sharp yen rises that make Japan's exports less competitive overseas. Any discussion on the demerits of a weak yen by Keidanren would highlight a shift in how Japan's business sector views the currency's movement and its impact on the economy. The shift in Keidanren's stance could heighten calls by the business sector for the Bank of Japan to end ultra-low interest rates that have been blamed for accelerating the yen's decline, the newspaper said.

Persons: Florence Lo, Keidanren, Leika Kihara, Christopher Cushing Organizations: REUTERS, Rights, Yomiuri, Bank of Japan, Reuters, Thomson

☆ Japan detects season's first bird flu case, to cull 40,000 birds - NHK
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +1 min

[1/3] An aerial view shows officials wearing protective suits cull chickens at a poultry farm where officials detected highly pathogenic H5-type bird flu, in Kashima, Saga prefecture, Japan November 25, 2023, in this photo taken by Kyodo. The local government in Saga prefecture will cull about 40,000 birds on the farm, NHK said, citing agriculture ministry officials it did not name. Prime Minister Fumio Kishida will convene relevant cabinet ministers to discuss measures to prevent spreading of the virus, NHK said. The virus was detected as a result of genetic testing conducted after some poultry birds were found dead at the farm on Friday, the report said. In Japan a record 17.7 million poultry birds were culled last season, prompting the authorities to stay on high alert.

Persons: Fumio Kishida, Tetsushi Kajimoto, William Mallard Organizations: Kyodo, REUTERS Acquire, Rights, NHK, Thomson Locations: Kashima , Saga prefecture, Japan, Saga

☆ Japanese inflation picks up as BOJ pivot bets grow
▼ + stars: | 2023-11-23 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Core inflation had slowed to 2.8% in September from 3.1% in August, the first time it was below 3% since August 2022. Many analysts see the yield control policy as becoming obsolete as the central bank has made the 10-year yield target more and more flexible, sending the JGB yield closer to 1%. However, the BOJ has brushed aside such speculation, saying that the current global cost-push inflation is not sustainable. The latest consumer inflation data is among indicators the BOJ will eye at its two-day policy meeting ending on Dec. 19, its last scheduled review this year. Japanese firms, too, are closely watching inflation data as the government is pressing them to raise wages to help employees deal with the higher cost of living.

Persons: Androniki, mths BOJ, Tetsushi Kajimoto, Takahiko Wada, Sam Holmes Organizations: REUTERS, Bank of Japan, Thomson Locations: Tokyo, Japan, TOKYO

"Given the fast-changing landscape, I believe those who move fast (with wage hikes) should become competitive." A demand made this year by Rengo, Japan's largest trade union confederation, for pay hikes of "around 5%" resulted in average wage hikes of 3.58% among major companies. Six out of 10 economists in a Reuters poll expect major firms' pay hikes in 2024 to exceed this year's. The key, however, would be whether wage hikes broaden to smaller firms and those in the regional areas. A report by the BOJ's regional branch managers in October warned wage hikes remained uneven among sectors with many firms undecided on next year's pay increments.

Persons: Kim Kyung, Takeshi Niinami, Fumio, Kazuo Ueda, Hisashi Yamada, Rengo, Atsushi Takeda, Kishida, Keita Kondo, Tetsushi Kajimoto, Kentaro Sugiyama, Sam Holmes, Leika Organizations: REUTERS, Rights, Suntory Holdings Ltd, Reuters, Meiji, Life Insurance, Suntory Holdings, Bank, Japan, Hosei University, OECD, UA Zensen, Itochu Economic Research Institute, Thomson Locations: Tokyo, Japan, Ukraine, Saitama

☆ Japan's export growth slows as China, global downturn risks loom
▼ + stars: | 2023-11-16 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

A worker is seen among newly manufactured cars awaiting export at port in Yokohama, Japan, November 15, 2017. Weak exports have complicated Japan's efforts to spur economic growth with sluggish domestic demand also weighing on the post-pandemic recovery. Japan's export growth slowsJapan's economy weakened in July-September, snapping two straight quarters of expansion on soft consumption and exports, data showed on Wednesday. By destination, exports to China, Japan's largest trading partner, fell 4.0% year-on-year in October, posting 11 straight months of declines. The trade balance came to a deficit of 662.5 billion yen ($4.38 billion), versus the median estimate for a 735.7 billion yen deficit.

Persons: Toru Hanai, Atsushi Takeda, Tetsushi Kajimoto, Satoshi Sugiyama, Sam Holmes Organizations: REUTERS, TOKYO, Ministry of Finance, Itochu Economic Research Institute, Thomson Locations: Yokohama, Japan, China, United States, Europe

"Given the absence of a growth engine, it wouldn't surprise me if the Japanese economy contracted again in the current quarter. The risk of Japan falling into recession cannot be ruled out," said Takeshi Minami, chief economist at Norinchukin Research Institute. "The weak growth and the spectre of slowing inflation could delay the BOJ's exit from negative interest rates," he said. Japan’s economy contracts in the third quarterThe weak reading reflects lacklustre consumption and capital expenditure, dashing policymakers' hopes for a post-pandemic rebound in domestic activity to offset weaker external demand from China and elsewhere. He said better net exports, underpinned by car shipments and tourism, helped lift growth in the second quarter, belying the weakness in domestic demand.

Persons: Androniki, Takeshi Minami, Stefan Angrick, Angrick, Fumio Kishida, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Norinchukin Research, Gross, Moody's, Thomson Locations: Tokyo, Japan, TOKYO, China

☆ Japan Q3 annualised GDP falls worse-than-expected 2.1%
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: 1 min

A woman looks at items at a shop in Tokyo, Japan, March 24, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Nov 15 (Reuters) - Japan's economy shrank 2.1% in July-September from the previous quarter on an annualised basis, government data showed on Wednesday, worse than market estimates and falling for the first time in three quarters. The gross domestic product (GDP) figure compared with the median forecast for a 0.6% decline and translated into a quarterly fall of 0.5%. Private consumption, which makes up more than half of the economy, was flat quarter-on-quarter, the data showed. Reporting by Tetsushi Kajimoto Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Androniki, Tetsushi, Chang, Ran Kim Organizations: REUTERS, Rights, Thomson Locations: Tokyo, Japan

Japanese Finance Minister Shunichi Suzuki arrives for a news conference during the annual meeting of the International Monetary Fund and the World Bank in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera/File Photo Acquire Licensing RightsTOKYO, Nov 14 (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Tuesday that the government would take all possible steps necessary to respond to currency moves, repeating his usual mantra that excessive swings were undesirable. Suzuki made the remarks when asked about impacts from the weak yen on households which have been pressured by rising living costs due to higher import prices for fuel and food. "What's important is to maximise positive effects from the weak yen while mitigating negatives," Suzuki told reporters. Japan last intervened in the currency market - selling dollars and buying yen - in October last year.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Shinichi Uchida, Tetsushi Kajimoto, Kaori Kaneko, Satoshi Sugiyama, Chang, Ran Kim Organizations: International Monetary Fund, World Bank, REUTERS, Rights, Japanese Finance, Bank, Bank of, Thomson Locations: Marrakech, Morocco, Japan, U.S

U.S. Defence Secretary Lloyd Austin met his South Korean counterpart Shin Won-sik in Seoul on Sunday with Japanese defence minister Minoru Kihara joining the meeting online. U.S. President Joe Biden agreed with South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida at an Aug. 18 summit that by the end of this year the three countries would share North Korea missile warning data in real time. The ministers also condemned growing military cooperation between North Korea and Russia as a violation of U.N. resolutions, the South Korean defence ministry said in a statement, and also stressed the importance of peace and stability across the Taiwan Strait. Brown, chairman of the U.S. Joint Chiefs of Staff, held talks with his South Korean counterpart in Seoul on Sunday, the South Korean military said. In his first visit to South Korea since he took office in October, the top U.S. general discussed the "continuous provocations" of North Korea including missile launches, and reaffirmed the United States' commitment to the defence of South Korea, the South Korean joint chiefs of staff said in a statement.

Persons: Kim Jong Un, Lloyd Austin, Shin Won, Minoru Kihara, Kihara, Joe Biden, Yoon Suk Yeol, Fumio Kishida, Charles Q, Brown, Tetsushi Kajimoto, Miral Organizations: North, Korean Central News Agency, REUTERS, Rights, Defence, Korean, Sunday, . Defence, South Korean, Korea, U.S . Joint Chiefs of Staff, Thomson Locations: Rights TOKYO, SEOUL, South Korea, Japan, United States, South, Sunday ., Seoul, North Korea, Russia, Taiwan, TOKYO

☆ Japan business mood improves, but global stress dims outlook - Reuters Tankan
▼ + stars: | 2023-11-07 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

People walk on a crosswalk at a business district in central Tokyo, Japan September 29, 2017. The monthly poll mirrored a similar improvement seen in the third quarter in the Bank of Japan's (BOJ) closely-watched quarterly tankan survey. The service-sector index grew to plus 27 from plus 24 in the previous month, led by retailers, information and communications, and other services. Analysts expect Japan's economy, the world's third-biggest, to have shrunk in the third quarter, the first contraction in four quarters, according to a Reuters poll. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones.

Persons: Toru Hanai, Tetsushi, Shri Navaratnam Organizations: REUTERS, Reuters, Bank of Japan's, pessimists, Thomson Locations: Tokyo, Japan, TOKYO, China

☆ Japanese junior coalition party calls for debate on income tax cuts
▼ + stars: | 2023-11-07 | by ( Takaya Yamaguchi | ) www.reuters.com time to read: +1 min

TOKYO, Nov 7 (Reuters) - The head of the tax panel for the Japanese political party Komeito, a junior coalition partner with the ruling Liberal Democratic Party (LDP), said on Tuesday a thorough debate is needed on a controversial plan to cut income tax next year. Makoto Nishida, Komeito's tax panel head, said that policymakers should not have a preset mind to limit the tax break to just a year, signalling a possibility to extend it beyond 2024. Prime Minister Fumio Kishiida of the LDP plans to adopt income tax cuts for the next fiscal year as part of a broader economic package to boost household incomes and consumption. Opposition lawmakers have criticized the income tax cuts as politically motivated and ineffective as it takes time to implement and it could end up adding to the Japan's debt burden, the industrial world's largest. Additional reporting by Tetsushi Kajimoto; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Makoto Nishida, Nishida, Fumio Kishiida, Tetsushi Kajimoto, Christian Schmollinger Organizations: Liberal Democratic Party, Thomson Locations: TOKYO

☆ Bank of Japan members saw no need for new yield control tweaks, September minutes show
▼ + stars: | 2023-11-06 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 6 (Reuters) - Most Bank of Japan board members saw no need for additional tweaks to yield curve control and agreed to continued monetary easing to meet inflation and wage growth objectives, minutes of its September meeting showed on Monday. Board members shared the view that long term interest rates were moving in line with its market operation policy following the central bank's decision in July to make yield control more flexible, the minutes from the September meeting said. At the September meeting, the BOJ turned positive about its view on price growth, although central bank board members remained cautious about policy tweaks, Muguruma added. Several members said abolishing a negative rate and yield control policy would have to be discussed together with any successful achievement of the BOJ's 2% inflation target.

Persons: Issei Kato, Naomi Muguruma, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Tetsushi Kajimoto, Tom Hogue, Sam Holmes Organizations: Bank of Japan, REUTERS, Rights, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, Thomson Locations: Tokyo, Japan

☆ BOJ modifies yield curve control, re-defines long-term rate cap
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. REUTERS/Androniki Christodoulou Acquire Licensing RightsTOKYO, Oct 31 (Reuters) - The Bank of Japan modified its bond yield control again on Tuesday by re-defining 1.0% as an "upper bound" with room for allowance, rather than a rigid cap. "The BOJ will regard the upper bound of 1.0% for the 10-yaer Japanese government bond (JGB) yield as a reference" and continue large-scale bond buying and nimble market operations, the central bank said in a statement. As widely expected, the BOJ maintained a 0.1% interest charged on financial institutions' excess reserves parked with the central bank, and a 0% target for the 10-year government bond yield set under its yield curve control (YCC) policy. Reporting by Leika Kihara and Tetsushi Kajimoto Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Androniki, Leika Kihara, Chang, Ran Kim Organizations: REUTERS, Rights, Bank of Japan, Thomson Locations: Japan, Tokyo

☆ Japan finmin says he is watching yen moves with 'sense of urgency'
▼ + stars: | 2023-10-26 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki arrives for a news conference during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera/File Photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Japanese finance minister Shunichi Suzuki maintained a warning to investors against selling the yen on Thursday, saying authorities were closely watching moves after the currency fell beyond 150 yen against the dollar. "I'm watching market moves with a sense of urgency, as before," Suzuki told reporters at his ministry, when asked about renewed weakness in the yen. The dollar rose to 150.32 yen, its highest since October last year when Japan last intervened in the market to support the local currency. Pressure is mounting on the Bank of Japan to change its bond yield control as global interest rates rise.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Tetsushi Kajimoto, Jamie Freed, Sam Holmes Organizations: International Monetary Fund, World Bank, REUTERS, Rights, greenback, Bank of Japan, Thomson Locations: Marrakech, Morocco, Japan

A woman looks at items at a shop in Tokyo, Japan, March 24, 2023. The spending plan, to be formally decided by Prime Minister Fumio Kishida's cabinet on Nov. 2, also features payouts to low-income households, the officials said, confirming a report by the Nikkei newspaper. Tax revenue has grown this year, and Murai said the prime minister wanted to find a way to return some of that to the public to support households. "The prime minister will give formal and specific instruction at a meeting tomorrow between officials of the government and the ruling bloc, which will shape up through the ruling party's tax panel debate," Murai said. Kishida is due to discuss wage hikes, among other issues, with auto industry officials when he visits the Japan Mobility Show on Thursday, Murai said.

Persons: Androniki, Fumio Kishida's, Hideki Murai, Murai, Kishida, Takaya Yamaguchi, Yoshifumi Takemoto, Leika Kihara, Shri Navaratnam, Sonali Paul Organizations: REUTERS, Rights, Reuters, Nikkei, Japan, Thomson Locations: Tokyo, Japan, COVID

From this viewpoint, Japan is closely watching the situation with serious concern," she added when asked about Japan's oil dependence on the Middle East, which supplies more than 90% of its needs. G7 finance ministers, who were meeting in Morocco as events escalated, issued a brief statement on the attacks on Oct. 12. Japan was "standing one step behind the United States and some European countries", added Isamu Nakashima, associate research fellow at the Middle East Institute of Japan. "The through line of Japan's Middle East policy has been maintaining the flow of energy imports from the region," said David Boling, a director at consulting firm Eurasia Group. While the United States is Japan's closest ally, when it comes to the Middle East, Tokyo will be very wary of being seen as its proxy, said Shuji Hosaka, board member of the Institute of Energy Economics Japan.

Persons: Yoko Kamikawa, Fumio Kishida, Isamu Nakashima, David Boling, Shuji Hosaka, John Geddie, Yoshifumi Takemoto, Tim Kelly, Tetsushi Kajimoto, Ekaterina Golubkova, Kiyoshi Takenaka, Kentaro Sugiyama, Alex Richardson Organizations: Petroleum, Kyodo, Tokyo, Reuters, Middle East Institute of Japan, Middle, Energy, Eurasia Group, U.S, Institute of Energy Economics Japan, Thomson Locations: Kagoshima prefecture, Japan, TOKYO, Israel, Tokyo, Gaza, Iran, Hezbollah, Syria, Morocco, United States, U.S, Saudi Arabia, East

Japan's vice minister of finance for international affairs, Masato Kanda, poses for a photograph during an interview with Reuters at the Finance Ministry in Tokyo, Japan January 31, 2022. Masato Kanda, vice finance minister for international affairs at Japan's Ministry of Finance (MOF), also said that if excessive moves occurred in the currency market, the government would take steps such as raising interest rates or intervening in the market. "We will firmly take appropriate steps when necessary," Kanda told reporters during an ad hoc news conference. Various factors determine currency rates and long-term interest rates are "only one factor", Kanda said. "Relatively speaking, global funds are still flowing into the dollar, yen and Swiss franc and pound, with many people describing the moves as 'textbook-style' moves," he said, referring to safe-haven flows.

Persons: Masato Kanda, Issei Kato, Kanda, Tetsushi, Toby Chopra, Mark Potter Organizations: Reuters, Finance Ministry, REUTERS, Rights, Swiss, Japan's Ministry of Finance, International Monetary Fund, Hamas, Thomson Locations: Tokyo, Japan, Israel, Palestinian

☆ IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Under the Xi administration, China probably shifted its attention away from economics," he told Reuters. "What's fast emerging is the risk of China slipping into deflation, or the 'Japanization' of its economy," Bank of Japan (BOJ) board member Asahi Noguchi said on Thursday. In its World Economic Outlook, the IMF cut China's growth forecast for this year to 5.0% from 5.2% in April, and warned that its property sector crisis could deepen with global spillovers. To be sure, there are differences between what is happening in China and the experience of Japan. "Overall, we believe that China can avoid a prolonged period of sub-par growth with the right policies," Srinivasan said, when asked about the chance of "Japanization" in China.

Persons: Aly, Hiroshi Watanabe's, Hiroshi Watanabe, Japan's, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

☆ Analysis: IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Persons: Aly, Hiroshi Wanatabe, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

☆ 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

☆ Japan's re-defined intervention trigger may slow, but not derail, yen bears
▼ + stars: | 2023-10-06 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

[1/2] A man looks at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average outside a brokerage in Tokyo, Japan October 4, 2023. While money flow data suggest there was no intervention, the price action was enough to keep yen bears at bay. Rather, the remarks by Kanda were likely a fresh warning shot to markets that authorities could step in any time - even if yen moves were moderate, they say. Intervention isn't the best tool to arrest steady yen declines anyway, said former currency diplomat Hiroshi Watanabe. "There's no point intervening when yen moves are gradual," Watanabe told Reuters.

Persons: Issei Kato, Masato Kanda, that's, Kanda, Tokyo's, Atsushi Takeuchi, They're, Daisaku Ueno, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Hiroshi Watanabe, Watanabe, Leika Kihara, Tetsushi, Shri Navaratnam Organizations: U.S ., Nikkei, REUTERS, Tokyo, Authorities, Bank of, U.S . Federal Reserve, Treasury, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, Reuters, Thomson Locations: Tokyo, Japan, TOKYO, United States

☆ Japan finance minister reiterates warning on currency market moves
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

Japanese Finance Minister Shunichi Suzuki speaks with the media after a meeting of G7 leaders on the sidelines of G20 finance ministers' and Central Bank governors' meeting at Gandhinagar, India, July 16, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsTOKYO, Oct 3 (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Tuesday authorities were watching the currency market closely and stood ready to respond, repeating a warning against speculative moves as the yen hovered near a one-year low against the dollar. The yen slid to within a hair of 150 per dollar, near a level that prompted intervention a year ago and putting traders on watch for action by the Japanese authorities. Speaking at a regularly scheduled press conference, Suzuki said authorities were watching market moves with a high sense of urgency. Suzuki said that, generally speaking, rises in long-term rates push up borrowing costs, and authorities are therefore closely watching the impact of moves in long-term rates and how they may affect households and businesses.

Persons: Shunichi Suzuki, Amit Dave, Suzuki, Tetsushi Kajimoto, Chang, Ran Kim, Edmund Klamann Organizations: Central Bank governors, REUTERS, Rights, Japanese Finance, Thomson Locations: Gandhinagar, India, Ukraine

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