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☆ Bank of Japan set to keep ultra-low rates, may signal inflation overshoot
▼ + stars: | 2023-06-11 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

[1/2] Visitors are seen at the headquarters of Bank of Japan in Tokyo, Japan, January 17, 2023. Ueda told parliament on Friday that corporate price-setting behaviour was showing changes that could work to push up inflation more than expected. While the BOJ will not produce fresh inflation forecasts next week, it may signal that inflation is overshooting initial projections - possibly at Ueda's post-meeting briefing, the sources said. "The BOJ must be vigilant to both the risk of an inflation overshoot, and the risk of a deep overseas slump hitting Japan's economy." With droves of companies continuing to hike prices, the BOJ is widely expected to upgrade its inflation forecasts at its next quarterly review in July, analysts say.

Persons: Issei Kato, BOJ, Ueda, Kazuo Ueda, Leika Kihara, Takahiko Wada, Kim Coghill Organizations: Bank of Japan, REUTERS, Thomson Locations: Tokyo, Japan, TOKYO

☆ BOJ set to keep ultra-low rates, may signal inflation overshoot
▼ + stars: | 2023-06-09 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Persons: Issei Kato, BOJ, Ueda, Kazuo Ueda, Leika Kihara, Takahiko Wada, Kim Coghill Organizations: Bank of Japan, REUTERS, Thomson Locations: Tokyo, Japan, TOKYO

☆ Japan's core CPI rises 3.4% in April yr/yr - govt
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 19 (Reuters) - Japan's core consumer prices rose 3.4% in April from a year earlier, government data showed on Friday. The increase in the core consumer price index (CPI), which excludes volatile fresh food but includes energy costs, matched a median market forecast and followed a 3.1% rise in March. Reporting by Takahiko Wada and Leika Kihara; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

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

☆ WADA's 'Operation LIMS' passes 200 sanctions of Russian athletes
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - More than 200 Russian athletes have been sanctioned following the ‘Operation LIMS’ investigation into Moscow's anti-doping laboratory with more bans to come, the World Anti-Doping Agency said on Thursday. The suspensions are the result of data and samples retrieved by WADA's Intelligence and Investigations team into the Moscow Laboratory Information Management System (LIMS). A total of 203 Russian athletes have been sanctioned by 17 anti-doping organisations with an additional 73 charged. "The continued success of WADA’s ‘Operation LIMS’ investigation is a testament to the significant work being conducted by the Agency’s Intelligence and Investigations, and Legal Affairs departments," WADA president Witold Banka said in a statement. WADA’s Executive Committee voted in 2018 to reinstate RUSADA subject to a number of conditions that included access to all data from the LIMS.

☆ ISS backs all four ValueAct director candidates in Seven & I boardroom fight
▼ + stars: | 2023-05-10 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

"A vote AGAINST company nominees Isaka, Goto, Yonemura, (Shinji) Wada and (Fuminao) Hachiuma is warranted." ISS said ValueAct is calling for a deliberate succession process for the CEO. On Tuesday, ISS extended support for ValueAct's campaign by endorsing all of its candidates and spelling out where the company has faltered. ValueAct and other investors had urged the company to undertake a strategic review and consider spinning off its 7-Eleven chain or selling the entire company. ISS said that ValueAct's nominees bring board experience, capital allocation and executive experience, and Levinson would add a shareholder perspective.

☆ ISS backs all 4 ValueAct director candidates in Seven & I boardroom fight
▼ + stars: | 2023-05-09 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

"A vote AGAINST company nominees Isaka, Goto, Yonemura, (Shinji) Wada and (Fuminao) Hachiuma is warranted." ISS said ValueAct is calling for a deliberate succession process for the CEO. On Tuesday, ISS extended support for ValueAct's campaign by endorsing all of its candidates and spelling out where the company has faltered. ISS said that ValueAct's nominees bring board experience, capital allocation and executive experience, and Levinson would add a shareholder perspective. ValueAct has experience on boards at Japanese companies, having won seats at Olympus and JSR Corp.

☆ Ukraine may lose weightlifting places after third doping violation
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

April 29 (Reuters) - Ukraine are at risk of losing quota places for Olympic weightlifting at the Paris 2024 Games after a third athlete was provisionally suspended due to an anti-doping rule violation, Inside The Games reported. The International Weightlifting Federation (IWF), which would decide on any such punishment, did not immediately respond to Reuters' request for comment. By IWF rules an independent panel may withdraw quota places for both men and women if three sanctions are handed out for doping violations by athletes or others in one member federation within a 12-month period. Ukraine won eight medals at the recently concluded European Weightlifting Championships in Armenia, including two golds. The country has said it would boycott the Olympics Games if Russians and Belarusians are allowed to compete, even as neutrals, following Moscow's invasion of Ukraine last year.

The core consumer price index (CPI), which excludes volatile fresh food, but includes energy costs, rose 3.1% in March from a year earlier, government data showed on Friday, matching a median market forecast. The year-on-year rise in the so-called "core core" index was the fastest since December 1981, when Japan was experiencing an asset-inflated bubble economy. Persistent rises in global commodity prices have prodded many Japanese companies, long reluctant to hike prices, to finally pass on their higher costs to consumers, pushing up consumer inflation to well above the BOJ's 2% target. Markets are focusing on the BOJ's quarterly outlook report due after the meeting, which will include inflation forecasts extending through fiscal 2025. Reporting by Leika Kihara and Takahiko Wada; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

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

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

While factory output rebounded in February, some analysts warn of mounting downside risks as slumping global demand for technology goods hits the country's exports. Inflation will probably stay elevated at least during the first half of this year," said Yoshiki Shike, chief economist at Dai-ichi Life Research Institute. Separately, factory output rose 4.5% in February from January, better than a forecast 2.7% gain and rebounding from a revised 5.3% drop in January, on easing supply bottlenecks for carmakers. "There's a bigger risk of a downgrade in manufacturers' output plans due to weaknesses in the information-technology (IT) sector. Global demand is shifting away from goods towards services, which is bad news for Japan's export-reliant economy," Shinke of Dai-ichi Life Research said.

The data underscores the challenge incoming Bank of Japan (BOJ) Governor Kazuo Ueda faces in assessing whether the recent cost-driven inflation will shift to one backed by solid demand and wage growth. The pace of increase slowed from a 3.3% gain in February and a nearly 42-year high of 4.3% hit in January, due largely to the effect of government subsidies to curb utility bills. In a glimmer of hope, factory output rose 4.5% in February from the previous month, government data showed on Friday, more than a median market forecast for a 2.7% gain. Manufacturers surveyed by the government expect to increase output by 2.3% in March and by 4.4% in April, the output data showed. Reporting by Takahiko Wada and Leika Kihara; Editing by Sam Holmes and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

With inflation still exceeding the Bank of Japan's 2% target, the data will keep alive market expectations of a near-term tweak to its bond yield control policy, analysts say. The core consumer price index (CPI), which excludes volatile fresh food but includes oil products, rose 3.1% in February from a year earlier, government data showed, matching a median market forecast and slowing sharply from a 41-year high of 4.2% seen in January. "The new BOJ leadership will scrutinise Japan's price trend, as well as U.S. and European developments, in deciding its policy move," he said. But some BOJ policymakers have flagged the chance inflation could exceed initial expectations, as price hikes and wage gains show sign of broadening. Reporting by Takahiko Wada and Leika Kihara; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

The Tokyo core consumer price index (CPI), which excludes fresh food but includes fuel costs, exceeded the BOJ's 2% target for nine straight months. The slowdown was mostly due to the effect of government energy subsidies to curb soaring utility bills, the data showed. It marked the fastest year-on-year pace of increase since August 1991, when the index also rose 3.2%. Service inflation, which the BOJ sees as key to achieving sustained wage growth, perked up to 1.3% in February from 1.2% in January, the data showed. Nationwide core consumer prices rose 4.2% in January from a year earlier, hitting a fresh 41-year high, as an increasing number of companies passed on higher costs to households.

☆ RUSADA files CAS appeal seeking 'appropriate consequences' for Valieva
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Sport's highest court said on Friday that RUSADA had lodged an appeal seeking a ruling that would sanction Valieva after the disciplinary tribunal of Russia's anti-doping body had found the teenager not guilty of any doping infraction. In her defence, Valieva said the positive test was the result of a mix-up with her grandfather's heart medication. A RUSADA investigation released in January acknowledged that Valieva did fail a drug test but ruled that the teenager was not guilty of any doping infraction. "RUSADA seeks a ruling from CAS setting aside the challenged decision and finding the athlete to have committed an anti-doping rule violation under the RUSADA anti-doping rules, and sanctioned with 'the appropriate consequences' ...," CAS said in a statement. Despite the positive test, CAS cleared Valieva to continue competing at the Beijing Games in the women's singles, upholding an earlier decision by RUSADA to lift a ban on the skater.

☆ WBC reinstates Benn after blaming eggs for failed dope tests
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 22 (Reuters) - Britain's Conor Benn will return to the WBC world rankings after the boxing body cleared him of intentional doping on Wednesday and said a "highly elevated consumption of eggs" was a reasonable explanation for failed tests last year. The WBC said in a statement that Benn's team had this month provided a detailed breakdown of his diet and consumption of supplements. It found no conclusive evidence that Benn, 26, intentionally ingested the banned substance Clomiphene and no procedural failures. "Benn’s documented and highly-elevated consumption of eggs during the times relevant to the sample collection, raised a reasonable explanation for the Adverse Finding," the WBC said. "The WBC Nutrition Committee will work with Mr. Benn’s team to design a nutrition program geared to avoid the risk of a future adverse finding caused by nutritional factors."

☆ International Skating Union to appeal Valieva doping case to CAS
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - The International Skating Union will lodge an appeal to the Court of Arbitration for Sport in the case of figure skater Kamila Valieva after a Russian investigation found the teenager not guilty of any doping infraction, it said on Wednesday. The ISU said it is seeking a period of ineligibility at CAS's own discretion. "Additionally, CAS is to decide the consequences of the Anti-Doping Rule Violation committed by Kamila Valieva and determine the final results of the Figure Skating Team Event at the Beijing 2022 Olympic Winter Games." In her defence, Valieva said the positive test was the result of a mix-up with her grandfather's heart medication. During the Beijing Games, the International Olympic Committee (IOC) decided that no medals for the team figure skating event would be presented until Valieva's case had been resolved.

Kazuo Ueda, a 71-year-old university professor who has kept a low profile despite strong credentials as a monetary policy expert, ticked some important boxes. While he was not even on the list of dark horse candidates floated by the media, Ueda was well known in global central bank circles. The bank's preferred choices were incumbent deputy governor Amamiya, as well as former deputies Hiroshi Nakaso and Hirohide Yamaguchi, given their deep knowledge on monetary policy. Matsuno said he hoped the BOJ works closely with the government and guides monetary policy flexibly, when asked whether Ueda's appointment could lead to a retreat from Abenomics. While he warned of the rising cost of the BOJ's yield control policy, Ueda has called for the need to keep monetary policy loose to ensure Japan stably achieves the bank's 2% inflation target.

"His style is to discuss monetary policy based on facts and evidence," Inoue told Reuters in an interview on Monday. "Unlike Kuroda, Ueda won't immediately turn things around after assuming the post. "He'll likely let economic data guide policy decisions." If he were to become governor, Ueda could introduce a new monetary policy framework that could include a revamped type of forward guidance, Inoue said. "If he were to become governor, Ueda will likely put emphasis on maintaining financial system stability," he added.

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.

☆ Russian agency records 375 whereabouts rule violations in 2022
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

GENEVA, Jan 27 (Reuters) - Russian anti-doping agency RUSADA said on Friday it had recorded 375 cases last year in which athletes did not properly provide their whereabouts to allow for them to be tested for banned substances, TASS news agency reported. Three whereabouts violations in a 12-month period constitute an anti-doping violation that can lead to a suspension. A memorable case of whereabouts violations in Russia was that of high jumper Danil Lysenko. Lysenko, a silver medallist at the 2017 World Athletics Championships, was provisionally suspended in 2018 after recording three whereabouts failures within a 12-month period. RUSADA was suspended by the World Anti-Doping Agency (WADA) in 2015 after the international anti-doping authority found evidence of mass doping in Russian athletics.

☆ Tokyo Jan core CPI rises 4.3% yr/yr -government
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Jan 27 (Reuters) - Core consumer prices in Japan's capital, Tokyo, rose 4.3% in January from a year earlier, government data showed on Friday. The increase compared with a median market forecast for a 4.2% gain. Reporting by Takahiko Wada; writing by Leika Kihara; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

It followed a 3.9% rise in December and stayed above the central bank's 2% target for an eighth straight month, data showed on Friday. "These readings point squarely at a further, large increase in inflation at the national level this month," said Darren Tay, Japan economist at Capital Economics. Government measures to lower energy bills will kick in next month and bring inflation down by about 1% point," he said. The BOJ kept monetary policy ultra-loose this month but raised its inflation forecasts in fresh quarterly projections, as companies continued to pass on higher raw material costs to households. Kuroda, whose term will end in April, has stressed the need to keep monetary policy ultra-loose until wages rise more, changing the recent cost-push inflation into inflation driven by robust domestic demand.

If inflation stays around 2% and Japan sees significant wage hikes, the BOJ could normalise monetary policy. "Supply shock is behind the recent pick-up in inflation," said Yasunari Ueno, chief market economist at Mizuho Securities. Dai-ichi Life's Shinke expects core consumer inflation to accelerate further in January, before slowing due to the effect of government subsidies aimed at curbing utility bills. The base effect of last year's sharp rise in consumer prices will also slow the pace of increase in inflation later this year, analysts say. BOJ Governor Haruhiko Kuroda, whose term will end in April, has stressed the need to keep monetary policy ultra-loose until wages rise more, changing the recent cost-push inflation into inflation driven by robust domestic demand.

The increase in the core consumer price index (CPI), which excludes volatile fresh food but includes oil costs, matched a median market forecast and followed a 3.7% annual gain seen in November. The annual rise in core CPI thus exceeded the BOJ's 2% target for a ninth straight month. We might see inflation stay above the BOJ's 2% target well into autumn this year," he said. Core-core CPI, which strips away both fresh food and energy costs, was 3.0% higher in December than a year earlier, accelerating from a 2.8% gain seen in November. The BOJ kept monetary policy ultra-loose on Wednesday but raised its inflation forecasts in fresh quarterly projections, as companies continued to pass on higher raw material costs to households.

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