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☆ World stocks hold on to upbeat mood, dollar stalls
▼ + stars: | 2023-04-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +4 min

European stock markets opened broadly firmer (.STOXX), U.S. stock futures pointed to a positive open for Wall Street shares , and Japan's blue-chip Nikkei rallied over 1% (.N225). Friday's non-farm payrolls suggested labour markets remain resilient, boosting expectations for a 25 basis point (bps) U.S. rate increase in May. NEW BOJ CHIEFIn Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.57%, while MSCI's world stock index was up 0.3% (.MIWD00000PUS). U.S. Treasury yields edged down in European trade , with rate sensitive two-year yields last down 3 bps at 3.96%. Brent crude futures rose 61 cents, or 0.74%, to $84.81 a barrel, while U.S. WTI futures gained 68 cents, or 0.83%, to $80.41 a barrel.

Previously, the pranks had mostly affected the country’s famous sushi conveyor belt restaurants, prompting questions about their future. A video shared on social media shows a man, believed to be Shimazu, vigorously eating the ginger. Besides Kura Sushi, two other such chains — Sushiro, owned by Food & Life Companies, and Hamazushi — previously told CNN they had suffered similar disruptions. But the latest food pranks, magnified by social media, have sparked fresh debate in the wake of the coronavirus epidemic. In recent weeks, some Japanese social media users have questioned whether conveyor belt sushi restaurants and other communal serving practices can continue as consumers demand more attention to cleanliness.

Hong Kong/Tokyo CNN —Japan will restrict the overseas sale of chip manufacturing equipment, joining the United States and the Netherlands in curbing the export of key technology to China. The ministry said it would require stricter procedures to export to about 160 destinations such as China, while 42 territories — including the United States, South Korea and Taiwan — are recognized by Japan as having adequate export controls in place. All exports to countries not formally recognized will now require approval from the Japanese trade ministry, it added. The restrictions are not aimed at a specific country, the trade ministry told CNN on Friday. In October, the United States banned Chinese companies from buying advanced chips and chipmaking equipment without a license.

Zelenskiy posted footage of him greeting Kishida, whom the Ukrainian leader called "a truly powerful defender of the international order and a longtime friend of Ukraine". It is rare for a Japanese leader to make an unannounced foreign visit. [1/5] Japanese Prime Minister Fumio Kishida visits a site of a mass grave, in the town of Bucha, amid Russia's attack on Ukraine, outside of Kyiv, Ukraine March 21, 2023. Zelenskiy, speaking at a joint briefing with Kishida, said he would join the Hiroshima summit via an online link. Prior to leaving for Poland en route to Ukraine, Kishida visited India, where he met Prime Minister Narendra Modi.

☆ Asia's factory activity stalls, but China a bright spot
▼ + stars: | 2023-03-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

China's manufacturing activity expanded at the fastest pace in more than a decade in February, according to an official index, while a private sector survey also showed activity rising for the first time in seven months. India and Australia saw economic growth slow in the quarter to December, and South Korea's exports fell in February for a fifth straight month, highlighting the pain slowing global demand was inflicting on the region's manufacturers. The region's weaker data underscores the challenge Asian policymakers face in reining in inflation with higher interest rates, without choking off their economic recoveries already facing pressure from the global economic slowdown, analysts say. Factory activity continued to shrink in Taiwan and Malaysia in February, and expanded at a slower pace than in January in the Philippines, surveys showed. Policymakers hope China's re-opening from COVID-19 curbs, and resilience seen so far in U.S. and European economies, will underpin global growth this year.

☆ Japan's emperor gives first birthday address in four-year reign
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

[1/5] Japan's Emperor Naruhito accompanied with Empress Masako wave well-wishers as he appears on the balcony of the Imperial Palace to mark the emperor's 63th birthday in Tokyo Thursday, Feb. 23, 2023, in Tokyo. Eugene Hoshiko/Pool via REUTERSTOKYO, Feb 23 (Reuters) - Japanese Emperor Naruhito on Thursday gave his first public birthday address since ascending the throne almost four years ago, after delays due to the COVID-19 outbreak, and urged support for people struggling with inflation and the pandemic. Naruhito, who turned 63, was crowned emperor on May 1, 2019, after his father Akihito became the first emperor to abdicate in two centuries. Public birthday appearances by the emperor are an annual tradition but the event had been suspended from 2020 due to the pandemic. "I feel very happy to have my birthday celebrated before the public for the first time," Naruhito said.

☆ Japan's Nikkei seen hitting 30,000 by end of 2023 on economic recovery: Reuters poll
▼ + stars: | 2023-02-22 | by ( Junko Fujita | ) www.reuters.com time to read: +3 min

"Japanese companies will issue their outlook for 2023 by May, which will be based on the current macro environment. So the forecast will be conservative," said Hikaru Yasuda, chief equity strategist at SMBC Nikko Securities. "But as the environment is not as bad as companies (now) expect, they will slowly raise their forecast towards the end of the year." "Companies whose businesses are linked with China are expected to perform well," said Hiroshi Namioka, chief strategist and fund manager, T&D Asset Management. "Japanese equities are undervalued due to caution for the currency movement," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

☆ Japan government bond breaches yield cap, BOJ steps in with buying, loans
▼ + stars: | 2023-02-22 | by ( Junko Fujita | ) www.reuters.com time to read: +2 min

TOKYO, Feb 22 (Reuters) - Japan's 10-year government bond yield on Wednesday breached the top end of the Bank of Japan's policy band for a second straight session, prompting the central bank to step into the market with emergency bond buying and offering of loans. read moreThe yield on 10-year JGBs climbed to 0.505% on Wednesday, breaking through the central bank's 0.5% cap and marking its highest level since Jan. 18. The BOJ bought 300 billion yen ($2.2 billion) of Japanese government bonds with maturities of five to 10 years and 100 billion yen of bonds with maturities of 10 to 25 years. In its struggle to contain elevated yields, the BOJ bought a record 23.69 trillion yen ($175.69 billion) worth of government bonds in January. This would be the fourth time that BOJ provides such loans since last month after amending rules for its funds-supply operation.

☆ Kazuo Ueda nominated to lead Japan's central bank in possible move away from ultra-easy policy
▼ + stars: | 2023-02-14 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The Japanese government has nominated Kazuo Ueda to lead its central bank, in a surprise move that could pave the way for the country to wind down its ultra-loose monetary policy. Accommodative is a term used to describe monetary policy that adjusts to adverse market conditions and usually involves keeping interest rates low to spur growth and employment. As part of that program, the central bank targeted some short-term interest rates at an ultra-dovish minus 0.1% and aimed for 10-year government bond yields around 0%. But as prices rose and interest rates elsewhere went up, pressure has grown on the BOJ to wind down YCC. But Kuroda later dismissed a near-term exit from his ultra-loose monetary policy.

The BOJ’s YCC faces a reckoningThe surprise news left investors and analysts trying to parse Ueda's recent commentary. "There is probably a lack of clarity on Ueda's policy leanings at the moment, but at least it is clear that Amamiya (who is seen as a dove) is out. That removes one of the headwinds for the yen," said Christopher Wong, currency strategist at OCBC in Singapore. "The knee-jerk reaction in yen appreciation is more of a reaction to Amamiya being out of the race." I think the new team means that they will redesign the BOJ's monetary policy, not maintain the current policy," said Takayuki Miyajima, a senior economist at Sony Financial Group in Tokyo.

SINGAPORE, Jan 20 (Reuters) - Japan's central bank appears to have scored an interim win in its long-drawn battle with bond bears. The Bank of Japan's (BOJ) policy meeting this week was, at first glance, a damp squib for excited markets. It maintained its cap on 10-year yields, defying market expectations for change, and modified a funds-supply operation such that it offers more money for longer tenors to banks. After Wednesday's decision to retain ultra-low rates, 10-year bond yields, which had been testing the BOJ's 0.5% cap for a week, settled below 0.4%, suggesting many speculators were closing positions. "Most people are concerned about market liquidity in the bond market," a senior trader at a global bank in Asia told Reuters.

☆ Bank of Japan keeps yield control policy unchanged
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +7 min

MARKET REACTION:The Japanese stock market cheered the BOJ's decision with the Nikkei share average (.N225) jumping more than 2% after the midday break. Therefore, among equities, we think Japanese financials sector will have a rerating of valuations over the next 3-6 months." That could escalate when the new governor of the bank will be announced and towards the policy meeting in March." MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE"The can has been kicked down the road and the attention will shift to the next meeting. CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE:"I think the speculations will still continue.

☆ Explainer: What is happening in Japan's bond market?
▼ + stars: | 2023-01-16 | by ( Junko Fujita | ) www.reuters.com time to read: +4 min

TOKYO, Jan 16 (Reuters) - Market forces have pushed Japanese government bond yields above policy targets. Here is what is happening and what it means:WHAT IS JAPAN'S BOND MARKET? To stimulate lending, growth and inflation, the Bank of Japan has pinned short-term interest rates at -0.1% and 10-year yields around zero since 2016. That swap yield may indicate where the 10-year bond could be if the BOJ left the market alone. "Unless the BOJ reduces its presence in the market and changes its stance that it is controlling the yield level, market liquidity won't improve."

TOKYO, Jan 13 (Reuters) - Yields on Japan's benchmark 10-year government bonds breached the central bank's new ceiling on Friday in the market's most direct challenge yet to decades of uber-easy monetary policy. The central bank already holds 80% to 90% of some bond lines. REMEMBER THE RBAThere is talk in the markets that the central bank could shorten its yield target to three- and five-year bonds, but history abroad suggests the strain will remain. With the local economy recovering faster than expected and inflation accelerating, the RBA realised its pledge to keep three-year yields at 0.1% out to 2024 was no longer credible. So it abruptly dropped the whole thing and three-year yields spiked to 0.48%, an episode the RBA itself conceded caused "reputational damage" that would not be repeated.

In a statement Tuesday, the agriculture ministry said 9.98 million animals had been killed this season, surpassing a previous record of 9.87 million that were slaughtered in fiscal 2020, during a previous bird flu crisis. The National Federation of Agricultural Cooperative Associations, known as Zen-Noh, gave a higher tally, saying approximately 10.9 million birds had been killed as of Tuesday night. “The market price is expected to soar.”The spread of bird flu has already pushed up egg costs around the world in recent months. In Japan, wholesale prices for eggs reached a record high last month as shipments dropped, according to public broadcaster NHK. Avian flu is caused by infections that occur naturally among wild aquatic birds, according to the Centers for Disease Control and Prevention.

☆ Japan's biggest banks to raise housing loan rates after BOJ's policy tweak
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 30 (Reuters) - Japan's three biggest banks said on Friday they would raise interest rates for housing loans for next month, reflecting the Bank of Japan's tweak in its ultra-loose policy. Mitsubishi UFJ Bank, the main banking unit of Mitsubishi UFJ Financial Group (8306.T), will raise the rate by 0.18 percentage point to 3.7%. Each bank has special loan programs for selected customers so their rates will be lower, with Sumitomo Mitsui charging 1.14%, Mizuho 1.60% and Mitsubishi UFJ 1.05%. Japan's central bank surprised the market last week by raising the cap on 10-year bond yield to 0.5% from 0.25%. Reporting by Ritsuko Shimizu; Writing by Junko Fujita; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ FTX Japan to return assets to clients from February
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Dec 30 (Reuters) - The Japanese unit of failed cryptocurrency exchange FTX said on Friday it would return its customer assets from February. FTX Japan is developing a system with which customers can withdraw assets via the website of Liquid Japan, a crypto exchange it bought in February this year. "We deeply apologise for the big trouble caused by the prolonged suspension of services for the withdrawal of legal currency as well as crypto assets," FTX Japan said in a statement. FTX filed for U.S. bankruptcy protection in November and its founder Sam Bankman-Fried resigned as chief executive, after the biggest blowup in the crypto industry drew calls for tighter regulation. Reporting by Junko Fujita; editing by Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

☆ Japanese shares end higher on Wall Street gains, financials weigh
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

The Nikkei share average (.N225) rose 0.65% to close at 26,405.87, while the broader Topix (.TOPX) edged up 0.24% at 1,902.52. "Japanese shares rose because U.S. equities gained at the end of last week, but the trading is very quiet with most participants in the U.S. and Europe away for holidays," said Shuji Hosoi, senior strategist at Daiwa Securities. Heavyweight Fast Retailing (9983.T), owner of the Uniqlo brand, rose 2.0% and chip-making equipment maker Tokyo Electron (8035.T) gained 2.22%. "The 10-year government bond yield hovers below the top end of the Bank of Japan's (BOJ) policy band, which prompted a sell-off of banking shares," Hosoi said. The volume of shares traded on the Tokyo bourse's main board was 0.85 billion, compared to the average of 1.25 billion in the past 30 days.

☆ North Korea fired ballistic missile, South Korea says
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 18 (Reuters) - North Korea fired a ballistic missile towards the sea off the Korean Peninsula's east coast on Sunday, South Korea's military said. Japanese public broadcaster NHK said the North Korean-fired ballistic missile landed outside Japan's exclusive economic zone (EEZ), citing unnamed government officials. The North's missile launch comes just days after the country tested a high-thrust solid-fuel engine that experts said would allow quicker and more mobile launch of ballistic missiles, as it seeks to develop a new strategic weapon and speed up its nuclear and missile programmes. North Korea has conducted an unprecedented number of missile tests this year, including an intercontinental ballistic missile (ICBM) capable of reaching the U.S. mainland, despite international bans and sanctions. Reporting by Heekyong Yang, Jack Kim and Junko Fujita; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ Majority of Japanese oppose raising taxes to fund military expansion -Kyodo
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +2 min

David Mareuil/Pool via REUTERSTOKYO, Dec 18 (Reuters) - The majority of Japanese people do not support raising taxes to fund military expansion, Kyodo reported on Sunday, citing a survey the news agency conducted after the government announced Japan's biggest military build-up since World War Two. He said Japan was at a "turning point in history" and that military expansion through cost-cutting and tax hikes was "my answer to the various security challenges that we face". Almost 65% of respondents in Kyodo's survey opposed raising taxes for military spending, while 87% said Kishida's explanation of the need to raise tax was insufficient. The survey also showed support for Kishida's administration was unchanged from a month earlier at 33.1%, the worst since it was launched in October last year. The government's five-year tax plan, once unthinkable in pacifist Japan, would make the country the world's third-biggest military spender after the United States and China, based on current budgets.

☆ Investors revive wagers on Bank of Japan policy change
▼ + stars: | 2022-12-08 | by ( Junko Fujita | ) www.reuters.com time to read: +4 min

TOKYO, Dec 8 (Reuters) - Global investors are short-selling Japanese bonds and driving its other market yields higher, reviving bets that the Bank of Japan will need to tweak its ultra-easy monetary policy sooner rather than later. BOJ Governor Haruhiko Kuroda has repeatedly stressed the need to persist with the bank's unique yield-curve-control policy, which makes Japan an outlier among major central banks aggressively tightening policy to combat inflation. Japan swaps vs yieldsKuroda has said policy will not change until the recent cost-push inflation is accompanied by higher growth in wages. "The central bank may tweak its YCC before March. There should be an event weight it doesn’t have at the moment," says Malcolm, while making clear UBS does not expect any policy change for at least another year.

Seoul, South Korea CNN —North Korea launched an intercontinental ballistic missile (ICBM) on Friday, the second missile test by the Kim Jong Un regime in two days, in actions condemned as unacceptable by Japanese Prime Minister Fumio Kishida. “North Korea is continuing to carry out provocative actions at frequency never seen before,” Kishida told reporters Friday at the Asia-Pacific Economic Cooperation (APEC) meeting in Bangkok, Thailand. Increased missile testsThe aggressive acceleration in weapons testing and rhetoric has sparked alarm in the region, with the US, South Korea and Japan responding with missile launches and joint military exercises. The tally includes both cruise and ballistic missiles, with the latter making up the majority of North Korean test this year. North Korea isn’t interested talking right now,” Lewis said.

Austin later condemned North Korea’s “irresponsible and reckless activities” during a joint press conference with Lee. The South Korean government source said officials suspect it was a Hwasong-17, North Korea’s most advanced intercontinental ballistic missile that was first successfully tested on March 24. That launch set a new standard for Pyongyang, recording the highest altitude and longest duration of any North Korean missile ever tested. North Korea followed the presumed ICBM test Thursday with two short-range ballistic missile launches, according to South Korea and Japan. Japanese Prime Minister Fumio Kishida speaks to the media in Tokyo following North Korea's weapons tests.

Seoul, South Korea CNN —The South Korean military said Wednesday North Korea launched the highest number of short-range missiles in a day as Seoul retaliated to Pyongyang’s latest barrage of weapons tests, further escalating tensions in the region. JCS said the South Korean Air Force targeted international waters north of the NLL at an equal distance to that which the North Korean missile had earlier landed south of the line. North Korea is “fully responsible” for the situation as they are the ones continuing to provoke despite warnings, JCS added. South Korea responded to North Korea's barrage of missiles on Wednesday by firing three air-to-surface missiles from F-15K and KF-16 fighter jets. Correction: This story has been updated to clarify that this is not the first time North and South Korea have fired missiles off their respective coasts, and to reflect that North Korea fired a number of missiles of various types and the distance in kilometers from the NLL.

☆ BOJ ramps up bond buying ahead of policy meet, yields fall sharply
▼ + stars: | 2022-10-26 | by ( Junko Fujita | ) www.reuters.com time to read: +2 min

The 20-year JGB yield slipped 8.5 bps points to 1.110%, its lowest since Oct. 18. "The market sentiment was good today as U.S. Treasury yields fell overnight so JGB yields would have fallen anyway," said Naka Matsuzawa, a strategist at Nomura Securities. Yields on shorter end notes also fell on Wednesday, with the two-year JGB yield retreating 1 bps to -0.025%. The BOJ offered to buy 350 billion yen ($2.36 billion) of bonds with 10- and 25-year maturities, up from 250 billion yen it had planned. The BOJ said it would also buy 575 billion yen of bonds with 3- to 5-year maturities, up from a planned 475 billion yen, and 150 billion yen of bonds with maturities more than 25 years, up from 100 billion yen.

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