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The massive buying highlights the increasing difficulty the central bank faces in sustaining its yield control policy, as inflation perks up well above its 2% inflation target. With its heavy-handed intervention drying up bond market liquidity, the BOJ is increasingly relying on a new funds-supply tool to keep the 10-year yield from breaching its 0.50% ceiling. The BOJ's bond buying in January, at 23.69 trillion yen ($182 billion), was the biggest amount on record and exceeded the previous high of 16.2 trillion yen marked in June 2022, central bank data showed. Under yield curve control, the BOJ guides short-term interest rates at -0.1% and the 10-year bond yield around 0%. The 10-year bond yield stood at 0.480% on Wednesday, remaining close to the BOJ's 0.5% cap.

☆ Asian equities hit 9-month high as recession fears ebb
▼ + stars: | 2023-01-27 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose as much as 0.55% to hit an almost nine-month high of 562.10. European stock futures indicated that stocks were set to rise, with the Eurostoxx 50 futures up 0.31%, German DAX futures 0.28% ahead and FTSE futures up 0.17%. The dollar index , which measures the U.S. currency against six other peers, rose 0.12%, with the euro down 0.11% to $1.0877. Oil prices rose on expectations of a boost to demand from China's reopening and after the strong U.S. data. U.S. West Texas Intermediate crude rose 0.33% to $81.28 per barrel and Brent was at $87.75, up 0.32% on the day.

☆ Asian shares at 9-month high after resilient U.S economic data
▼ + stars: | 2023-01-27 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.53% to almost nine-month highs of 561.99. Thursday's set of data has raised investor hopes of a soft landing - a scenario in which inflation eases against a backdrop of slowing but resilient economic growth. Futures are pricing a 94.7% probability of a 25-basis-point hike next Wednesday and see the Fed's overnight rate at 4.45% by next December, or lower than the 5.1% rate Fed officials have projected into next year. Data on U.S. personal consumption expenditures (PCE) due at 1330 GMT will provide further clues on inflation. Oil prices rose on expectations of a boost to demand from China's reopening and after the strong U.S. data.

[1/2] Construction of new buildings alongside older establishments is seen within the business district in Makati City, metro Manila, Philippines January 25, 2017. "We are confident that we will remain in our high growth trajectory," Baliscan told a media briefing on Thursday. On a quarter-on-quarter basis, GDP growth came in at 2.4% in October-December, compared with expectations for a 1.5% rise and the previous quarter's upwardly revised 3.3% expansion. Like the rest of the world, the Philippines is battling red-hot inflation, currently running at 14-year highs, which if not tamed could crimp domestic consumption, a major driver of growth. "We expect a difficult year ahead for the Philippines," Capital Economics said in a note, citing the impact of high inflation and tighter monetary policy on domestic spending.

☆ Japan's top FX diplomat warns sharp currency moves won't be tolerated
▼ + stars: | 2023-01-26 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, Jan 26 (Reuters) - Sharp one-sided currency moves cannot be tolerated, Japan's top finance diplomat Masato Kanda told Reuters, reaffirming Tokyo's determination to intervene in the foreign exchange market to curb any speculative or significant yen moves. Kanda oversaw Japan's currency intervention conducted last year to prop up the yen after it fell around 30% to 32-year lows near 152 to the dollar. Kanda emphasised that the government aims to keep currency moves stable, while the Bank of Japan (BOJ) has independence in guiding monetary policy and focuses on achieving price stability. But policy itself is independent," Kanda said of the central bank's monetary policy. The BOJ's ultra-loose monetary policy has drawn criticism from some analysts as having triggered an unwelcome yen plunge last year that inflated the cost of raw material imports.

The currency's official value closed at 255.4 rupees against the dollar versus 230.9 on Wednesday, the central bank said. Facing an increasingly acute balance of payments crisis, Pakistan is desperate to secure external financing, with less than three weeks worth of import cover in its foreign exchange reserves. Aside from wanting the government to reduce its budget deficit, the IMF is pushing for it to move to a market-determined exchange rate regime. The foreign exchange companies said on Wednesday that they had removed the cap for the sake of the country, because it was causing "artificial" distortions for the economy. Aside from moving towards a market-determined exchange rate, Islamabad has also announced it will take fiscal measures recommended by the IMF.

☆ BOJ policymakers divided on wage, inflation outlook, Jan meeting summary shows
▼ + stars: | 2023-01-26 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

At the January meeting, many board members agreed on the need to retain ultra-loose monetary policy to support the economy and help companies raise pay, the summary showed. It will take time for wages to rise sustainably, so macro-economic support is necessary," another opinion showed. The summary lists the opinions of the BOJ's nine board members, but does not disclose who made them. Japan's core consumer prices in December rose 4.0% from a year earlier, hitting a fresh 41-year high and keeping alive market expectations the BOJ could phase out ultra-low rates. BOJ Governor Haruhiko Kuroda, whose term ends in April, has stressed the need to maintain the loose policy settings until wages rise sufficiently, and help keep inflation sustainably around the bank's 2% target.

☆ Nissan and Renault close in on overhaul of alliance
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

TOKYO/PARIS, Jan 26 (Reuters) - Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd (7201.T) and Renault SA (RENA.PA) are meeting via video link for an alliance board meeting, sources previously told Reuters. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O). Nissan has been concerned that the technology it has developed while partnered with Renault could leak to the French automaker's partners as it restructures, Reuters has reported.

☆ Testing group says Tesla Autopilot slips in driver assistance ratings
▼ + stars: | 2023-01-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 25 (Reuters) - Tesla's (TSLA.O) advanced driver assistance system Autopilot fell in a ranking of 12 major systems, Consumer Reports said Wednesday. Tesla, which was second in Consumer Reports ratings in 2020 behind Super Cruise, fell to seventh, the group said. "After all this time, Autopilot still doesn’t allow collaborative steering and doesn’t have an effective driver monitoring system," said Consumer Reports Auto Testing director Jake Fisher in a statement. The National Highway Traffic Safety Administration (NHTSA) is investigating 830,000 Tesla vehicles with Autopilot after a series of crashes with parked emergency vehicles. NHTSA is reviewing whether Tesla vehicles adequately ensure drivers are paying attention.

☆ Suntory CEO expects next BOJ governor to show clear policy roadmap
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

The BOJ stuck to its ultra-easy policy at a two-day policy meeting that ended on Jan. 16, defying investors who had bet on it ceasing to defend a cap on the 10-year government bond yield. The cap is part of a policy called yield curve control (YCC). But Niinami said expectations were growing that the BOJ would sooner or later end its expansionist experiment. "The ultra-easy policy can't be kept forever, given current (economic) conditions. Niinami also said economic growth led by the private sector would be needed to help prevent Japan's financial health worsening further.

☆ Iran condemns sanctions imposed by EU, Britain and threatens retaliation
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 24 (Reuters) - Iran on Tuesday strongly condemned new sanctions imposed by the European Union and Britain and said it would retaliate, after the West stepped up pressure on Iran over its crackdown on protests. "The Islamic Republic will soon announce the list of new sanctions against the human rights violators of EU and England," Iran's Foreign Ministry Spokesperson Nasser Kanaani said in a statement. The European Union imposed sanctions on more than 30 Iranian officials and organisations, including units of the powerful Revolutionary Guards, blaming them for a "brutal" crackdown on unrest and other human rights abuses. The United States and Britain also issued new sanctions against Iran, reflecting a deterioration in the West's already dire relations with Tehran. The sanctions are the latest response to Iran's deadly clampdown on unrest after the death of young Iranian Kurdish woman Mahsa Amini in morality police custody in September.

☆ Latvia, Estonia, Lithuania urge Germany to send tanks to Ukraine
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - The Baltic states of Latvia, Estonia and Lithuania made a joint call to Germany on Saturday to step up its leadership and send its main battle tanks to Ukraine, putting further pressure on Berlin to move faster on aiding Kyiv in its war against Russia. "We, Estonia, Latvia and Lithuania Foreign Ministers, call on Germany to provide Leopard tanks to Ukraine now," Estonia's Foreign Minister said on Twitter. "This is needed to stop Russian aggression, help Ukraine and restore peace in Europe quickly. The statement came a day after Germany and Western allies reached no decision on whether Berlin would agree to send its Leopard 2 tanks to Ukraine or permit other countries that have them to do so. Germany's new Defence Minister Boris Pistorius said on Saturday he plans to visit Ukraine "quickly," adding that Berlin is in "close dialogue" on the issue of tanks with the United States and other international partners.

☆ Chinese pray for health in Lunar New Year as COVID death toll rises
▼ + stars: | 2023-01-22 | by ( Alessandro Diviggiano | ) www.reuters.com time to read: +3 min

One Beijing resident said she wished the year of the rabbit will bring "health to everyone". "I think this wave of the pandemic is gone," said the 57-year-old, who only gave her last name, Fang. Chinese health experts say the wave of infections across the country has already peaked. The death count reported by Chinese authorities excludes those who died at home, and some doctors have said they are discouraged from putting COVID on death certificates. The possibility of a big COVID rebound in China over the next two or three months is remote as 80% of people have been infected, Wu said.

☆ New Zealand chooses 'Chippy' Hipkins to replace charismatic Ardern
▼ + stars: | 2023-01-22 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

"This is the biggest privilege and biggest responsibility of my life," Hipkins said at a news conference announcing his appointment. Hipkins immediately acknowledged the leadership of Ardern, who he called one of New Zealand’s greatest prime ministers and an inspiration to women and girls everywhere. Known as "Chippy", Hipkins built a reputation for competence in tackling COVID-19 and was a troubleshooter for Ardern when other cabinet ministers were struggling. Hipkins named Carmel Sepuloni as deputy prime minister, New Zealand's first deputy prime minister of Pacific origin. Before Hipkins becomes prime minister, Ardern will tender her resignation to King Charles' representative in New Zealand, Governor General Cindy Kiro.

☆ New Zealand lawmakers confirm Hipkins as Jacinda Ardern's replacement - media
▼ + stars: | 2023-01-22 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

He was first elected to parliament for the Labour Party in 2008 and became a household name fronting the government's response to the pandemic. The ruling party is expected to hold a press conference shortly to officially announce the decision from the caucus meeting. The party has also selected Carmel Sepuloni as the deputy prime minister, Radio New Zealand and other media reported. Grant Robertson, who is currently Deputy Prime Minister and Finance Minister, is expected to hold onto the job of Finance Minister. Before Hipkins officially becomes prime minister, Ardern must tender her resignation to King Charles III's representative in New Zealand, Governor General Cindy Kiro.

☆ PM Ardern shocks New Zealand, says she is stepping down
▼ + stars: | 2023-01-19 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Jan 19 (Reuters) - New Zealand Prime Minister Jacinda Ardern on Thursday made a shock announcement she had "no more in the tank" to continue leading the country and would step down no later than early February and not seek re-election. Ardern, holding back tears, said that it had been a tough five and a half years as prime minister and that she was only human and needed to step aside. A ruling New Zealand Labour Party vote for a new leader will take place on Sunday; the party leader will be prime minister until the next general election. New Zealand Deputy Prime Minister Grant Robertson, who also serves as finance minister, said in a statement he would not seek to stand as the next Labour leader. Ardern said she was not stepping down because the job was hard, but because she believed others could do a better job.

☆ Reaction to Jacinda Ardern's shock resignation announcement
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

Jan 19 (Reuters) - New Zealand Prime Minister Jacinda Ardern said on Thursday she would step down no later than Feb. 7, and that there would be a general election on Oct. 14. AUSTRALIAN PRIME MINISTER ANTHONY ALBANESE"Jacinda Ardern has shown the world how to lead with intellect and strength. Jacinda has been a fierce advocate for New Zealand, an inspiration to so many and a great friend to me." CHRIS HIPKINS, NEW ZEALAND'S MINISTER FOR EDUCATION"Jacinda has been a voice of calm, kind reassurance and strength. I know after she has had some time to recharge we will hear more from Jacinda."

☆ Brooksby delivers Ruud shock to send second seed crashing
▼ + stars: | 2023-01-19 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +3 min

I was pretty confident with my level and just wanted to have fun out there and see what could happen," Brooksby, 22, said. After a medical timeout following the second set, Ruud was far more comfortable on court but found himself broken and down 2-0 and then 5-2 in the third but he saved three matchpoints in the next game to force a tiebreak as Brooksby's clean winners deserted him. Up next for Brooksby, who is making his Australian Open debut this year after withdrawing in 2022 due to illness, is compatriot Tommy Paul following his five-set victory over Spanish 30th seed Alejandro Davidovich Fokina. "It's going another battle for sure, all the Americans are going really well right now, and we're all pushing each other," Brooksby said. "It's something that has been with me for around two years since I got a strain here in the fourth round," Ruud said.

☆ Key moments in BOJ's monetary policy
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

1999February - BOJ introduces zero interest rate policy. 2000August - BOJ raises short-term target to 0.25%, a move criticised as premature as Japan suffers a domestic banking crisis. 2001March - BOJ adopts quantitative easing (QE), shifts policy target from interest rates to pace of money printing. 2016January - BOJ adds negative interest rate policy, and applies a 0.1% charge to a small pool of excess reserves financial institutions park with the central bank. July - BOJ eases monetary policy, ramps up ETF buyingSeptember - BOJ adopts yield curve control (YCC), shifts policy target to interest rates from pace of money printing and introduces 10-year bond yield target of around 0%.

On a quarterly basis, GDP stalled, coming in at 0.0% in the fourth quarter, compared with growth of 3.9% in July-September. For 2022, GDP expanded 3.0%, badly missing the official target of "around 5.5%" and braking sharply from 8.4% growth in 2021. Other indicators for December such as retail sales and factory output, also released along with GDP data, beat expectations but were still weak. At an agenda-setting meeting in December, top leaders pledged to focus on stabilising the economy in 2023 and step up policy support to ensure key targets are hit. China is likely to aim for economic growth of at least 5% in 2023 to keep a lid on unemployment, policy sources said.

☆ Japan's sharp wholesale price rise heaps pressure on BOJ's ultra-easy policy
▼ + stars: | 2023-01-16 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

The 10.2% year-on-year rise in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, exceeded a median market forecast for a 9.5% gain, Bank of Japan data showed. "While inflationary pressure from imports is easing, firms are still passing on rising input costs at home," said Takeshi Minami, chief economist at Norinchukin Research Institute. "But such price pressure will gradually weaken with commodity inflation peaking out, and major economies likely to stagnate in the first half of this year," he said. For 2022, wholesale prices rose 9.7% on average from the previous year, hitting a record high since comparable data became available in 1981. Data due out on Friday is expected to show Japan's core consumer prices rose 4.0% in December, double the BOJ's 2% target and a fresh 41-year-high, in a sign of rising living costs for households, according to a Reuters poll.

Together with Moscow, Minsk has also been bolstering the drills with weaponry and military equipment. The Belarusian defence ministry said only that "units" of Russia's air forces have been arriving in Belarus. Ukraine's Air Force said the apartment block was struck by a Russian Kh-22 missile, which is known to be inaccurate and that Ukraine lacks the air defences to shoot down. SOLEDARIn Ukraine's eastern Donbas region - the focal point of Russia's drive to capture more territory - Ukraine's forces were battling around the small salt-mining town of Soledar. Russian forces claimed to have taken control of the town, but Ukraine insisted on Sunday that its forces were battling to hold the town, with street fighting raging and Russian forces advancing from various directions.

☆ Asian shares cautious, BOJ faces crunch policy decision
▼ + stars: | 2023-01-16 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

Earnings season gathers steam this week with Goldman Sachs, Morgan Stanley and the first big tech name, Netflix, among those reporting. However, it did try to get ahead of speculative sellers by announcing it would do another emergency round today, suggesting it was determined to defend its yield policy at least for now. THE YEN UN-ANCHOREDThe BOJ's uber-easy policy has acted as a sort of anchor for yields globally, while dragging down on the yen. Were it to abandon the policy, it would put upward pressure on yields across developed markets and likely see the yen surge. "A soft-landing also reduces the tail risk of much higher U.S. rates, and this reduced risk premia helps global risk appetite."

☆ China's economy set to slow sharply in Q4, policymakers face post-pandemic test
▼ + stars: | 2023-01-16 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

"The Chinese economy appears to have ended the year on a weak tone," economists at JPMorgan said in a research note. "As suggested by the weak December NBS PMI report, domestic activity likely slowed further by year-end as rapid relaxation of control measures led to a sharp spike in COVID-19 cases." For 2022, GDP likely expanded 2.8%, badly missing the official target of "around" 5.5% and braking sharply from 8.4% growth in 2021. Economists at Morgan Stanley expect an earlier and stronger growth recovery from the first quarter, lifting 2023 GDP growth to 5.7%. At an agenda-setting meeting in December, top leaders pledged to focus on stabilising the economy in 2023 and step up policy support to ensure key targets are hit.

☆ Nadal grinds down injured Draper to reach second round
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, Jan 16 (Reuters) - Defending champion Rafa Nadal dropped a set but prevailed in a battle of fitness against Jack Draper to reach the second round of the Australian Open on Monday with an unconvincing 7-5 2-6 6-4 6-1 over the injured Briton. Fellow lefthander Draper played superb tennis to level the match at a set all but the 21-year-old soon developed leg troubles and was left groaning in pain as Nadal closed out the match on a warm and sunny afternoon at Rod Laver Arena. Nadal was broken first game of the final set when Draper punished a dubious attempted drop-shot with a winner but the Spaniard won the next six games in succession to claim the match as the ailing Briton bowed out swinging. Nadal, bidding for a record-extending 23rd Grand Slam title, will next face Mackenzie McDonald for a place in the third round. Reporting by Ian Ransom in Melbourne; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

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