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☆ Japan's Itochu H1 net profit down 14.5% y/y, sets buy back
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: 1 min

The logo of Itochu Corp is seen outside the company's headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsNov 6 (Reuters) - Japanese trading house Itochu (8001.T) on Monday posted a 14.5% drop in six-month net profit but raised its full-fiscal year profit forecast on stronger non-resource business development expectations and weaker yen. Itochu's net profit to Sept. 30 was 412.90 billion yen ($2.8 billion), down from the same period last year on weaker coal and iron ore prices. It raised its net profit forecast for the year ending in March 2024 by 20 billion yen to 800 billion yen. The company will buy back up to 1.2% of its shares worth 75 billion yen, it added on Monday.

Persons: Toru Hanai, Katya Golubkova, Kim Coghill Organizations: Itochu, REUTERS, Thomson Locations: Tokyo, Japan

☆ Asia markets set to be mixed ahead of Japan's central bank decision and South Korea inflation this week
▼ + stars: | 2023-10-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Buildings are illuminated at night in Tokyo, Japan, on Friday, July 21, 2023. Toru Hanai | Bloomberg | Getty ImagesAsia-Pacific markets are set to fall ahead of a week of key economic data from around the region. Monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong are the regional highlights of the week. Japan's Nikkei 225 is also set to fall as the Bank of Japan starts its two-day monetary policy meeting, with the futures contract in Chicago at 30,665 and its counterpart in Osaka at 30,650 against the index's last close of 30,991.69 In Australia, the S&P/ASX 200 slipped 1.04%, ahead of September retail sales readings on Monday. Futures for Hong Kong's Hang Seng index stood at 17,175, pointing to a weaker open compared to the HSI's close of 17,398.73

Persons: Toru Hanai Organizations: Bloomberg, Getty, Nikkei, Bank of Japan Locations: Tokyo, Japan, Asia, Pacific, Malaysia, South Korea, Taiwan, Hong Kong, Chicago, Osaka, Australia

☆ T. Rowe beats profit estimates on higher fee-based income
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 27 (Reuters) - T. Rowe Price Group (TROW.O) reported a better-than-expected quarterly profit on Friday, as concerns about the economy somewhat eased from last year, boosting assets under management at the firm. "However, our flows remain pressured, with net outflows from equity outweighing the positive net flows to fixed income, multi-asset and alternatives in this quarter," CEO Rob Sharps said in a statement. Total assets under management at the end of the quarter was $1.35 trillion, up 9.5% over the year earlier. Investment advisory fees were up 1.5% at $1.46 billion in the quarter, T. Rowe said.

Persons: Rowe Price, Toru Hanai, Rob Sharps, Rowe, Sri Hari, Shilpi Majumdar Organizations: REUTERS, Federal Reserve, Sri, Thomson Locations: Tokyo, Japan, Baltimore , Maryland, Bengaluru

☆ Nomura quarterly profit doubles on Japanese stock market strength
▼ + stars: | 2023-10-27 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

Nomura's dominant position in Japan, where the stock market is trading at 33-year highs, helped it offset lethargic dealmaking and sluggish trading overseas. July-September profit came in at 35.2 billion yen ($235 million), rebounding from last year when a sharp downturn in global financial markets battered its asset management and investment banking businesses. This year, Japanese firms have been increasingly willing to embark on fundraising - either via equity or debt markets. As a result, Nomura's investment banking business saw a 19% increase in net revenue due to robust equity offerings and active dealmaking in Japan. "Encouraged by the strong stock market, Japanese companies are becoming more proactive in making investments for growth," Chief Financial Officer Takumi Kitamura told a media briefing.

Persons: Toru Hanai, Takumi Kitamura, LSEG, Makiko Yamazaki, Jamie Freed, Edwina Gibbs Organizations: Nomura Securities, REUTERS, Rights, Nomura Holdings, U.S . Federal Reserve, Thomson Locations: Tokyo, Japan

☆ Nomura reassesses mainland China business plan as losses mount
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The logo of Nomura Securities is seen at the company's Head Office in Tokyo, Japan, November 28, 2016. Nomura's majority-owned joint venture has struggled to grow since its launch in 2019, dragged down by the pandemic and a slowing economy. In 2022, the joint venture lost 225 million yuan ($30.75 million), after losing 84 million yuan in 2021, according to Nomura's filings. Nomura's China joint venture headcount has dropped to 259 from 281 in July, far short of the original target of increasing it to 500 by this year. The joint venture is 51% owned by Nomura, 24.9% by Orient International Holding, and 24.1% by Shanghai Huangpu Investment Holding Group.

Persons: Toru Hanai, Nomura, headcount, Goldman Sachs, Makiko Yamazaki, Selena Li, Sonali Paul Organizations: Nomura Securities, REUTERS, Rights, Nomura Holdings, Bloomberg, Reuters, Citigroup, Nomura Orient International Securities, Nomura, Orient International Holding, Shanghai Huangpu Investment Holding Group, Thomson Locations: Tokyo, Japan, China, Shanghai, Hong Kong, Asia

Investors stand in front of a screen showing the logo of Nomura Holdings in Tokyo, Japan, December 1, 2015. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsSYDNEY, Oct 25 (Reuters) - Japanese investment bank Nomura Holdings (8604.T) has laid off about 10 of its Hong Kong-based investment bankers, including some who were focused on China-related deals, said two sources with direct knowledge of the matter. The Japanese investment bank has seen its China-linked fortunes slipping lately. Its fortunes in regional equity capital markets were boosted by its leading advisory role in March on the $9.24-billion stake sale by Japan Post Holdings (6178.T) in Japan Post Bank Co(7182.T). Reporting by Scott Murdoch in Sydney and Selena Li in Hong Kong Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Nomura, LSEG, Goldman Sachs, Scott Murdoch, Selena Li, Helen Popper Our Organizations: Nomura Holdings, REUTERS, Rights, Reuters, Japan Post Holdings, Japan Post Bank Co, Bank of America, Citigroup, UBS, Hong, Thomson Locations: Tokyo, Japan, Hong Kong, China, Asia, Sydney

☆ Forget Tesla – this $13,000 tiny car is Japan's best-selling EV
▼ + stars: | 2023-10-24 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

The $13,000 "Kei car" has left rivals such as Tesla in the dust. Mini "Kei trucks" are taking off in the US, with some being sold for as little as $5,000. AdvertisementAdvertisementTesla may dominate the global EV market — but for drivers in Japan, a $13,000 tiny car is proving a better investment. Their cousins, Kei trucks, have become increasingly in demand in the US in recent years. Kei trucks such as the Daihatsu Hijet have become increasingly popular in the US.

Persons: —, minicar, Sakura, Nissan Sakura, Elon, Kei, Warren, TORU YAMANAKA, Suzuki Organizations: Bloomberg, Service, Nissan, Mitsubishi, Tesla, Daihatsu, EV Locations: Japan, America

☆ Japan's factory, service sector activity under pressure in Oct - PMI
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Oct 24 (Reuters) - Japan's factory activity shrank for a fifth straight month in October while the service sector saw its weakest growth this year, a survey showed on Tuesday, amid growing uncertainty over the outlook for the world's third-largest economy. The au Jibun Bank flash Japan manufacturing purchasing managers' index (PMI) remained flat at 48.5 in October. However, the October PMI data indicated further softening in the service sector, which anchored Japanese economy over recent quarters. The au Jibun Bank flash services PMI fell further to 51.1 in October from 53.8 in September last month, marking the slowest rate of growth since the beginning of this year. The au Jibun Bank Flash Japan composite PMI, which combines both manufacturing and service sector activity, fell to 49.9 in October from 52.1 in September, dropping below into contractionary territory for the first time since December.

Persons: Toru Hanai, Jingyi, Satoshi Sugiyama, Sam Holmes Organizations: REUTERS, Rights, PMI, P Global Market Intelligence, Jibun Bank Flash Japan, Thomson Locations: Kawasaki, Japan

☆ Japan's Denso, Mitsubishi Electric to invest $1 bln in Coherent's silicon carbide unit
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A logo of Mitsubishi Electric Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 10 (Reuters) - Coherent (COHR.N), a major U.S. supplier of materials used to make chips for the automotive industry, said on Tuesday Japan's Denso (6902.T) and Mitsubishi Electric (6503.T) will invest $1 billion in the company's silicon carbide business. Denso and Mitsubishi Electric will invest $500 million each in exchange for a 12.5% non-controlling ownership interest in Coherent's unit, as per the agreement. The investment would alleviate the financial burden for Coherent, which had explored strategic review of its silicon carbide business in May. Chips made with silicon carbide are used in applications that require massive quantity of power conversion such as inverters and drivetrains in electric vehicles.

Persons: Toru Hanai, Denso, Takemi, Priyamvada, Sherry Jacob, Phillips Organizations: Mitsubishi Electric Corp, Advanced Technologies, Makuhari, REUTERS, Mitsubishi Electric, Mitsubishi, Reuters, Hitachi Ltd, Sumitomo Electric Industries Inc, Thomson Locations: JAPAN, Chiba, Japan, U.S, Pittsburgh , Pennsylvania, Bengaluru

[1/2] A man walks past a signboard of Mitsubishi UFJ Financial Group and MUFG Bank at its headquarters in Tokyo, Japan April 3, 2018. Globally bonds have been heavily sold for weeks - prompting the Bank of Japan to step in to steady the JGB market - as investors reckon on interest rates around the world staying elevated. The lingering concerns, coupled with the prospect of further central bank policy tweaks, are likely to keep investors on guard against buying JGBs," he said. Even if the BOJ raises short-term rates, it will probably have to maintain the YCC framework to avoid any abrupt rise in long-term interest rates, Seki said. The BOJ will have no choice but to engage with long-term rates "because the complete removal of a target band could cause volatility in yield curve and sharp spikes in long-term interest rates," he said.

Persons: Toru Hanai, Hiroyuki Seki, Seki, Makiko Yamazaki, Ritsuko Shimizu, Leika Kihara, Muralikumar Organizations: Mitsubishi UFJ Financial, MUFG Bank, REUTERS, Rights, Bank of, Bank of Japan, Reuters, Thomson Locations: Tokyo, Japan, U.S

☆ UAE's ADNOC awards $17 bln of contracts for gas project
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +3 min

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Italian engineering group MAIRE (MTCM.MI) and energy services group Saipem (SPMI.MI) said in separate statements they had been awarded $8.7 billion and $4.1 billion contracts by ADNOC respectively for the project. MAIRE's onshore EPC contract is worth about $8.74 billion and includes CO2 and sulphur recovery and handling, ADNOC said. The Hail and Ghasha project will capture 1.5 million tonnes per year (mtpa) of CO2, which would raise ADNOC's committed investments for carbon capture capacity to almost 4 mtpa, the statement said. ADNOC - which in July brought forward its net zero carbon emissions target to 2045 - last week said it aimed to increase its carbon capture capacity to 10 mtpa by 2030.

Persons: Toru Hanai, MAIRE, MTCM.MI, ADNOC, Saipem, Saipem's, Al Kindy, Sultan al, Jaber, Yousef Saba, Clauda, Alberto Chiumento, Jan Harvey, Mark Potter Organizations: REUTERS, Rights, Abu Dhabi National Oil Company, ADNOC, National Petroleum Construction Company, Fertiglobe, United Arab Emirates, United, Thomson Locations: Gastech, Chiba, Japan, Rights DUBAI, Abu Dhabi, Saipem, UAE, United Nations, Dubai, Gdansk

REUTERS/Toru Hanai//File Photo Acquire Licensing RightsTOKYO, Oct 5 (Reuters) - Fujitsu (6702.T) and research institute Riken on Thursday announced the successful development of Japan's second quantum computer, as part of research efforts around the world to make the nascent technology practical. The 64 qubit quantum computer from Fujitsu and state-backed Riken will be integrated with a 40 qubit quantum computer simulator, as researchers work to eliminate the errors which prevent such systems from providing accurate results. IBM last year launched a 433 qubit quantum computer. Qubits, or quantum bits, are a measure of the power of quantum computers, which use quantum mechanics. China, the U.S. and allied industrial democracies are in a race to take a lead in advanced technology including quantum computing, with President Joe Biden moving to hamper some U.S. investment in Chinese efforts to develop the technology.

Persons: Toru Hanai, Shintaro Sato, Joe Biden, Sam Nussey, Miho Uranaka, Stephen Coates Organizations: Fujitsu, Advanced Technologies, Makuhari, REUTERS, Rights, IBM, Thomson Locations: CEATEC, JAPAN, Chiba, Japan, China, U.S

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

REUTERS/Toru Hanai Acquire Licensing RightsTOKYO, Sept 16 (Reuters) - Japan's Mitsui (8031.T) said on Saturday it is committed to complying with restrictions in the wake of fresh U.S. sanctions related to Russia's Arctic LNG 2 liquefied natural gas project in which it holds a stake. However, a Japan government source said they could complicate how Mitsui and another Japanese shareholder JOGMEC provide support for the project and could also delay production from Arctic LNG 2. The Arctic LNG 2 project in Russia's Arctic is operated by Russian company Novatek (NVTK.MM) while Mitsui and fellow Japanese firm JOGMEC hold a combined 10% stake. Novatek plans to launch first production train at the Arctic LNG 2 project towards the end of the year. The Arctic LNG 2 project is designed to run three production lines with an annual production capacity of 19.8 million tons.

Persons: Toru Hanai, Mitsui, JOGMEC, Novatek, Katya Golubkova, Jason Neely Organizations: Mitsui & Co, REUTERS, Rights, Japan's Mitsui, Reuters, Mitsui, Thomson Locations: Tokyo, Japan, UAE, Russian, Yamal, Ukraine, Moscow, Russia

The logo of Universal Entertainment Corp. is seen at the company's headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai/file photo Acquire Licensing RightsWILMINGTON, Del., Sept 7 (Reuters) - A Delaware judge ruled on Thursday that an affiliate of Japan's Universal Entertainment Corp (6425.T) does not have to complete a SPAC merger deal with 26 Capital Acquisition Corp that related to the largest casino in the Philippines. Vice Chancellor Travis Laster said the Universal Entertainment affiliate did not have to complete the 2021 merger agreement in part because 26 Capital Acquisition "engaged in conduct that should not be rewarded" by ordering the deal to close. Laster said 26 Capital could still seek damages, which he would address at a later date. Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Jonathan Stempel; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Chancellor Travis Laster, Laster, Tom Hals, Jonathan Stempel, Leslie Adler Organizations: Universal Entertainment Corp, REUTERS, Rights, Japan's Universal Entertainment Corp, Corp, Universal Entertainment, Thomson Locations: Tokyo, Japan, Rights WILMINGTON, Del, Delaware, Philippines, Wilmington , Delaware

☆ Analysis-China's economic gloom hangs over Japan's long-awaited recovery
▼ + stars: | 2023-09-06 | by ( Tetsushi Kajimoto | Leika Kihara | ) www.reuters.com time to read: +5 min

TOKYO (Reuters) - Policymakers in Tokyo believe China’s deepening economic woes could hit Japan’s fragile recovery, especially if Beijing fails to shore up demand with meaningful stimulus, potentially delaying an exit from ultra-loose monetary policy. China is Japan’s largest trading partner, accounting for 20% of its exports, having replaced the United States in 2020. “Exports to China had already been weak and headwinds to inbound tourism are clearly bad for Japan’s economy,” said Toru Suehiro, chief economist at Daiwa Securities. Firms also promised wage hikes unseen in three decades this year, heightening the case for a retreat from decades of ultra-loose monetary policy. The darkening outlook for Japan’s recovery may push back the timing of a BOJ policy shift.

Persons: Marko Djurica, Kazuo Ueda’s, ”, Hiroyuki Ogawa, Ogawa, Takeshi Niinami, Toru Suehiro, Ueda, Toyoaki Nakamura, “, Seisaku Kameda Organizations: REUTERS, Bank of Japan’s, Reuters, Japan, Komatsu Ltd, Komatsu, Suntory Holdings, Daiwa Securities, Japan’s Sompo Holdings Locations: TOKYO, Tokyo, Beijing, Japan, United States, China

In a sign of growing pessimism over China, the government also said its monthly economic report for August that "concern over China's outlook" was among risks to Japan's recovery. "Exports to China had already been weak and headwinds to inbound tourism are clearly bad for Japan's economy," said Toru Suehiro, chief economist at Daiwa Securities. "All in all, it's hard to justify tightening monetary policy any time soon." Firms also promised wage hikes unseen in three decades this year, heightening the case for a retreat from decades of ultra-loose monetary policy. The darkening outlook for Japan's recovery may push back the timing of a BOJ policy shift.

Persons: Marko Djurica, Kazuo Ueda's, Hiroyuki Ogawa, Ogawa, Takeshi Niinami, Toru Suehiro, Ueda, Toyoaki Nakamura, Seisaku Kameda, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Bank of Japan's, Reuters, Japan, Komatsu Ltd, Komatsu, Suntory Holdings, Daiwa Securities, Japan's Sompo Holdings, Thomson Locations: Tokyo, Japan, China, TOKYO, Beijing, United States

☆ Asia's factory activity weakens, China's rebound offers some hope
▼ + stars: | 2023-09-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

While the rebound in China's factory conditions say be a sign official efforts to revive growth is starting to have some effect, manufacturing activity in most of Asia remained stagnant in August. "It's unlikely we'll see a sharp, quick rebound in China's economy. Asia has been among the few bright spots in the global economy, though persistent weakness in China cloud the outlook. It expects China's economy to expand 5.2% this year after a 3.0% increase in 2022. Factory activity also contracted in Taiwan, Malaysia and the Philippines last month, with Indonesia the outlier with a modest expansion, surveys showed.

Persons: Siyi Liu, Toru Nishihama, Leika, Shri Navaratnam Organizations: REUTERS, PMI, P Global, Dai, Research, International Monetary Fund, Jibun Bank, Thomson Locations: Dezhou, Shandong province, China, Japan, Korea, TOKYO, Asia, South Korea, Taiwan, Malaysia, Philippines, Indonesia

☆ Sogo & Seibu sale to go ahead, triggering rare workers' strike in Japan
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. The union intends to carry out its threat for a strike at the flagship Seibu Ikebukuro store in Tokyo on Thursday, according to a union member. A person with direct knowledge of Seven & i's plan said its board would meet on Thursday to officially decide on the sale. The union received no reply and would therefore carry out the strike on Thursday at the flagship store, where about 900 union members are employed, he said. Fortress had initially planned to spend around 250 billion yen ($1.71 billion) on the acquisition but is likely to have lowered that price to about 220 billion yen, the source said.

Persons: Toru Hanai, Fortress, Ritsuko Shimizu, Kantaro, Chang, Ran Kim, Simon Cameron, Moore Organizations: Holdings, REUTERS, Seibu, Fortress Investment, Labour, UA, Sogo's, Sogo, Thomson Locations: Tokyo, Japan, U.S

☆ Seven & i department store unit union to announce strike - NHK
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Aug 28 (Reuters) - A labour union of Seven & i Holdings (3382.T) department store subsidiary Sogo & Seibu will notify management that it plans to strike in opposition to a planned sale of the unit, public broadcaster NHK reported on Monday. Japan-based Seven & i, operator of the world's largest convenience store chain, agreed last year to sell Sogo & Seibu to U.S. fund Fortress Investment Group. But the deal has been delayed amid opposition from workers, and company management cancelled a meeting for Friday last week where it was to decide on the sale, Kyodo had reported. Reporting by Rocky Swift Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Rocky Swift, Chang, Ran Kim Organizations: Holdings, REUTERS, Rights, Seibu, NHK, Fortress Investment, Kyodo, Thomson Locations: Tokyo, Japan, U.S

☆ Japan exports fall for first time since 2021, stoking concerns about outlook
▼ + stars: | 2023-08-17 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

Ministry of Finance (MOF) data out Thursday showed Japanese exports fell 0.3% in July year-on-year, compared with a 0.8% decrease expected by economists in a Reuters poll. However, manufacturers are braced for core orders to slide during the current quarter, partly due to the impact from weak offshore demand. Japan exports fall for first time since 2021However, the spectre of a sharper global slowdown and faltering growth in its major market China have raised concerns about the outlook. GLOOMY OUTLOOK TO KEEP BOJ ON HOLD"The Bank of Japan must be aware of downside risks from the global economy. Separate data showed Japan's core machinery orders rose 2.7% in June from the previous month.

Persons: Toru Hanai, Takeshi Minami, Minami, Marcel Thieliant, Tetsushi, Shri Navaratnam Organizations: REUTERS, Ministry of Finance, Norinchukin Research, Bank of Japan, Manufacturers, Cabinet, Capital Economics, Thomson Locations: Tokyo, Japan, TOKYO, China, Europe, America, Asia

This would boost the oil giant's non-binding bid to about 11.6 billion euros ($12.63 billion), the people said. The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to 57 euros per share in July. Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer. Earlier in August, Covestro reported a 21% fall in revenues to 3.7 billion euros in the second quarter.

Persons: Toru Hanai, ADNOC, Covestro, Austria's, Emma, Victoria Farr, Maha El Dahan, Yousef Saba, Tomasz Janowski Organizations: REUTERS, Abu Dhabi National Oil Co, Reuters, Bloomberg News, Thomson Locations: Gastech, Chiba, Japan, FRANKFURT, DUBAI, Abu Dhabi, Frankfurt, Maha, Dubai

☆ Morning Bid: Bank of Japan sets the stage for higher yields
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] A Japanese flag flutters on the Bank of Japan building in Tokyo, Japan, March 15, 2016. The BOJ maintained its guidance allowing the 10-year yield to move 0.5% around the 0% target, but said those would be "references" rather than "rigid limits". There's weakness all around in stock markets, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) down, along with Japan's Nikkei (.N225). The Dow Jones Industrial Average (.DJI) fell 0.67% to snap its longest winning streak since 1987. Second-quarter GDP estimates for Spain, France and Germany should show modestly expanding and yet struggling economies, if latest purchasing manager indexes are any indication.

Persons: Toru Hanai, Vidya Ranganathan, Jerome Powell, Christine Lagarde, there's, Edmund Klamann Organizations: Bank of Japan, REUTERS, ECB, U.S . Commerce Department, Japan's Nikkei, Dow Jones, The U.S . Commerce Department, Reuters Graphics Reuters, AstraZeneca, BASF, Exxon Mobil, Thomson Locations: Tokyo, Japan, Vidya, United States, U.S, Asia, Pacific, Spain, France, Germany, The

☆ IMF urges BOJ to move away from yield control, prepare for future tightening
▼ + stars: | 2023-07-25 | by ( Leika Kihara | Andrea Shalal | ) www.reuters.com time to read: +3 min

TOKYO/WASHINGTON (Reuters) -The Bank of Japan should start preparing for future monetary tightening by moving away from its yield control policy, the International Monetary Fund’s chief economist Pierre-Olivier Gourinchas said on Tuesday. FILE PHOTO: A Japanese flag flutters on the Bank of Japan building in Tokyo, Japan, March 15, 2016. They have also said the BOJ was mindful of the cost of YCC such as market distortions caused by its heavy bond buying. Widening the allowance band around its 10-year yield target, a step it took last December, could be among options to mitigate the side-effects of YCC, analysts say. Growth in the world’s third-largest economy is expected to slow to 1.0% in 2024 as the effect of past stimulus measures dissipate, the IMF said.

Persons: Pierre, Olivier Gourinchas, Toru Hanai, ” Gourinchas, Gourinchas, Kazuo Ueda Organizations: Bank of Japan, Monetary Fund’s, REUTERS, Reuters Locations: TOKYO, WASHINGTON, Tokyo, Japan

Yet, with services price growth also slowing last month, policymakers will feel that wage pressures have yet to build up enough to warrant an imminent tweak to the ultra-loose monetary stance. We'll likely see inflation slow in coming months, which would allow the BOJ to keep policy steady for the time being," said Toru Suehiro, chief economist at Daiwa Securities. "While services prices may rise next year, those for goods will stay weak. "If more firms hike wages and pass on the cost, services prices could overshoot," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "Inflation excluding food and energy will likely moderate ahead, but the pace of slowdown could be gradual."

Persons: We'll, Toru Suehiro, Kazuo Ueda, Yoshiki Shinke, Leika Kihara, Takahiko Wada, Sam Holmes Organizations: Bank of Japan, Daiwa Securities, Reuters Graphics Services, Dai, Research, Thomson Locations: TOKYO, Japan

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