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☆ Analysis: BOJ in a bind as price pressures heighten case for early policy tweak
▼ + stars: | 2023-07-14 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

But there's no clarity on what the final decision would be," said one of the sources on the chance of a policy shift in July. Lately, however, BOJ policymakers been dropping signs that inflation is being increasingly driven by improving consumer demand. CREDIBILITY ON LINEThere is no consensus within the BOJ on how soon it should start dialing back stimulus. Proponents of early action point to the rising cost of YCC, such as market distortions caused by the BOJ's huge bond buying. "A July policy tweak would contradict the logic the BOJ had been using to justify keeping easy policy," said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities.

Persons: Kazuo Ueda's reassurances, Ueda, Naomi Muguruma, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Leika Kihara, Kim Coghill Organizations: Bank of, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, Tokyo, Thomson Locations: TOKYO, Bank of Japan

[1/6] A chef cooks tofu as he prepares a dish before the opening for dinner hour at Ukai, a traditional Japanese restaurant, in Tokyo, Japan, July 6, 2023. "There's no doubt rising wages and bonuses are among factors prodding customers to come dine with us despite the price hikes," said Ukai manager Yuka Hoshino. It is also drawing the attention of the Bank of Japan (BOJ), which is shifting away from its view the recent cost-driven inflation will prove temporary. "Japan is seeing early signs of progress in achieving inflation accompanied by higher wages," another source said, a view echoed by two more sources. The BOJ is changing its tone on the drivers of inflation and how they see progress made in sustainably hitting 2% inflation.

Persons: Kim Kyung, Hiroki Wakita, Yuka Hoshino, Kazuo Ueda, Teikoku Databank, Akihito Sato, Shohei Kanai, Ryozo Himino, Seisaku Kameda, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Reuters, Bank of Japan, Research, Workers, Thomson Locations: Tokyo, Japan, TOKYO, French, Ginza

REUTERS/Issei KatoTOKYO, July 8 (Reuters) - Japan on Saturday marked one year since former prime minister Shinzo Abe was gunned down during an election speech by a man angry at his links to the Unification Church. The death of Japan's longest serving prime minister, which was caught on video, rattled a nation unused to gun violence. Prime Minister Fumio Kishida and other senior officials and lawmakers joined Abe's widow, Akie, at a private memorial service at a Buddhist temple in Tokyo. Among them was Tsuu Ogawa, 49, a hotel worker, who celebrated her birthday the day that Abe was assassinated. In social media posts before the shooting, he blamed the Unification Church for leaving his mother in financial straits.

Persons: Shinzo Abe, Issei Kato TOKYO, Japan's, Fumio Kishida, Akie, Tsuu Ogawa, Abe, Critics, Atsuhiro Ueda, Kishida, Tetsuya Yamagami, Daishiro Yamagiwa, Tim Kelly, Irene Wang, Kim Coghill Organizations: REUTERS, Unification Church, Liberal Democratic Party, Unification, Korean, Economic, Thomson Locations: Zojoji, Tokyo, Japan

☆ Thyssenkrupp hydrogen IPO calls for leap of faith
▼ + stars: | 2023-06-22 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Once known as the Swiss army knife of climate change for its myriad potential applications in heating, heavy industry and vehicles, green hydrogen has fallen to earth. High fossil fuel prices have also made green hydrogen more affordable relative to other types made from gas. Yet green hydrogen is mostly confined to large-scale industrial usages like steel and ammonia manufacturing. López Borrego will do well to get his IPO away at 3 billion euros without a tangible discount. Switching an average European steel site to green hydrogen could cost 7 billion euros, according to a Hydrogen Europe report.

Persons: Miguel Ángel López Borrego, Thyssenkrupp, DNR.MI, Nucera, López Borrego, Nora, George Hay, Streisand Neto Organizations: Reuters, Nucera, Industrie, Energy, ITM, Mingyang Smart Energy, Reuters Graphics Reuters, Thyssenkrupp, European, Council, Thomson Locations: Frankfurt, Dortmund, U.S, Swiss, Saudi

☆ Instead of dragging workers back to the office, CEOs can get more out of employees with innovations like AI and the 4-day workweek
▼ + stars: | 2023-06-12 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

More CEOs are stepping up their efforts to get workers back in the office, at least part time. CEOs might instead focus on AI and the four-day workweek to boost engagement. That's the thrust of why more CEOs are calling workers back to the office several days a week. So clocking badge swipes at the office seems likely to jeopardize the very thing that helped a record share of workers report being satisfied. Lyon said AI can help workers enjoy higher productivity and increased engagement, in part by weeding out some of the boring stuff.

Persons: —, It's, apoplectic —, Felicia Lyon, they'd, Lyon Organizations: Workers, Service, Amazon, Farmers Group, KPMG, Conference Board

Administration officials plan to maintain their silence on the Trump indictment, a reflection of Biden's view that no president should interfere with the Justice Department, administration sources said. Given that Trump is Biden's chief rival in the 2024 presidential race, the campaign should proceed carefully in any mention of the charges, some political experts say. Many fellow Republicans that are challenging Trump in 2024 have rebuked the Justice Department, not Trump, over the documents, and accused Biden of "weaponizing" the department, even though Trump's indictment was handed down by a grand jury. Even speaking off the record, many Biden officials carefully avoided giving their opinion about the 37 charges Trump faces over his handling of classified documents. And Democrats in Congress close to Biden have stressed the rule of law rather then using the occasion to take jabs at Trump.

Persons: Joe Biden, Donald Trump, Trump, Biden, Robert Reich, Bill Clinton, Jeremi Suri, Sunday Trump, Suri, ”, General Merrick Garland, Chris Coons, Trump's, Andrea Shalal, Heather Timmons, Mark Porter Organizations: White House, Justice Department, Republicans, Trump, University of California, University of Texas, Sunday, Catholic, Biden, Democrat, Committee, Thomson Locations: Berkeley, Austin, Florida, Washington, United States, Delaware, America

"We expect inflation to quite clearly slow below 2%" toward the middle of the current fiscal year, Ueda told parliament. "Inflation is likely to rebound thereafter ... though there is high uncertainty" on the outlook, he added. Positive signs included a likely big increase in pay in this year's annual wage negotiations, which could help shake off Japan's deflationary mindset. The BOJ will review its quarterly growth and inflation forecasts at the July 27-28 policy meeting. Reporting by Leika Kihara and Tetsushi Kajimoto; Editing by Muralikumar Anantharaman & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Services inflation accelerated to 1.7% in April from 1.5% in March, the data showed, suggesting that rising labour costs may be starting to feed into broader consumer inflation. "Given stubborn food price pressures, we now expect underlying inflation to peak at 4.5% by mid-year," said Darren Tay, Japan economist at Capital Economics. "But the inflationary cycle is probably at its tail end - producer price inflation has fallen significantly over the past three months. Ueda has stressed the need to keep monetary policy ultra-loose until inflation is sustainably around 2% and accompanied by wage hikes. He has also said Japan's core consumer inflation will slow back below 2% toward the latter half of the current fiscal year ending in March 2024.

☆ The US has a new friend in the Mediterranean that could help it isolate Russia, but not everybody in NATO is happy about it
▼ + stars: | 2023-05-17 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Cyprus long had close ties with Russia, but it has turned to the West in recent years. John YountzHowever, Nicosia has been moving away from Russia and pursuing a closer relationship with the US. "We keep a strong military-to-military relationship with Cyprus," Cavoli said. Unhappy neighborsA UN peacekeeper looks at a map of the buffer zone between the Republic of Cyprus and the Turkish Republic of Northern Cyprus in Nicosia in April 2021. ROY ISSA/AFP via Getty ImagesBurgeoning US-Cyprus ties would appear to benefit NATO, but not all of the alliance's members are happy about it.

☆ Title 42 dramatically changed who arrived at U.S.-Mexico border
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +8 min

Title 42 dramatically changed who arrived at the borderChart showing that before Title 42 began, most people apprehended at the U.S.-Mexico border were Mexican, Guatemalan, Slavadorian or Honduran. Title 42 mostly applied to Mexican migrants Mexicans are the nationality most frequently caught crossing the U.S.-Mexico border and also made up the largest group of quick Title 42 expulsions. With Title 42 in place, Mexican migrants processed under Title 8 dropped, as most were deported to Mexico under Title 42. Chart showing the breakdown of migrants from Guatemala, Honduras and El Salvador apprehended under Title 8 and Title 42. All four nationalities began to increase once Title 42 began until Title 42 was expanded to include people from Venezuela in October 2022 and people from Cuba, Haiti and Nicaragua in January 2023.

☆ The Biden administration built a 'digital wall' by requiring asylum-seekers to use a glitchy app in the aftermath of Title 42, immigration experts say
▼ + stars: | 2023-05-13 | by ( Azmi Haroun | Erin Snodgrass | ) www.businessinsider.com time to read: +10 min

That's because the Biden administration is handling almost all asylum claims through a glitchy app. Friday marked the official end of Title 42, a public health measure imposed by the Trump administration in March 2020. The catch, immigration advocates said, is that the app is borderline unusable for many migrants who have reached the border. (AP Photo/Fernando Llano)Advocates working at the border told Insider that on the day Title 42 expired, the app was not working. The Biden administration did not immediately return Insider's request for comment.

☆ BOJ debated progress in hitting price goal at Ueda's debut meeting
▼ + stars: | 2023-05-11 | by ( Leika Kihara | ) www.reuters.com time to read: +1 min

TOKYO, May 11 (Reuters) - Some Bank of Japan (BOJ) policymakers saw the country making progress towards sustainably hitting the bank's 2% inflation target, a summary of opinions at its April meeting - the first one to be chaired by governor Kazuo Ueda - showed on Thursday. "Japan's economy is showing signs of achieving a positive cycle of (rising) wages and inflation. The BOJ needs to judge the trend accurately, so its policy response doesn't end up being behind the curve," one opinion showed. The members agreed on the need to keep monetary policy ultra-loose for the time being due to uncertainty over the overseas economic outlook and whether recent wage hikes will be sustained beyond next year, the summary showed. Reporting by Leika Kihara; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ BOJ's Ueda says yield control will end when price goal achievement foreseen
▼ + stars: | 2023-05-09 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"We're seeing some positive signs in trend inflation, including inflation expectations," the BOJ chief said. Under yield curve control (YCC), the BOJ sets a short-term interest rate target of -0.1% and caps the 10-year bond yield around zero as part of efforts to durably hit its price goal. It also announced a plan to review its past monetary policy moves, laying the groundwork to gradually phase out his predecessor's massive stimulus programme. Ueda said the review will scrutinise the benefits and side effects of past monetary policy, including by conducting workshops with private academics. "We will take necessary policy steps at each of our rate reviews, with an eye on financial and price developments, even while we conduct the review," Ueda said.

☆ IMF sees uncertainty over Japan's monetary policy, spillover globally
▼ + stars: | 2023-05-04 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

While most Asian central banks must keep tightening monetary policy, Japan remains an exception with inflation still moderate - though this could change. "There is uncertainty around the direction of monetary policy in Japan, amid a rise in inflation," Srinivasan said. "Changes in Japan's monetary policy that lead to further increases in government bond yields could have global spillovers through Japanese investors, who have large investment positions in debt instruments abroad," Srinivasan said. With inflation exceeding its 2% target, markets are rife with speculation the Bank of Japan (BOJ) could modify its bond yield control policy in coming months. The BOJ kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new governor Kazuo Ueda to phase out his predecessor's massive stimulus programme.

TOKYO, May 2 (Reuters) - Banking sector problems in the United States and Europe were caused by liquidity and interest rates risks, but won't impact on Japan's economy and financial system for now, Economy Minister Shigeyuki Goto said on Tuesday. Financial institutions and authorities will need to respond firmly to liquidity risks," Goto said. "I don't see the U.S. financial sector facing big problems." "The BOJ as central bank should tackle monetary policy operations, but I don't see the current financial situation impacting Japan's economy and financial sector as a whole. "I expect the BOJ to guide monetary policy flexibly, meaning that the central bank should do so appropriately taking economy and financial markets into account."

☆ In New York, Canada's Trudeau takes veiled swipe at Trump
▼ + stars: | 2023-04-28 | by ( Doina Chiacu | ) www.reuters.com time to read: +2 min

WASHINGTON, April 28 (Reuters) - Canadian Prime Minister Justin Trudeau said on Friday he was worried about the future of American democracy, taking a veiled swipe at former U.S. President Donald Trump during a visit to New York. "You guys are the greatest democracy in the world," Trudeau said at the Council on Foreign Relations in New York. Canada's Liberal prime minister did not refer to Trump by name but had harsh criticism for policies and practices closely identified with the former president, from isolationism to stoking voter anger. In 2021, Trudeau blamed Trump as having incited his supporters to wage the violent Jan. 6 attack on the U.S. Capitol. Trudeau acknowledged that people were left behind in the economic boom that followed global free trade pacts.

☆ Biden to meet Philippine President at White House on May 1
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] Philippine President Ferdinand Marcos Jr. delivers a speech as part of a joint press statement with Czech Prime Minister Petr Fiala, at Malacanang Palace, in Manila, Philippines, April 17, 2023. Ezra Acayan/Pool via REUTERSSummary Treaty allies to reaffirm partnership - Philippines presidential officeTwo leaders to discuss economic cooperation - White HouseMarcos' second trip to U.S. since SeptemberApril 20 (Reuters) - U.S. President Joe Biden will meet his Philippine counterpart Ferdinand Marcos Jr at the White House on May 1 to discuss deepening economic cooperation and the Indo-Pacific region, Manila and Washington said on Friday. The two leaders will also discuss further economic cooperation, White House spokesperson Karine Jean-Pierre said in a statement. "During the visit, President Biden will reaffirm the United States' ironclad commitment to the defense of the Philippines, and the leaders will discuss efforts to strengthen the longstanding U.S.-Philippines alliance," the statement said. Reporting by Eric Beech in Washington and Costas Pitas in Los AngelesOur Standards: The Thomson Reuters Trust Principles.

☆ BOJ open to tweaking YCC this year if wage momentum holds - sources
▼ + stars: | 2023-04-20 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Given looming overseas economic risks, it's appropriate to maintain ultra-loose monetary policy now," said one of the sources, a view echoed by two more sources. Others in the BOJ see scope to debate a tweak possibly in the coming months, emboldened by big pay hikes offered by major firms in annual spring wage talks, the sources say. An intensifying labour shortage will likely keep companies under pressure to hike wages, even if the economy slows, according to those who see room for a near-term policy tweak. Market developments will also be crucial in determining the timing of a policy tweak, they say. Ueda has repeatedly said the BOJ will maintain ultra-loose monetary policy, including YCC, as sustained achievement of 2% inflation has yet to come into sight.

☆ Warner Bros Discovery unveils its revamped 'Max' streaming service
▼ + stars: | 2023-04-12 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +1 min

April 12 - Warner Bros Discovery Inc(WBD.O) said on Wednesday it will launch on May 23 its long-awaited new streaming service, christened "Max", which combines HBO Max's scripted entertainment with Discovery's reality shows. The opportunity to better capitalize on the streaming video revolution was one of the justifications for the merger of Discovery and WarnerMedia in 2022. "We are not trying to win the direct-to-consumer spending war," Zaslav assured investors, shortly after the merger was finalized. Zaslav repudiated his predecessor's COVID-19 era strategy of releasing new movies simultaneously in theaters and in the home, via HBO Max. Instead, Warner Bros films would enjoy a traditional theatrical release, and reap box office proceeds, before becoming available on the streaming service.

☆ Warner Bros Discovery unveils revamped 'Max' in push for streaming growth
▼ + stars: | 2023-04-12 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

Warner Bros Discovery eliminated "HBO" from the name of the streaming service, which for some viewers connotes bespoke series but repels others. He repudiated his predecessor's COVID-19 era strategy of releasing new movies simultaneously in theaters and in the home, via HBO Max. Instead, Warner Bros films would enjoy a traditional theatrical release and reap box office proceeds before becoming available on the streaming service. It licensed some of these shows to other streaming services, as Warner Bros Discovery looked for new ways to monetize its film and television libraries. Like other media companies, Warner Bros Discovery has yet to turn a profit on its HBO Max and Discovery+ streaming services, though the company has reduced losses from them.

But Ueda said the Bank of Japan (BOJ) must also avoid being too late in normalising monetary policy, a sign he will be more open to the idea of tweaking its controversial bond yield control policy than his dovish predecessor Haruhiko Kuroda. "If the BOJ suddenly realises that inflation will stably and sustainably hit 2% and decides to normalise monetary policy, it will have to make very big policy adjustments," Ueda said in an inaugural news conference on Monday. The dollar extended its gains against the yen to hit 133.055 , the highest since April 4, on receding expectations of a near-term tweak to Japan's ultra-loose monetary policy. PRICE TRENDS HOLD KEYIf the BOJ sees that it can achieve its price target, it might need to normalise monetary policy, Ueda said. But the BOJ must sustain Kuroda's stimulus programme for the time being, including YCC, remarks that diminish the chance of a policy shift at this month's policy meeting.

[1/3] New Governor of Bank of Japan Kazuo Ueda waits for Japanese Prime Minister Fumio Kishida before their meeting at prime minister?s official residence in Tokyo, Japan, April 10, 2023. "Given high economic uncertainty, the BOJ will communicate closely with the government and guide monetary policy flexibly," Ueda told reporters after meeting with Prime Minister Fumio Kishida to receive his official appointment letter. In parliamentary confirmation hearings in February, Ueda has stressed the need to keep ultra-easy policy to ensure Japan sustainably achieves the BOJ's 2% inflation target backed by wage growth. Ueda will chair his first policy meeting on April 27-28, when the board produces fresh quarterly growth and price forecasts extending through fiscal 2025. Ueda served as BOJ board member from 1998 to 2005, during which the central bank introduced zero interest rates and then quantitative easing to combat deflation and economic stagnation.

☆ Factbox: Possible next steps for BOJ policy under new governor
▼ + stars: | 2023-04-10 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

ABANDON YIELD TARGETA leadership transition gives the new governor a chance to overhaul his predecessor's policy. Ueda has said YCC was unsuited for minor fine-tuning, suggesting that he could abandon the 10-year yield cap and shift to a policy solely targeting short-term interest rates. One idea would be to widen the band set around the 10-year yield target, now set at 50 basis points on either side. When the BOJ shifted to YCC from a policy targeting the pace of money printing, it used a thorough analysis of its policy framework to justify the shift. Any such move would likely be accompanied by, or come well after, the end of the 10-year yield target.

☆ Japan's new central bank chief assumes office as global risks loom
▼ + stars: | 2023-04-10 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

[1/2] The Japanese government's nominee for the Bank of Japan (BOJ) Governor Kazuo Ueda speaks during a hearing session at the lower house of the parliament in Tokyo, Japan, February 24, 2023. The 71-year-old academic's term began on Sunday, succeeding Haruhiko Kuroda, whose second, five-year term ended on Saturday. Ueda and his two deputy governors, Shinichi Uchida and Ryozo Himino, will hold a joint news conference at 1015 GMT on Monday. Japan's long-stagnant inflation and wage growth are showing budding signs of change. Ueda served as BOJ board member from 1998 to 2005, during which the central bank introduced zero interest rates and then quantitative easing to combat deflation and economic stagnation.

☆ Kuroda less dovish as he departs BOJ after decade of massive stimulus
▼ + stars: | 2023-04-07 | by ( ) www.cnbc.com time to read: +4 min

Haruhiko Kuroda, governor of the Bank of Japan (BOJ), at the central bank's headquarters in Tokyo, Japan, on Thursday, May 27, 2021. Haruhiko Kuroda, governor of the Bank of Japan (BOJ), at the central bank's headquarters in Tokyo, Japan, on Thursday, May 27, 2021. Kuroda was not the first BOJ chief to attempt to influence public perceptions with monetary easing. When allusions to Peter Pan and spacecraft failed, the BOJ shifted to a defensive, long-term approach in 2016 with the introduction of yield curve control (YCC). "The BOJ's failure to change public expectations raises a lot of questions about the effectiveness of unconventional monetary policy."

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