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☆ Japanese figure skater Hanyu marries, making fans happy and sad
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

Figure skater Yuzuru Hanyu holds flowers as he attends a ceremony commemorating the 50th anniversary of normalization of diplomatic relations between Japan and China in Tokyo, Japan September 29, 2022. REUTERS/Issei Kato/File PhotoTOKYO, Aug 5 (Reuters) - Japan's Olympic gold-medal winning figure skater Yuzuru Hanyu announced his marriage late Friday, drawing congratulations from his fanbase, though some seemed sad that the photogenic 28-year-old would no longer be romantically available. Hanyu did not say who his partner was when declaring his new marital status on X, the social media messaging platform formerly as Twitter. There was a clear sense of loss in the reaction among many fans both in and outside Japan, as "Hanyu loss" became a fast trending hashtag on social media. "I'm taking Monday off due to 'Hanyu loss'," read on post on X, while another predicted many more fans would be doing the same.

Persons: Issei Kato, Yuzuru, I've, Tetsushi Kajimoto, Simon Cameron, Moore Organizations: REUTERS, Thomson Locations: Japan, China, Tokyo, Sendai, Weibo

☆ Meandering Typhoon Khanun targets Japan again amid record heat
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

A view of a damaged car and a fallen tree after the heavy rain and strong winds brought by Typhoon Khanun in Chatan, Okinawa Prefecture, Japan August 2, 2023, in this screengrab obtained from a social media video. Highlighting increased abnormal weather blamed on climate change, temperatures hit 40 degrees Celsius (104 F) in the city of Date in Fukushima prefecture, the highest this year in Japan. Khanun, which has killed three people and injured more than 70 in Okinawa prefecture, was about 100 km (60 miles) west of Kagoshima prefecture Tokuno Island at 5 p.m. (0800 GMT). Footage on public broadcaster NHK showed a dozens of cars submerged and houses flooded in Naha, Okinawa's capital. Reporting by Tetsushi Kajimoto; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Typhoon Khanun, Khanun, Tetsushi Kajimoto, William Mallard Organizations: Meteorological Agency, JMA, Authorities, NHK, Thomson Locations: Chatan, Okinawa Prefecture, Japan, Okinawa, Date, Fukushima prefecture, Okinawa prefecture, Kagoshima, Tokuno, Shikoku, Amami, Kyushu, Naha, Okinawa's, Kinki, Tokai

☆ Insight: BOJ makes bold shift as yen risks grow too big to ignore
▼ + stars: | 2023-08-03 | by ( Leika Kihara | ) www.reuters.com time to read: +9 min

The BOJ's decision shook markets on Friday and contrasted sharply with Ueda's more cautious comments in recent months about the dangers of retreating too quickly from accommodative Kuroda-era policies. "There's also a small but probable risk of inflation overshooting in Japan, which gave the BOJ reason to act." NEW PRIORITIESThe BOJ's policy decision last week signalled to investors that it would now allow the 10-year government bond yield to move closer to 1% before it intervenes. 'BIT BY BIT'The shift in thinking gained momentum at the BOJ's June policy meeting, but not enough to turn the tide. It was a test case, or a preliminary exercise, toward future policy normalisation," said former BOJ board member Takahide Kiuchi.

Persons: Issei Kato, Kazuo Ueda, Haruhiko Kuroda, Fumio, accommodative Kuroda, Ueda, YCC, There's, Hirokazu Matsuno, Seiji Adachi, Asahi Noguchi, Ryozo Himino, Shinichi Uchida, Uchida, Masato Kanda, Kanda, Takahide, Leika Kihara, Takaya Yamaguchi, Takahiko Wada, Kentaro Sugiyama, Yoshifumi, Sam Holmes Organizations: Bank of Japan, REUTERS, TOKYO, Bank, Ueda, Reuters, BIT, Asahi, Nikkei, Thomson Locations: Tokyo, Japan

☆ BOJ to keep ultra-low rates, may debate fine-tuning yield cap
▼ + stars: | 2023-07-27 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

At the two-day meeting ending on Friday, the BOJ is expected to maintain its yield curve control (YCC) targets at -0.1% for short-term interest rates and 0% for the 10-year bond yield. With the BOJ set to keep short-term rates negative, a tweak to the yield cap or allowance band is unlikely to trigger a spike in borrowing costs that would severely hurt the economy. There is no consensus within the board on how soon the BOJ should dial back stimulus. Former BOJ board member Takahide Kiuchi expects the central bank to eventually modify YCC, but stand pat on Friday. "I don't think the BOJ sees an imminent need to act, as markets aren't attacking its yield cap this time."

Persons: Ueda, Kazuo Ueda, Takahide Kiuchi, Leika Kihara, Takahiko Wada, Tetsushi, Takaya Yamaguchi, Yoshifumi, Kentaro Sugiyama, Sam Holmes Organizations: Bank of Japan's, Monetary Fund, Thomson Locations: TOKYO, YCC

The remarks came amid simmering market speculation that creeping inflation and robust wage growth will prod the Bank of Japan (BOJ) to tweak its yield control policy at a two-day rate review ending on Friday. Under the joint agreement with the government signed in 2013 and re-confirmed by the current administration, the BOJ pledges to achieve 2% inflation at the earliest date possible. The remarks differ in tone from those made earlier on Monday by top currency diplomat Masato Kanda, who said recent inflation and wage rises were overshooting expectations. On Friday, Kanda told Reuters that "various expectations and speculations are spreading about the possibility of some kind of tweak to monetary policy." Sources have told Reuters the BOJ is leaning toward keeping its yield control policy steady this week, though there is no consensus within the bank.

Persons: BOJ, Kanda, Yoshihiko Isozaki, Isozaki, Isozaki's, Masato Kanda, It's, Kazuo Ueda, Leika Kihara, Kantaro Komiya, Kim Coghill, Lincoln Organizations: Bank of Japan, Reuters, Thomson Locations: TOKYO

TOKYO, July 24 (Reuters) - Japan's top currency diplomat Masato Kanda said on Monday recent inflation and wage rises were overshooting expectations, suggesting companies were changing practices that had been based on the assumption prices won't rise much. The central bank is likely to revise up its inflation forecasts at its two-day policy meeting ending on Friday, Kanda told reporters, adding that he was not in a position to comment on specific monetary policy. "It's become a shared view at home and abroad that changes are seen in Japan's corporate price- and wage-setting behaviour," Kanda told reporters. "If you add up data available so far, we'll probably see an upgrade in the BOJ's (inflation) forecasts," he said. On Friday, Kanda told Reuters that "various expectations and speculations are spreading about the possibility of some kind of tweak to monetary policy."

Persons: Masato Kanda, Kanda, It's, we'll, Kazuo Ueda, Tetsushi Kajimoto, Leika Kihara, Kim Coghill, Lincoln Organizations: Bank of Japan, Reuters, Thomson Locations: TOKYO

☆ Japan's top financial diplomat signals chance of BOJ policy tweaks
▼ + stars: | 2023-07-21 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, July 21 (Reuters) - Japan's top financial diplomat on Friday suggested the central bank may tweak its approach to monetary stimulus at its next policy meeting, due to "signs of changes" in corporate behaviour on wage growth and price rises. In rare remarks on monetary policy, Masato Kanda, vice finance minister for international affairs, said he expects the Bank of Japan (BOJ) to make a judgment on policy by analysing the conditions and outlook for prices at every review. "Various expectations and speculations are spreading about the possibility of some kind of tweak to monetary policy," he said. The BOJ, under Governor Kazuo Ueda's predecessor Haruhiko Kuroda, launched an unprecedented round of monetary stimulus in 2013, pledging to inflate the economy to meet a 2% inflation target in two years. The BOJ is leaning towards keeping its yield control policy unchanged at next week's meeting, five sources familiar with its thinking said, as policymakers prefer to scrutinise more data to ensure wages and inflation keep rising.

Persons: Masato Kanda, Kanda's, Kanda, Kazuo Ueda's, Haruhiko Kuroda, Tetsushi Kajimoto, Leika Kihara, Satoshi Sugiyama, Andrew Heavens, Miral Fahmy, Sharon Singleton Organizations: Bank of Japan, Reuters, Thomson Locations: TOKYO

☆ Japan exports underwhelm in June, global weakness drags on economy
▼ + stars: | 2023-07-20 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Exports were led by U.S.-bound shipments of cars and mining machinery, while China-bound shipments of steel, chips and nonferrous metal caused a double-digit decline in overall exports to China. "Going forward, it could be hard for Japan to maintain a trade surplus in a stable manner unless exports regain strength and global commodity prices keep import costs low." The overall trade numbers produced a trade surplus of 43 billion yen ($308.11 million), confounding the median estimate for a 90.1 billion yen deficit. U.S.-bound shipments, Japan's major ally, rose 11.7% year-on-year in June, led by shipments of cars, construction and mining machinery, following a 9.4% rise in the previous month. ($1 = 139.5600 yen)Reporting by Tetsushi Kajimoto; Editing by Shri Navaratnam and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Takeshi Minami, Tetsushi Kajimoto, Shri Navaratnam, Stephen Coates Organizations: Ministry of Finance, U.S, Norinchukin Research, Thomson Locations: TOKYO, Japan, China, .

Summary BOJ has kept easy policy with eye on market functionSustained achievement of BOJ's price goal still distantUeda's remarks come amid speculation of July policy tweakJuly 18 (Reuters) - Bank of Japan (BOJ) Governor Kazuo Ueda said on Tuesday there was still some distance to sustainably and stably achieving the central bank's 2% inflation target, signalling his resolve to maintain ultra-loose monetary policy for the time being. "We have patiently continued our ultra-loose monetary policy under yield curve control (YCC)," with due consideration to the impact on financial intermediation and market function, Ueda told a news conference after attending a G20 finance leaders' meeting in India. Ueda said the BOJ will scrutinise at each policy meeting the pace of progress Japan was making in sustainably achieving its 2% target. "If our assumption (that sustained achievement of 2% inflation remains distant) is unchanged, our overall narrative on monetary policy remains unchanged," he said. Reporting by Leika Kihara and Tetsushi Kajimoto in Tokyo; Editing by Bernadette Baum and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Kazuo Ueda, Ueda, Leika Kihara, Bernadette Baum, Christina Fincher Organizations: Bank of Japan, Reuters, Thomson Locations: India, Japan, Tokyo

☆ Japan companies less confident about business conditions - Reuters Tankan
▼ + stars: | 2023-07-18 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Last month saw Asian factory activity drop, hurt by sluggish demand from China in particular. The service-sector index fared much better, with the non-manufacturers index slipping just one point to +23, though it was a second straight month of decline. Retailers and real estate firms logged big jumps in confidence but sentiment at information and communications companies - while still robust - dropped somewhat. The Reuters poll, conducted July 5-14, found corporate confidence was expected to rebound over the coming three months, with manufacturers' sentiment seen at +7 and service sector sentiment seen at +25. The Reuters Tankan indexes, which can serve as leading indicators for the Bank of Japan tankan surveys, are calculated by subtracting the percentage of pessimistic respondents from optimistic ones.

Persons: Tetsushi Kajimoto, Edwina Gibbs Organizations: Jan Service, Reuters, Industries, Bank of, pessimists, Thomson Locations: TOKYO, China, Ukraine, 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

☆ Japan logs current account surplus for fourth month as trade gap narrows
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

Summary Current account surplus at 1.86 trillion yen in MayTrade gap narrows by one-third year on yearPrimary income surplus jumps to 3.6 trillion yenTOKYO, July 10 (Reuters) - Japan's current account surplus more than doubled year-on-year in May, in a fourth straight month of gains, as the country's trade deficit narrowed and income gains from its overseas investment expanded, Ministry of Finance data showed on Monday. The current account surplus reached 1.86 trillion yen ($13.08 billion) in May, compared with 773 billion yen in the same month a year earlier and just short of economists' median forecast for a surplus of 1.88 trillion yen in a Reuters poll. A breakdown of the data showed the trade deficit narrowed to 1.2 trillion yen from 1.8 trillion yen in May 2022, a ministry official said. The primary income surplus hit 3.6 trillion yen, up from 3.1 trillion yen in the same month a year earlier, resulting in an overall surplus for a fourth straight month. Over the past year, the current account data has highlighted the pain that high energy costs and a weak yen have inflicted on the world's third biggest economy, which relies heavily on imports of fuel and raw materials.

Persons: Tetsushi Kajimoto, Sonali Paul Organizations: Ministry of Finance, Thomson Locations: TOKYO

Global financial markets have been closely watching Japan's wage data, as Bank of Japan Governor Kazuo Ueda regards pay growth as a key gauge to consider in deliberations about a shift in policy. Regular wages rose 1.8% in May from a year before, labour ministry data showed, the biggest gain since February 1995. The strong base pay growth boosted worker's total cash earnings, or nominal wages, by 2.5% in May, after a revised 0.8% increase logged in April. Still, real wages contracted 1.2% in May, the 14th consecutive month of year-on-year declines, as relentless consumer inflation outstrips nominal pay growth and squeezes households' buying power. On a seasonally adjusted month-on-month basis, household spending was down 1.1%, versus an estimated 0.5% gain to mark a fourth month of decline.

Persons: Kazuo Ueda, Kuroda, Hisashi Yamada, Rengo, Takumi Tsunoda, Shinichi Uchida, Taro Saito, Satoshi Sugiyama, Kantaro, Tetsushi Kajimoto, Sam Holmes Organizations: Global, Bank of Japan, Hosei University, Shinkin Central Bank Research, Nikkei, BOJ's, NLI Research, Thomson Locations: TOKYO

☆ Japan's firms offer biggest pay hikes in 30 years, wage growth broadens
▼ + stars: | 2023-07-05 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

The final survey of 5,272 unions affiliated with Rengo showed an average pay hike of 3.58%, or 10,560 yen ($73.04) per month, the biggest increase since 3.9% seen in 1993. Among them, SMEs raised wages by 3.23%, also the fastest pace in three decades. What's important from now on is to bring real wages to positive territory," said Hisashi Yamada, economist and Hosei University professor. The pay hikes could provide some political support for Prime Minister Fumio Kishida who has made wages as key part of his policy agenda, as a weak yen and higher import prices drive up living costs. Big firms' summer bonus payments are seen rising 3.9%, up for a second straight year, although gains are likely to be uneven, according to a survey by Keidanren, Japan's biggest business lobby.

Persons: Rengo, Kazuo Ueda, Hisashi Yamada, Fumio Kishida, Tetsushi Kajimoto, Sam Holmes Organizations: Rengo, Bank of Japan, Hosei University, OECD, Thomson Locations: TOKYO

☆ Factbox: Japan's toolkit to combat sharp yen declines
▼ + stars: | 2023-07-03 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

ESCALATE VERBAL INTERVENTION - HIGHLY LIKELYJapanese authorities began jawboning markets this week, describing recent yen falls as "sharp and one-sided". If the pace of yen declines accelerates, authorities may escalate their warnings to promise "decisive action" against speculative moves. Such remarks, aired prior to Japan's previous yen-buying intervention last year, would signal that Tokyo was edging closer to directly intervening in the currency market. This means the chance of intervention will rise if the yen's declines are rapid and viewed as driven mostly by speculative trading. BOJ RAISES INTEREST RATES - HIGHLY UNLIKELYThe Bank of Japan (BOJ) has vowed to keep interest rates ultra-low to support the economy, even as inflation exceeded its 2% target for more than a year.

Persons: Masato Kanda, Leika Kihara, Tetsushi Kajimoto, Clarence Fernandez Organizations: Bank of Japan, Authorities, Thomson Locations: TOKYO, Tokyo, Asia, United States, Japan, U.S

☆ Explainer: What would Japanese intervention to boost the weak yen look like?
▼ + stars: | 2023-07-03 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

When Japanese authorities escalate their verbal warnings to say they "stand ready to act decisively" against speculative moves, that is a sign intervention may be imminent. When Japan intervenes to stem yen rises, the Ministry of Finance issues short-term bills, raising yen it then sells to weaken the Japanese currency. That means there are limits to how long Japan could keep defending the yen, unlike for yen-selling intervention - where Japan can essentially print yen by issuing bills. Japanese authorities also consider it important to seek the support of Group of Seven partners, notably the United States if the intervention involves the dollar. Washington gave tacit approval when Japan intervened last year, reflecting recent close bilateral relations.

Persons: Leika Kihara, Tetsushi Kajimoto, Kentaro Sugiyama, William Mallard Organizations: Bank of Japan, Ministry of Finance, Market, Japan, Seven, Washington, Thomson Locations: TOKYO, Japan, Tokyo, United States, Washington

"The tankan confirmed our view that Japan's economy is on track for a moderate recovery," said Atsushi Takeda, chief economist at Itochu Economic Research Institute. "While input prices have declined, output prices continue to rise in a sign companies are being able to pass on costs. Big manufacturers expect business conditions to improve three months ahead, while non-manufacturers project a deterioration on worries over high costs, the tankan showed. The tankan showed corporate inflation expectations moderate in June from three months ago, but remaining above the BOJ's target five years down the road. Companies expect inflation to hit 2.6% a year from now, down from a 2.8% projection made in March, and 2.2% in three years, also lower than 2.3% in March.

Persons: Atsushi Takeda, Kazuo Ueda, Leika Kihara, Shri Navaratnam Organizations: Big, Bank of Japan's, Itochu Economic Research Institute, Nikkei, Companies, Thomson Locations: TOKYO

☆ Japan finance minister warns against excessive weakening as yen strikes 7-mth low
▼ + stars: | 2023-06-30 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

[1/2] A banknote of Japanese yen is seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/IllustrationTOKYO, June 30 (Reuters) - Japan would take appropriate steps should the yen weaken excessively, Finance Minister Shunichi Suzuki said on Friday after the currency plumbed seven-month lows against the dollar. Suzuki warned against investors pushing the yen too low as the currency weakened past 145 per dollar on Friday, a level which kept speculators wary of potential intervention from Japanese authorities. The intervention launched in September last year, when the yen weakened past 145 per dollar, was the first in 24 years. Japanese authorities have said the velocity of currency moves are deciding factor for intervention, not specific levels.

Persons: Florence Lo, Shunichi Suzuki, Suzuki, Sharp, Tetsushi Kajimoto, Simon Cameron, Moore Organizations: REUTERS, Finance, Thomson Locations: TOKYO, Japan, Asia

☆ Japan, S.Korea to discuss FX swap deal in first finance talks since 2016
▼ + stars: | 2023-06-28 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

The swap deal expired in 2015 amid worsening relations over issues related to Japan's wartime occupation of the Korean Peninsula, and its restoration would symbolise the improvement in relations, analysts say. "We must strongly raise the momentum for historic improvement of Japan-South Korea relations. The ministers will also discuss global economic developments, infrastructure investment in developing countries, and the role both countries could play in multilateral financial cooperation. The bilateral finance talks, the eighth of their kind, were last held in 2016. Reporting by Tetsushi Kajimoto; Editing by Leika Kihara, Simon Cameron-Moore and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Yoon Suk Yeol, Kim Keon, Issei Kato TOKYO, Shunichi Suzuki, Choo Kyungho, Masato Kanda, Suzuki, Choo, Tetsushi Kajimoto, Leika Kihara, Simon Cameron, Moore, Gerry Doyle Organizations: Tokyo International, REUTERS, Japanese Finance, Korean, Thomson Locations: Korean, Tokyo, Japan, South Korea, China, North Korea, Ukraine

At its peak in 2011, the swap deal was worth $70 billion. With both sides sitting on ample foreign exchange reserves, the swap deal is unlikely to be put into action anytime soon, he added. Masato Kanda, Japan's vice finance minister for international affairs also said the currency swap deal would promote co-operation. The bilateral finance talks were to have taken place every year under a 2006 agreement, but were last held in 2016. With China and North Korea growing concerns, South Korean President Yoon Suk Yeol met with Japanese Prime Minister Fumio Kishida in May, the third between the two this year, marking a thaw in years of icy relations between the Asian neighbours.

Persons: Yoon Suk Yeol, Kim Keon, Issei Kato, Shunichi Suzuki, Choo, Suzuki, Masato Kanda, Kanda, Fumio Kishida, Tetsushi Kajimoto, Jihoon Lee, Edwina Gibbs, Clarence Fernandez, Kim Coghill Organizations: Tokyo International, REUTERS, Japanese Finance, Korean, Japanese, South Korea, Thomson Locations: Korean, Tokyo, Japan, Seoul TOKYO, SEOUL, South Korea, Seoul, China, North Korea, South

It was the first time the BOJ summary showed a board member explicitly mentioning the need for an early debate of a tweak to YCC, which contrasts with Governor Kazuo Ueda's remarks ruling out any imminent change in policy. Under YCC, the BOJ guides short-term interest rates at -0.1% and the 10-year bond yield around zero as part of efforts to sustainably achieve its 2% inflation target. Some market players bet the central bank could tweak YCC, such as by widening the allowance band set around the 10-year yield target, as early as July to address market distortions caused by its huge bond buying. FRESH YEN WORRIESYCC is also blamed by some analysts for causing an unwelcome yen fall that pushes up raw material import costs. However, Kanda stopped short of saying Japan was ready to take "decisive action" - language he used shortly before Japan stepped into the currency market last year.

Persons: policymaker, Kazuo Ueda's, Ueda, Daisaku Ueno, MItsubishi UFJ, MItsubishi UFJ Morgan Stanley, YCC, Masato Kanda, Kanda, Shunichi Suzuki, Japan's, Leika Kihara, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, MItsubishi, MItsubishi UFJ Morgan, MItsubishi UFJ Morgan Stanley Securities, Finance, Thomson Locations: TOKYO, Japan, Asia

☆ Japan's top currency diplomat escalates warning against weak yen
▼ + stars: | 2023-06-25 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +1 min

TOKYO, June 26 (Reuters) - Japan's top currency diplomat Masato Kanda said on Monday authorities will respond to any excessive moves in the currency market, warning that recent yen moves were "rapid." When asked about the chance of currency intervention, Kanda told reporters he would not rule out any options. He added that authorities were focusing on the pace of moves in the yen, rather than its levels. The dollar hit a seven-month high against the yen at 143.63 in New York on Friday. Reporting by Tetsushi Kajimoto, writing by Leika Kihara; Editing by Kim Coghill and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Masato Kanda, Kanda, Tetsushi Kajimoto, Leika Kihara, Kim Coghill, Jamie Freed Organizations: Bank of Japan, Thomson Locations: TOKYO, New York

☆ Japan finmin says no change in FX policy after US report
▼ + stars: | 2023-06-20 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, June 20 (Reuters) - Japan's currency policy won't immediately change after the United States removed the country from its monitoring list, Finance Minister Shunichi Suzuki said on Tuesday, noting that the move came in coordination with Washington. "As for currency policy, we'll keep close communications with the United States and other countries," Suzuki told reporters. "The fact that Japan was removed from the list doesn't immediately mean that we would respond in a different way from before or there's any impact." A Treasury official said that Japan was dropped from the monitoring list because it only met one of the three criteria for two monitoring periods in a row. "Currency levels such as the dollar/yen should be determined by markets based on fundamentals and stable moves are desirable," Suzuki said.

Persons: Shunichi Suzuki, we'll, Suzuki, Tetsushi Kajimoto, Kim Coghill, Gerry Doyle Organizations: Finance, Washington, U.S, Treasury, Bank of Japan's, Thomson Locations: TOKYO, United States, Japan, Switzerland, China, Taiwan, South Korea, Germany, Malaysia, Singapore, Asia

☆ Japan big manufacturers' sentiment positive for 3rd consecutive month -Reuters tankan
▼ + stars: | 2023-06-20 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

The monthly poll suggested there would be a steady recovery in business sentiment in the Bank of Japan's (BOJ) closely watched tankan quarterly survey due next on July 3. The Reuters poll found manufacturers' mood was expected to rise over the coming three months, and service-sector morale would hover above +20. The manufacturers' index was up 11 points compared with three months ago. The service-sector index slipped one point from May to +24 in June, led by information/communications and transport/utilities. Compared with three months ago, the service-sector index was up three points.

Persons: Tetsushi Kajimoto, Gerry Doyle Organizations: Reuters tankan Manufacturers, Reuters, Bank of Japan's, optimists, Thomson Locations: TOKYO, Ukraine, Japan, China

But there's very high uncertainty on next year's wage negotiations and the sustainability of wage growth," Governor Kazuo Ueda told a briefing. The BOJ's decision contrasts sharply with that of the European Central Bank, which raised borrowing costs to a 22-year high on Thursday. NOT ENTIRELY DOVISHBank of Japan Governor Kazuo Ueda speaks at a group interview with media in Tokyo, Japan, May 25, 2023. The yen's recent decline could also heighten calls from politicians for the BOJ to tweak YCC, as it squeezes households and retailers by pushing up raw material import costs. "But it may be forced to act if the yen weakens further and drives up import costs, angering the public.

Persons: Ueda, Kazuo Ueda, Kim Kyung, We've, Izuru Kato, Leika Kihara, Kantaro Komiya, Sam Holmes, Kim Coghill Organizations: Bank of Japan, European Central Bank, U.S . Federal Reserve, REUTERS, Companies, Totan, Thomson Locations: TOKYO, Bank, Tokyo, Japan

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