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But the increase was much smaller than forecast, suggesting the global economic slowdown may be taking a toll on the country's export-reliant recovery. The world's third-largest economy expanded an annualised 0.6% in the final quarter of last year, government data showed, rebounding from a revised 1.0% contraction in July-September. The increase in gross domestic product (GDP) was much smaller than a median market forecast for a 2.0% rise. Private consumption, which accounts for more than half of Japan's gross domestic product (GDP), rose 0.5% in the fourth quarter, matching a median market forecast. With inflation exceeding the Bank of Japan's 2% target, the outlook for the economy and wages will be key to how soon the central bank could phase out its massive stimulus programme.

☆ Biden to name Fed's Lael Brainard as top economic adviser - source
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - U.S. President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard to the White House's top economic policy position as early as Tuesday, a source familiar with the matter said on Monday. Brainard would replace White House National Economic Council (NEC) Director Brian Deese, who has announced his resignation. In addition Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers, the source said. The White House declined to comment. "Under normal circumstances I would have thought that her advice to Biden would be very pro stimulus," he said.

☆ United States tells citizens: depart Russia immediately
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Feb 13 (Reuters) - The United States has told its citizens to leave Russia immediately due to the war in Ukraine and the risk of arbitrary arrest or harassment by Russian law enforcement agencies. "U.S. citizens residing or travelling in Russia should depart immediately," the U.S. embassy in Moscow said. The United States has repeatedly warned its citizens to leave Russia. "Russian authorities arbitrarily enforce local laws against U.S. citizen religious workers and have opened questionable criminal investigations against U.S. citizens engaged in religious activity." Russia has opened a criminal case against a United States citizen on suspicion of espionage, the Federal Security Service(FSB) said in January.

☆ IMF, Pakistan to resume talks on unlocking bailout funds, official says
▼ + stars: | 2023-02-13 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +1 min

The two could not reach a deal last week and a visiting IMF delegation departed Islamabad after 10 days of talks, but said negotiations would continue. Pakistan is in dire need of funds as it battles a wrenching economic crisis. Talks centre around reaching an agreement on a reforms agenda under the country's $6.5 billion bailout programme, which it entered in 2019. A resumption of the IMF programme would also unlock other avenues of funding for Pakistan. An agreement, if reached, would still need to be cleared by the IMF board.

☆ Asia stocks ease, bonds brace for U.S. data test
▼ + stars: | 2023-02-13 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

read moreOfficials declined to say whether it resembled the large white Chinese balloon that was shot down earlier this month. The near-term direction for assets could well be determined by U.S. data on consumer prices and retail sales this week, with much resting on whether inflation continued to slow in January. Median forecasts are for headline and core consumer prices to rise 0.4% for the month, with sales rebounding by 1.6%. There is also a full slate of Fed officials speaking this week to provide a timely reaction to the data. read moreThe dollar was last holding at 131.50 yen , after bouncing from a low of 129.80 on Friday.

☆ Dollar hangs near 5-week high as inflation data looms; yen slips
▼ + stars: | 2023-02-13 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

The yen slipped with the government set to nominate a candidate who backs the current policy settings as the new Bank of Japan governor on Tuesday. The risk-sensitive Australian and New Zealand dollars eased with Asian equities on worries that higher U.S. rates will choke growth. Ahead of Tuesday's CPI report, revisions to the previous data set showed consumer prices rose in December instead of falling as previously estimated. Separately, the University of Michigan surveys showed a one-year inflation outlook of 4.2%, higher than the final number in January. The U.S. currency gained 0.18% to 131.63 yen , although well within the range of the past week of 129.80 to 132.90.

☆ Japan's wholesale inflation stays elevated, keeps BOJ under pressure
▼ + stars: | 2023-02-10 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Japan's core consumer prices rose 0.3 percent in April from a year earlier, government data showed on May 29, keeping inflation distant from the central bank's 2 percent target. The increase in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, largely met a median market forecast for a 9.6% gain. The index, at 119.8, matched a record high hit in December, Bank of Japan (BOJ) data showed. "Firms have yet to fully pass on past rises in input costs, which is keeping inflationary pressure high," said Takeshi Minami, chief economist at Norinchukin Research Institute. "We expect the pace of inflation to gradually slow in the latter half of fiscal 2023," he told parliament.

☆ Hong Kong's Lee faces stern test over $3.4 bln bid to ease housing shortage
▼ + stars: | 2023-02-10 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

Hong Kong is notorious for its number of subdivided flats, estimated at 110,000 units at a median area of 124 square feet, smaller than a parking space. The government said the Light Public Housing would help tenants of sub-divided flats, as the rent would be HK$780 to HK$2,650 per month, significantly below the current median of HK$5,000 rent for subdivided flats. "Many people said Hong Kong is an international city, but its living environment is not ideal," Eric Chan, the city's No.2 official, told reporters this week. "Is the government trying to achieve the task (of increasing public housing) at any cost of public money?" ($1 = 7.8490 Hong Kong dollars)Reporting by Clare Jim; Editing by Anne Marie Roantree & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar defensive as investors remain cautious ahead of inflation data
▼ + stars: | 2023-02-10 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, Feb 10 (Reuters) - The dollar was on the back foot on Friday after an overnight slide as investors tread with caution ahead of U.S. inflation data next week, with worries over an economic slowdown and the pace of the Federal Reserve's rate hikes hitting sentiment. OCBC's currency strategist Christopher Wong said the foreign exchange market is likely to trade sideways on Friday in the absence of key data and Federal Reserve speakers, putting the focus on the inflation data due next week. "The broad picture is the Fed doing policy calibration... but for the near term there is caution given recent Fed speakers and how disinflation trend may be bumpy." With inflation data due next week, focus has been on the litany of other Fed speakers, with Richmond Fed President Thomas Barkin adding to the policy rhetoric. However, Wong cautioned, that if the disinflation trend proves to be entrenched then softness in the dollar will likely resume.

☆ BOJ's deputy governor Amamiya sees no imminent need to tweak YCC
▼ + stars: | 2023-02-10 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"YCC is an extraordinary policy, so we must carefully balance the benefits and costs," Amamiya said. "For now, I don't see the need to make further steps to enhance the flexibility of YCC," he added. The government will present its nominees for the new BOJ governor and two deputies to parliament on Feb. 14, a ruling party lawmaker told reporters on Friday. Analysts see Amamiya as being more dovish on monetary policy than other contenders like former deputy governors Hiroshi Nakaso and Hirohide Yamaguchi. He stressed the need to maintain current stimulus to ensure inflation hits the BOJ's 2% target in a sustainable manner.

☆ Australia orders review into Chinese-made cameras in defence offices
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationSYDNEY, Feb 9 (Reuters) - The Australian government will examine surveillance technology used in offices of the defence department, Defence Minister Richard Marles said on Thursday, amid reports the Chinese-made cameras installed there raised security risks. The move comes after Britain in November asked its departments to stop installing Chinese-linked surveillance cameras at sensitive buildings. Some U.S. states have banned vendors and products from several Chinese technology companies. Australian media reported on Wednesday that the national war memorial in Canberra would remove several Chinese-made security cameras installed on the premises over concerns of spying. Prime Minister Anthony Albanese said he was not concerned about how Beijing might react to the removal of cameras.

☆ Fitch raises China's growth forecast to 5% for 2023
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Feb 8 (Reuters) - Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the "zero-COVID" regime. Despite the forecast upgrade, the rating agency expected the economic rebound this year to be less vigorous than that in 2021, when the economy posted GDP growth of 8.4%. Fitch was the first major rating agency to upgrade China's 2023 economic growth forecast. S&P Global expected the economy to remain on track for 4.8% GDP growth in 2023, in line with its November baseline while Moody's has retained its November forecast of 4.0% expansion. In addition, net trade may become a drag on economic growth in 2023, Fitch added, with export demand being depressed by economic slowdowns in the United States and the Europe.

☆ Japan's Kishida says global communication skills key criteria for picking new BOJ head
▼ + stars: | 2023-02-08 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

"I'd like to select (the next BOJ governor) taking these factors into account," Kishida said, when asked by an opposition lawmaker what the qualifications Kuroda's successor must have. Markets are closely watching the appointment of the new BOJ governor for clues on how quickly the central bank could phase out its massive stimulus programme. The government is considering presenting to parliament its nominees for next BOJ governor and two deputy governors next week, sources told Reuters. Kishida had earlier said no decision had been made, after the Nikkei newspaper reported on Monday the government has sounded out BOJ Deputy Governor Masayoshi Amamiya to succeed Kuroda. Among other key contenders, former BOJ Deputy Governor Hiroshi Nakaso has long experience overseeing the BOJ's market operations and international affairs.

☆ Japan current account surplus shrinks sharply as weak yen, trade deficits bite
▼ + stars: | 2023-02-08 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Summary Dec current account surplus shrinks to 33.4 bln yen -MOFPrimary income surplus helps offset trade shortfallsFor 2022, current account surplus falls most on recordAnalyst sees current account bottoming out in 2023TOKYO, Feb 8 (Reuters) - Japan's current account surplus fell sharply in December after a record rise the prior month, finance ministry data showed on Wednesday, highlighting the impact of persistent trade deficits and a weak yen on the country's once-solid balance of payments. The current account surplus stood at 33.4 billion yen ($255.51 million) in December, down steeply from a surplus of 1.8 trillion yen the previous month that was driven by income gains from securities investments and hefty Japanese investments overseas. The latest figure marked a decline of 334 billion yen from a year earlier and undershot economists' median estimates for 98.4 billion yen surplus in a Reuters poll. There is some worry in financial markets that Japan's hefty public debt and a dwindling current account surplus could entrench weakness in the yen over the long run. For the whole of 2022, the current account surplus fell the most on record -- by 10.1 trillion yen from the previous year -- to reach 11.4 trillion yen.

☆ Asia stocks steady, dollar firm as investors consider higher rate outlook
▼ + stars: | 2023-02-07 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

Australia's S&P/ASX200 (.AXJO) was trading higher ahead of the Reserve Bank's decision but slid into negative territory after the official cash rate was raised by 25 basis points. Hong Kong's Hang Seng Index (.HSI) was trading 0.67% higher and China's bluechip CSI300 Index (.CSI300) was up 0.07%. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 4.4267% compared with a U.S. close of 4.456%. The repricing of higher rates began after strong U.S jobs growth in January, with employment rising 517,000, more than double economists expectations. The dollar index , which tracks the greenback against a basket of major trading partner currencies, was down marginally at 103.45 from its U.S. trading levels.

☆ Australia c.bank signals more tightening ahead after lifting rates to decade-high
▼ + stars: | 2023-02-07 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Three-year government bond yields jumped 15 bps to 3.254% while ten-year yields also surged 15 bps to 3.615%. HIGH INFLATION 'VERY COSTLY'Inflation is expected to decline to 4.75% this year and only slow to around 3% by mid-2025, according to the RBA's latest forecasts. There are signs that consumers are finally pulling back on spending as cost of living surges and rate increases bite. "High inflation makes life difficult for people and damages the functioning of the economy. And if high inflation were to become entrenched in people's expectations, it would be very costly to reduce later," warned Lowe as he signalled the bank's intention to extend the tightening cycle.

☆ Australia c.bank raises rates to decade-high, warns more to come
▼ + stars: | 2023-02-07 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

Wrapping up its February policy meeting, the Reserve Bank of Australia (RBA) said core inflation had been higher than expected and higher rates would be needed to ensure that inflation returns to its target of 2-3%. This was the ninth hike since last May, lifting rates by a total of 325 basis points. That led markets to double down on bets that the cash rate will have to peak nearer 3.85%, also in part to keep pace with the U.S. Federal Reserve. The Fed is now seen raising rates to above 5% to rein in still-strong price pressures. A Reuters poll of 31 analysts found 19 expected rates to peak at 3.60%, likely in March, and stay there all year.

☆ Asia stocks steady, dollar strong as markets reassess rates outlook
▼ + stars: | 2023-02-07 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) bounced slightly 0.4%, after U.S. stocks ended the previous session with mild losses. Hong Kong's Hang Seng Index (.HSI) opened up 0.68% and China's bluechip CSI300 Index (.CSI300) was 0.3% higher in early trade. The repricing of higher rates began after strong U.S jobs growth in January, with employment rising 517,000, more than double economists expectations. The dollar index , which tracks the greenback against a basket of major trading partner currencies, was down marginally at 103.47 from its U.S. trading levels. Gold was slightly higher.

And simmering in the background: A still unresolved Federal Reserve fight to control inflation that may pose the largest outstanding risk to the Biden economy, and over which the White House has little influence. Consumers are "reconciling layoff announcements with record job numbers, inflation that is rolling over yet prices remain elevated. The progress on inflation, meanwhile, has come so far without any corresponding hit to job growth or the unemployment rate. The unemployment rates for Black and Hispanic people are near the lows seen before the pandemic hit the U.S. economy in March of 2020. "On average, American households are in a better position than they were before the pandemic hit," National Economic Council director Brian Deese said on Monday.

☆ Inspired by dream of flying, Cambodian man builds 'airplane house'
▼ + stars: | 2023-02-06 | by ( Chantha Lach | ) www.reuters.com time to read: +1 min

[1/3] The "airplane house" built by Chrach Pov is seen in Siem Reap province, Cambodia, February 2, 2023. REUTERS/Cindy LiuSIEM REAP, Cambodia, Feb 6 (Reuters) - A Cambodian man, inspired by a lifelong dream of flying, has built a home that is modelled on a plane, complete with a fuselage-like structure standing 6 metres (19.69 ft) above the ground housing his two bedrooms and bathrooms. The concrete construction, which has mock engines, wings and a tailplane, was built by Chrach Pov, 43, and has created a stir in the district of Siem Reap province where he lives. The construction worker plans to build a coffee shop next to his home for visitors and still hopes to be able to fly on a real plane one day, despite admitting he is nervous about actually flying. Reporting by Chantha Lach Writing by Ed Davies Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Asia shares slip, dollar up as U.S. rate outlook shifts
▼ + stars: | 2023-02-06 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Amamiya has been closely involved with the Bank of Japan's current super-easy policies and is considered by markets to be more dovish than some other contenders. In equity markets, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7%, with South Korea (.KS11) down 1.0%. Likewise, yields on two-year Treasuries were now up at 4.35%, compared to 4.09% before the data, while 10-year yields climbed to 3.56%. Policy makers from the European Central Bank and the Bank of England will also be making appearances. Higher rates, and thus yields, will stretch equity valuations and challenge the market's bullish outlook for assets including commodities.

☆ Dollar on the front foot after robust U.S. jobs data, yen falters
▼ + stars: | 2023-02-06 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The yen weakened to a three-week low of 132.60 per dollar after the report, and was last fetching 132.35, down 0.88%. Tapas Strickland, head of market economics at National Australia Bank, said Amamiya dovish policy credentials are raising uncertainty about BOJ's eventual exit from its ultra-easy monetary stance. The BOJ's loose policy settings have attracted increasing criticism from many quarters, including opposition politicians and traders, for distorting market function. But he also said in July the BOJ must "always" think about the means of exiting ultra-loose monetary policy. On Friday, the U.S. Labor Department's closely watched employment report showed that nonfarm payrolls surged by 517,000 jobs last month.

☆ Asian stocks pull back, dollar regains footing ahead of U.S. payrolls data
▼ + stars: | 2023-02-03 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

Tech shares took a beating in Thursday's after-hours trading, with shares of Apple, Amazon and Google parent Alphabet all tumbling. That took the shine off a strong regular trading session on Thursday, when the S&P (.SPX) climbed 1.5% and the Nasdaq (.IXIC) surged 3.3%. In the currency markets, the euro extended losses to $1.0891, pulling further away from the ten-month top of $1.1033 touched on Thursday. The sterling fell to $1.2206 on Friday, the lowest in more than two weeks, after tumbling 1.2% the previous session. That helped the U.S. dollar to recoup most of its post-Fed losses, with the dollar index now standing at 101.81, away from its nine-month low of 100.80.

☆ SoftBank Q3 seen under pressure from tech weakness, Arm IPO eyed
▼ + stars: | 2023-02-03 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +3 min

SoftBank has said the initial public offering (IPO) is unlikely to take place during the current business year that ends in March due to market conditions. SoftBank is expected to post a net profit of 103.7 billion yen ($806.13 million) for the latest quarter, according to analysts' average estimate compiled by Refinitiv. That compares with a 29 billion yen profit a year earlier. SoftBank bought Arm, whose technology underpins the global smartphone industry and is used in supercomputers, for $32 billion in 2016. read moreOne notable change to SoftBank's quarterly announcement this time around is the lack of founder and chief executive Masayoshi Son's colourful presentation, which has been a regular feature of SoftBank's earnings disclosure.

☆ Sony lifts outlook, but still falls short of expectations
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Logos of Sony Corp are seen at an electronics store in Narita International airport in Narita, Japan, November 1, 2016. The electronics and entertainment giant also said itschief financial officer, Hiroki Totoki, would become president and chief operating officer from April 1, while retaining his current role. The company said it now expects operating profit for the year to March 31 to total 1.18 trillion yen ($9.17 billion), up from its previous forecast of 1.16 trillion yen. That remains short of analysts' average estimate of a 1.19 trillion yen profit, according to Refinitiv data, and just shy of a record profit of 1.2 trillion yen posted a year earlier. ($1 = 128.6800 yen)Reporting by Kiyoshi Takenaka Editing by Shri Navaratnam and David DolanOur Standards: The Thomson Reuters Trust Principles.

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