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Asia-Pacific markets fell on Wednesday as traders assessed July business activity data from Australia, tech earnings from the U.S. and awaited Japan PMI readings. Late Tuesday, automaker Toyota said it will buyback 806.85 billion yen ($5.17 billion) of its shares from major Japanese banks and insurers, including Tokio Marine , Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group . Heavyweight Samsung Electronics plunged 1.8%, even as Reuters reported that chip giant Nvidia had cleared its chips for use in a processor for the China market. The South Korean electronics company is still grappling with a strike from its largest workers union, with talks on Tuesday yielding no results, according to the National Samsung Electronics Union, which has about 30,000 members. Hong Kong Hang Seng index futures were at 17,474, just marginally higher than the HSI's last close of 17,469.36.
Persons: Topix, Australia's Organizations: Sydney Opera House, Japan PMI, Nikkei, PMI, Toyota, Tokio Marine, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Samsung Electronics, Reuters, Nvidia, National Samsung Electronics Union, Juno Bank . Hong Locations: Asia, Pacific, Australia, U.S, Japan, China, Korean, Juno Bank . Hong Kong
Specifically, the deer who live in Nara, the ancient capital outside of Kyoto that is home to a series of UNESCO-recognized historic buildings. Nara and its deer are so closely associated that the light-brown colored animals are pictured in the city’s tourism ads, on buses, train tickets and more. Carl Court/Getty ImagesNobuyuki Yamazaki of the Nara Deer Preservation Foundation told CNN that “a constant increase in the number of deer crackers eaten has resulted in more active reproduction of the deer. “As the number of deer and humans increase, so does the number of problems,” Yamazaki added. Bowing in deer is unique to Nara and has not been found in any other deer species.
Persons: Carl Court, Nobuyuki Yamazaki, ” Yamazaki, we’ve, , Yoichi Yusa, they're, Joe Biden Organizations: CNN, UNESCO, Preservation Foundation, Nara Women’s University, Mount Fuji Locations: Nara, Kyoto, Japan, Europe, Hiroshima
Donald Trump wants a weaker dollar in order to boost exports for US manufacturers. Other ways Trump could weaken the dollar would also risk raising US debt or inflation, Barclays said. AdvertisementDonald Trump's proposed policies run counter to one another, with his plan to increase trade tariffs complicating his intent to weaken the dollar, Ajay Rajadhyaksha of Barclays wrote in the Financial Times. Other options for weakening the dollar exist, but none come without consequences, the strategist noted. He cited alternative plans: raising US debt could help, at the cost of Treasury market volatility and more inflation pressure.
Persons: Donald Trump, Trump, , Donald Trump's, Ajay Rajadhyaksha, Rajadhyaksha Organizations: Barclays, Service, Financial Times, Bloomberg, Republican, America, Trump, Federal Reserve, Treasury Locations: stagflation, Japan
Australian dollars are seen in an illustration photo February 8, 2018. The two Antipodean currencies, often used as liquid proxies for the Chinese yuan, were flat after slumping in the previous session in the wake of the news. The Australian dollar was trading at $0.6643 early on Tuesday and the New Zealand dollar dipped 0.01% to $0.5979. In the broader market, currency moves were subdued as traders looked to central bank meetings in the U.S. and Japan next week. In cryptocurrencies, bitcoin fell 0.7% to $67,665, retreating from an over one-month top hit in the previous session.
Persons: Daniel Munoz, China's, Rodrigo Catril, Joe Biden's, NAB's, bitcoin, Rae Wee, Stephen Coates Organizations: REUTERS, New, New Zealand, National Australia Bank, NAB, Trump, U.S, Treasury, Thomson Locations: SINGAPORE, New Zealand, China, U.S, Japan
While the Avios you'll earn from the Aer Lingus Visa Signature® Card card will get credited to your Aer Lingus account, you won't be restricted to redeeming only on Aer Lingus flights. Together with the British Airways Visa Signature® Card and Iberia Visa Signature® Card, the Aer Lingus Visa Signature® Card is one of three Avios-earning airline credit cards from Chase. Aer Lingus Credit Card RewardsAer Lingus Credit Card bonusThe welcome bonus offer on the Aer Lingus Visa Signature® Card is 75,000 Avios after you spend $5,000 on purchases within the first three months of account opening. Aer Lingus Credit Card Signature Benefits and FeaturesThe Aer Lingus Visa Signature® Card comes with perks you can use when you fly Aer Lingus, as well as other travel and shopping benefits. Methodology: How we reviewed the Aer Lingus Visa Signature CardBusiness Insider's credit card experts reviewed the Aer Lingus Visa Signature® Card relative to competing airline and travel credit cards that charge a similar annual fee.
Persons: It's, You'll, that's, you've, you'll, Avios, cardmembers, Chase Organizations: Aer Lingus, British Airways, Aer, FDIC, Oneworld, American Airlines, Alaska Airlines, Cathay Pacific, Chase, British Airways Executive Club, Iberia Plus, British Airways Executive, U.S, US, Passengers, Chase TravelSM, Capital, DoorDash, Venture, Business Locations: Iberia, Aer Lingus, Ireland, aa.com, Caribbean, Miami, Columbia, Aer, Dublin, U.S, Chevron
How the hedge fund superstar went extinct
  + stars: | 2024-07-23 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
But for now, we're examining how the hedge fund superstar has gone extinct . The big storySo long, superstarGetty Images; Alyssa Powell/BIWhere have all the hedge fund superstars gone? AdvertisementIn years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. Meanwhile, the hedge fund industry has also evolved. Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium for his to-be-launched hedge fund .
Persons: , Kamala Harris, Harris, Alyssa Powell, Insider's Linette Lopez, Julian Robertson, Griffin's, Izzy Englander's, Goldman Sachs, Jared Siskin, Bobby Jain, it's, Aaron Weiner, Jonathan Xiong's, Maja Hitij, Carl Godfrey, Apple, Sam Altman's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democratic, Democratic Party Convention, Business, Getty, Management, Goldman, Madison, Park Conservancy, Citadel, Credit Suisse, Jain, ExodusPoint, Investment Partners, Blackstone, Elon Musk's, Big Tech, Bank of America, BI Founders, Forge, Apple, Google, General Motors Locations: Venture, Wall, Park, Coatue, Miami, London, New York
In today's big story, President Joe Biden ended his reelection bid . The president ended his reelection campaign on Sunday, the culmination of mounting pressure from his party after a disastrous debate last month. Meanwhile, former President Donald Trump said in a post on Truth Social that "Crooked Joe Biden was not fit to run for President." Biden's reelection campaign has quickly pivoted to serve Harris, making it an uphill battle for any Democrat looking to challenge her , writes Business Insider's Brent D. Griffiths. Many have made comparisons to the 1968 Democratic convention , which was a contested convention after President Lyndon B. Johnson ended his reelection campaign earlier that year.
Persons: , Joe Biden, Biden, Alyssa Powell, BI Joe Biden, Elon Musk, Reid Hoffman, Donald Trump, Kamala Harris, Harris, Jared Siskin, Biden's, Insider's Brent D, Griffiths, Hillary Clinton, BI's Bryan Metzger, Lyndon B, Johnson, Hubert Humphrey, Humphrey, Richard Nixon, Brent, Here's, Sieg, Merrill Lynch, Abanti Chowdhury, Andy Sieg, Warren Buffett's, Buffett, Paul Chinn, Andrew Caballero Reynolds, Marc Andreessen, he'd, Andreessen, Trump, BI's Adam Rogers, OpenAI, Sam Altman's, slowdowns, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, BI, Democratic, Madison, Park Conservancy, Citi Wealth, BI Citi Wealth, Bank of Montreal, Buffett Locations: Park, Plenty, Washington, Chicago, Southern, New York, London
The dollar eased on Monday in the initial reaction to U.S. President Joe Biden's decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump. The dollar eased on Monday in the initial reaction to U.S. President Joe Biden's decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump. China's yuan was largely unfazed by the central bank's decision to cut a key interest rate. Biden announced he was exiting the race on Sunday, and endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the November election. Former President Trump, the Republican nominee, sits well ahead in betting markets following Biden's disatrous debate performance last month and a surge in questions about his mental competence.
Persons: Joe Biden's, Donald Trump, Biden, Kamala Harris, Trump, Joseph Capurso, Capurso, Harris Organizations: Democratic, Republican, Commonwealth Bank of Australia, Trump, British, People's Bank of China Locations: U.S
Elliot has observed hedge funds expressing bullishness on the dollar in two main ways. Hedge funds are also taking long positions in exchange-traded funds specific to sectors likely to benefit from a loosening of regulatory constraints. In response, Elliot says hedge funds are moving into short positions on long-duration bonds, which is five years or more. Finally, given the rising uncertainty around inflation and deficit spending, hedge funds have shifted to increasing their positions in gold by buying gold futures contracts, he said. These contracts set up agreements on the purchase of a predetermined amount of gold at a set price by a set date.
Persons: Bob Elliott, Elliot Organizations: Service, Federal, Trump, Republican Locations: Washington
Insider Today: Italian reno nightmare
  + stars: | 2024-07-20 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +6 min
On the agenda:This story is available exclusively to Business Insider subscribers. You are presented with this mapped-out series of days," Travelzoo's senior editor Gabe Saglie told Business Insider. AdvertisementIf you're convinced, one travel planner rounded up the best all-inclusive resorts of 2024. After remodeling a dusty old Italian apartment and sharing the results on social media, they received some unexpected backlash. More of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor in chief of life, in New York.
Persons: , she's, Wahoo, Travelzoo's, Gabe Saglie, Terri Peters, Saint, Victoria Craparotta, Flavio Fabiani, Craparotta, Alyssa Powell, Crispin la valiente, Jenny Chang, Rodriguez, didn't, Bradley Carroll, Carroll, Rachel Katzman, Stephen Pasterino, Katzman, Abigail, Kai, Rebecca Zisser, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan, Amanda Yen Organizations: Service, Business, Northeast, BI, Netflix, CBS, Samsung, Universal Locations: Saint Vincent, Grenadines, Rome, New York, New York City
In today's big story, President Biden's comeback plan isn't working , and Democratic leaders are ready to move on . President Joe Biden's reelection campaign appears to be on its last legs as calls within his party have grown from whispers to shouts since his disastrous debate last month. AdvertisementBut perhaps the biggest blow to Biden's reelection campaign came with the news that his former running mate has doubts. But for some Democrats, the risk of Biden continuing his reelection campaign could extend from the White House to Capitol Hill. Still, despite mounting pressure, Biden's campaign has remained steadfast about his reelection bid.
Persons: , Biden's, Mario Tama, Tyler Le, Joe Biden's, it's, Insider's Brent D, Griffiths, Sen, Bernie Sanders, Biden, doesn't, That's, BI's Bryan Metzger, Chuck Schumer, Hakeem Jeffries, Nancy Pelosi, Sarah Gray, Kelsey Vlamis, Barack Obama, Kent Nishimura, don't, Schumer, Jeffries, Adam Schiff, Quentin Fulks, Cros, Steve Schwarzman, it'll, Michael M, Jensen, Goldman Sachs, Peter Naylor, Amy Reinhard, Jamie Dimon's, cushy, Ernst & Young, Joe Biden, Kamala Harris, It's, Harris, Harvey Weinstein, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, American Airlines, United Airlines, Democratic, Business, Getty, Trump, Biden, Capitol, Case, Senate, Wall, Google, Bank of America, Blackstone, Nvidia, Netflix, EV, Mercedes, Benz, Warner Bros Discovery, Warner Bros, Discovery, WarnerMedia, Investors, JPMorgan, McKinsey, Ernst, American Express, Convention Locations: Crowdstrike, Biden's, AFP, New York, London
The dollar was steady and poised to snap a two-week losing run on Friday as U.S. labour and manufacturing data kept traders pondering on when and by how much the Federal Reserve would cut rates this year. The dollar was steady and poised to snap a two-week losing run on Friday as U.S. labor and manufacturing data kept traders pondering on when and by how much the Federal Reserve would cut rates this year. The Federal Reserve is scheduled to meet at the end of July where markets anticipate a very low chance of the central bank cutting rates. Ryan Brandham, head of global capital markets for North America at Validus Risk Management, said the U.S. economy is getting closer to where a rate cut may be appropriate. In other currencies, the Australian dollar eased 0.11% to $0.66985, while the New Zealand dollar was 0.22% lower at $0.6032.
Persons: Ryan Brandham, Mary Daly, Daly, recouping, Sterling Organizations: Federal Reserve, Bank of Japan, Traders, U.S, Federal, North America, Validus Risk, Fed, Federal Reserve Bank of San Francisco, Dallas Fed, European Central Bank, ECB, Bank of England, New Zealand Locations: Tokyo, Japan, U.S, Britain
In today's big story, we're looking at why reports of more potential trade restrictions have chip companies on their heels . Trade restrictions are certainly real concerns for chip companies. AdvertisementThe supply-chain base for most of the chip industry is in Taiwan, specifically TSMC. Politicians and regulators have no interest in making American AI companies less competitive and demand is still extremely high. With so much geopolitical tension, is it possible the chip industry becomes more regionalized?
Persons: , Dan Schneider's, Rebecca Zisser, Joe Biden, Insider's Kelly Cloonan, Biden, chipmakers, Trump, Emma Cosgrove, It's, Marianne Ayala, aren't, Dan Ives, influencers, Donald Trump, JD Vance, Tyler Le, Elon Musk, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Dan Schneider's Nickelodeon, Business, Nvidia, AMD, Bloomberg, China, YouTube, JPMorgan, Apple, Republican National Convention, Netflix Locations: China, Netherlands, Taiwan, Texas, California, New York, London
Yen spikes as spectre of intervention spooks investors
  + stars: | 2024-07-18 | by ( ) www.cnbc.com   time to read: +2 min
Japan's yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate cuts in a few months. Japan's yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate cuts in a few months. "Many traders and Japanese investors, after intervention, were looking to reload on their trades," said National Australia Bank strategist Rodrigo Catril in Sydney. Interest rate markets are pricing more than 60 basis points of U.S. interest rate cuts this year and some 20 basis points of hikes in Japan, narrowing the wide rates gap that had encouraged investors taking on large short positions in the yen. So far this year the yen is the worst-performing G10 currency on the dollar, losing more than 9%, while the yuan is down about 2.2%.
Persons: Rodrigo Catril, Donald Trump — Organizations: . Bank of, National Australia Bank, Bloomberg Businessweek Locations: Asia, . Bank of Japan, Sydney, Japan, Beijing
Asia-Pacific markets traded mixed on Wednesday with Australia's S&P/ASX 200 reaching an all-time high, while an increase in business optimism among large Japanese manufacturers lifted Japanese stocks. Japan's Nikkei 225 declined 0.43% to close at 41,097.69, while the Topix rose 0.37% to end at 2,915.21. The Taiwan Weighted Index fell 0.77% after a report cited U.S. Republican presidential candidate Donald Trump saying that Taiwan should pay the U.S. for defense. I think, Taiwan should pay us for defense," Trump said in interview with Bloomberg Businessweek in June that was published on Tuesday. On a month-on-month basis, Singapore's non-oil domestic unexpectedly dropped 0.4%, compared with a expectations of a 4.1% growth.
Persons: Australia's, Donald Trump, Trump, Cho Jung, TSMC, Georges Elhedery, Elhedery, Noel Quinn Organizations: Reuters, U.S ., Nikkei, Northern Star Resources, Bellevue, Mining, Newmont Corporation, CSI, Republican, Bloomberg Businessweek, Taiwan, HSBC Holdings, Hong Locations: Asia, Pacific, Gold, Taiwan, Hong Kong
Tokyo CNN —Japan’s Prime Minister Fumio Kishida has formally apologized to a group of plaintiffs who were forcibly sterilized under the country’s decades-long former eugenics law following their lengthy campaign for justice. At least 25,000 people were sterilized under the law, Kishida told a meeting at his official residence of about 130 survivors, many now elderly and in wheelchairs, public broadcaster NHK reported Wednesday. Prime Minister Fumio Kishida apologizes during a meeting with the plaintiffs and their supporters at his official residence in Tokyo on July 17, 2024. Besides an official apology, the plaintiffs have also demanded a compensation law that would benefit all survivors, even those who haven’t filed lawsuits. “I heard the apology directly from the prime minister to the victims, but I think we could have heard it earlier,” said Koji Niisato, an attorney for plaintiffs, according to NHK.
Persons: Fumio Kishida, Kishida, , ” Kishida, Kikuo Kojima, , ” “, , JIJI Press, haven’t, Koji Niisato Organizations: Tokyo CNN — Japan’s, NHK, Protection, JIJI, Getty, Eugenics, Locations: Tokyo, Japan
Yen jumps on suspected intervention, sterling hits one-year high
  + stars: | 2024-07-17 | by ( ) www.cnbc.com   time to read: +4 min
The yen rose sharply on Wednesday in what traders suspected was likely the result of yet another intervention from Japanese authorities to prop up the battered currency from multidecade lows. The euro was last down 0.8% at 171.15 yen, while sterling fell 0.76% to 203.75 yen. Combined with the estimated amount spent a day earlier, Japan is suspected to have bought nearly 6 trillion yen via intervention last week. That sent traders paring back bets of a rate cut from the Bank of England in August, providing a small boost to sterling , which was last up 0.43% to $1.3029. But the more important data is the inflation data, and that's telling the market that the Fed is in a position to cut fairly soon."
Persons: Geoff Yu, Masato Kanda, Michael Brown, Kyle Rodda Organizations: Mellon, Kyodo, Bank of Japan, Bank of England, Monetary, MPC, Tuesday's, Federal Reserve, New Zealand, Reserve Bank of New Locations: London, Tokyo, Japan, Reserve Bank of New Zealand
Read previewHugo Boss, Burberry, Richemont, and Swatch have all called out slumping sales in China this week as consumers cut back on luxury spending. Swiss watch group Swatch said it expects the Chinese market "to remain challenging for the entire luxury goods industry until the end of the year." But much of this spending has been overseas, and sales in China have fallen for some of the world's biggest luxury brands. AdvertisementBefore the pandemic, about two-thirds of Chinese luxury spending occurred outside mainland China, plummeting to less than 10% in 2021 and 2022 because of travel restrictions, according to data from Bain. The consultancy said that this started to rebound in 2023 with the return of overseas tourism, with an estimated 30% of luxury spending taking place outside mainland China.
Persons: , Hugo Boss, Burberry, Gerry Murphy, they've, Bain, Luca Solca, Vacheron Constantin, Marc Jacobs, Versace, Richemont Organizations: Service, Swatch, Business, Bain & Company, Richemont, Cartier, Burberry, Financial Times, Bain, Prada, The Financial Times, Luxury Summit Locations: China, Swiss, Americas, Hong Kong, Macau, Japan, South Korean, East
In today's big story, Amazon wants to stop employees skirting in-office mandates by tracking their hours spent in the office . The big storyPunching the clockGetty Images; Jenny Chang-Rodriguez/BIAt Amazon, coffee is for closers people who spend at least 2 hours in the office. AdvertisementBusiness Insider's Eugene Kim has a report on Amazon monitoring the hours its corporate employees spend in the office . Amazon and its employees have been in an ongoing battle over its return-to-office mandate, which was first announced early last year. AdvertisementFor Amazon employees, the RTO mandates have been shrouded in mystery and confusion.
Persons: , you've, Jenny Chang, Rodriguez, Eugene Kim, it's, Eugene, they've, Justin Sullivan, Getty, Dell, Polly Thompson, Lizzie Reed, Goldman Sachs, Mark McQueen, Elizabeth Reed, Donald Trump's, Fundstrat's Tom Lee, Russell, Deena So'Oteh, Greg Warnock, Warnock, Elon Musk, Tesla, Stephen Pasterino, Rachel Katzman's, Jennifer Aniston, Johnson, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Denver Airport, Business, Amazon, Foods, Dell, Computer, Workers, Goldman, Walmart, Treasury, Netflix, SpaceX, Lone Star State, Northeast, BI, Olympic, United Airlines, Johnson Locations: it's, Corporate America, Utah, California, Texas, Paris, Seine, New York, London
Dollar drifts as Powell comments bring September rate cut in focus
  + stars: | 2024-07-16 | by ( ) www.cnbc.com   time to read: +3 min
The dollar fell slightly on Monday after comments from Federal Reserve Chair Jerome Powell, while cryptocurrencies rose on bets that an assassination attempt on former President Donald Trump lifted his reelection chances. The dollar hung around five-week lows on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September, while cryptocurrencies gained on rising odds of former President Donald Trump getting reelected. The comments, likely Powell's last until his press conference following the Fed's July 30-31 meeting, shifted rate cut expectations. Markets are now anticipating 68 basis points of easing this year, with a rate cut in September fully priced in, CME FedWatch tool showed. "Markets may need to wait longer for the confirmation of their September rate cut hopes, and growth and labor data will be on the radar such as retail sales today."
Persons: Jerome Powell, Donald Trump, cryptocurrencies, Powell, We've, Charu Chanana, Trump, Gary Gensler, Chris Weston Organizations: Federal, Economic, of Washington, Saxo, Traders, Bank of Japan, Republican, cryptocurrency, San, SEC, New Zealand Locations: Tokyo, San Francisco
The US is still coming to grips with the assassination attempt on former President Donald Trump. In today's big story, we examine the scrutiny the Secret Service is facing and what former special agents are saying about the tragedy . But that's not to say the Secret Service has avoided controversy over the last 40-plus years since the Reagan shooting. Secret Service agents converge on former President Donald Trump onstage at his Pennsylvania campaign rally. AdvertisementUltimately, another former Secret Service agent said the entire event represents a failure for Trump's security detail , BI's Matthew Loh and Cameron Manley report.
Persons: , Donald Trump, Jenny Chang, Rodriguez, Joe Biden, Insider's Brent D, Griffiths, Katherine Tangalakis, Lauren Edmonds, Saturday, Ronald Reagan, that's, Reagan, Brent, Jabin, Thomas Matthew Crooks, BI's Rebecca Rommen, Crooks, BI's Laura Italiano, Kenneth Niemeyer, Matthew Loh, Cameron Manley, Trump, Corey Comperatore, Kirill Kudryavtsev, Yuriy Gorodnichenko, Goldman Sachs, Michael M, Tyler Le, Jensen Huang, Elon Musk, Sam Altman's, Altman, Rebecca Zisser, Mickey Mouse, Hannah Montana, David, Nvidia's Goliath, Dan DeFrancesco, Jordan Parker Erb, Lisa Ryan, Jack Sommers, Annie Smith, Amanda Yen Organizations: Service, Business, Secret Service, Washington, Getty, FBI, UC Berkeley, NDR, Nvidia, Elon, European, Swedish, Disney, YouTube, GOP, Convention Locations: Colombia, Pennsylvania, Trump, Russia, New York, London
The risk-sensitive Australian dollar fell 0.18% to $0.6771, while the New Zealand dollar slid 0.35% to $0.6097. Under a Trump presidency, market analysts expect a more hawkish trade policy, less regulation and looser climate change regulations. Against the dollar, the yen was last 0.3% lower at 158.36, having strengthened to a roughly one-month high of 157.30 per dollar on Friday. "The confirmed FX intervention undertaken by the MOF in April and May proved that policymakers are prepared to be canny about choosing the timing of their moves," said Jane Foley, head of FX strategy at Rabobank. "In order to make more 'bang for their buck', FX intervention in quiet conditions or after the release of softer U.S. economic data seems like a sensible move.
Persons: Donald Trump, Jack Ablin, It's, Trump, Rong Ren Goh, Jane Foley Organizations: Trump, Cresset, New Zealand, Eastspring Investments, Cash U.S, Investors, . Bank of Japan, Finance, Analysts, Rabobank Locations: Asia, Japan, U.S, Tokyo
Insider Today: New status symbols
  + stars: | 2024-07-13 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +7 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Business Insider's docuseries, "Quiet on Set," just won the Television Critics Association Award for Outstanding Achievement in News and Information. AdvertisementAt least that's what Denver meteorologist Chris Bianchi told Business Insider's senior science reporter Morgan McFall-Johnsen. Markus Thoenen/Getty ImagesTen better getawaysIt's the busiest time in the travel season, and international travel is especially hot. AdvertisementMore of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor in chief of life, in New York.
Persons: , Dan Schneider's, it's, SEAN GLADWELL, Chris Bianchi, Morgan McFall, Johnsen, Bianchi, Morgan, Jenny Chang, Rodriguez, Markus Thoenen, Bianca Bagnarelli, Tyler Le, Abanti Chowdhury, Rashida Jones, Nicholas Cage's, Rebecca Zisser, Nordstrom cardholders, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan, Amanda Yen Organizations: Service, Television, Nickelodeon, Business, Denver, Getty, Apple, Max, Nordstrom, Amazon Locations: New, United States, Ticino, Switzerland, Italy, AirPods, Whitestrips, New York, New York City
A fresh market projection by the Bank of Japan on Friday hints at a possible intervention of around $22 billion into the currency markets as the country tries to prop up the ailing yen . The Japanese currency popped 3% against the dollar late Thursday as the market responded to surprisingly soft U.S. inflation data. On Friday, daily current account balance data from the Bank of Japan projected that a drain of 3.17 trillion yen ($20 billion) will occur on July 16. This compares to an earlier forecast for a surplus of around 400 billion yen, according to news agencies the Nikkei and Reuters, leaving a surprise 3.57 trillion yen ($22.49 billion) gap in the finances. This is expected to have been spent on currency intervention on Thursday, with foreign exchange transactions taking two working days to settle.
Persons: Masato Kanda, wasn't Organizations: Bank of Japan, Reuters, Nikkei, Ministry of Finance, Jiji Press, CNBC Locations: Tokyo
Early Friday, the yen also suddenly strengthened against the dollar after the U.S. inflation data release, prompting analysts and traders to suspect a possible intervention from the country's ministry of finance. The yen traded at 158.55 against the U.S. dollar at roughly 12 a.m. Tokyo time after trading around 161.52 late Thursday. The currency strengthened further against the greenback, currently standing at 158.23. On Friday, Japan's top currency diplomat Masato Kanda said that authorities will take action as needed in the foreign exchange market. Reuters also reported that Kanda said recent yen moves were somewhat rapid, but declined to comment on whether authorities had intervened in the currency.
Persons: Masato Kanda, Kanda Organizations: Federal Reserve, U.S, greenback, Reuters Locations: Asia, Pacific, U.S, Tokyo
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