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☆ Japan wholesale inflation slows again, bolstering case for stimulus
▼ + stars: | 2023-08-10 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

REUTERS/Yuya Shino/File PhotoSummary Wholesale inflation slowest since March 2021Govt subsidy on utility bills weighs on wholesale pricesEasing inflation may keep BOJ stimulus intact for nowTOKYO, Aug 10 (Reuters) - Japan's wholesale inflation eased for a seventh month in July as pressure from high global commodity prices eased, a development economists say is likely to encourage the central bank to keep its monetary stimulus in place. It was the slowest wholesale inflation since March 2021 when prices turned positive to mark 1.0% growth, Bank of Japan (BOJ) data showed. After peaking at 10.6% in December, wholesale inflation has decelerated for seven months in a row. On the month, wholesale prices rose 0.1%, up for the first time in three months. As domestic corporate goods prices continue to slow, consumer prices will also slow from autumn," said Takeshi Minami, chief economist at the Norinchukin Research Institute.

Persons: Yuya, Takeshi Minami, Tetsushi Kajimoto, Sam Holmes, Shron Singleton Organizations: REUTERS, Bank of Japan, Norinchukin Research, Thomson Locations: Tokyo, Japan, TOKYO

☆ Japan's July wholesale inflation slows for seventh month
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A shopper looks at items at a drug store in Tokyo, Japan, May 28, 2015. REUTERS/Yuya Shino/File PhotoTOKYO, Aug 10 (Reuters) - Japanese wholesale inflation slowed in July year-on-year, easing for a seventh straight month due to softer energy utility costs, central bank data showed on Thursday, a sign the pressures that drove up consumer prices are running their course. After peaking at 10.6% in December, wholesale inflation has slowed for seven months in a row, the data showed. The data underscores the Bank of Japan's view that consumer inflation will slow in coming months as global commodity prices slide from last year's peak levels. Yen-based import prices fell 14.1% in July from a year earlier, falling for a fourth straight month, easing concerns about elevated import bills for companies reliant on raw material imports.

Persons: Yuya, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, of, Thomson Locations: Tokyo, Japan

But there are new good deals all the time, you just have to go out to find them." That's what deflation looks like in China. As witnessed by Japan in the 1990s, deflation - if prolonged - can weigh on economic growth. "Good deals are needed to get consumers through the door so there is a lot of pressure on these businesses to find margins," said Ben Cavender, managing director at China Market Research Group in Shanghai. Restaurant worker Dong went to a wet market in central Beijing around lunchtime on Thursday, but did not buy anything.

Persons: Gao Yi, Ben Cavender, Zhu Danpeng, Joey Wat, Dong, Sophie Yu, Marius Zaharia, Sam Holmes Organizations: China Market Research Group, Guangdong Provincial Food Safety, Alliance, HK, KFC, Reuters, Thomson Locations: BEIJING, Beijing, China, Japan, Shanghai, Guangdong

People wearing face masks are seen on an overpass in front of a residential building in Beijing, China August 11, 2020. Investors may get their first read on the market reaction when official property investment and price data for August is released next month. It was not the curbs that were holding the market down, they said, but Chinese doubts about better days ahead. While not bullish on real estate, she thinks of big-city properties as a "slightly bruised apple amidst a bunch of rotten ones." "I'm concerned about the change," said a 26-year-old pharmaceuticals worker surnamed Song, who had considered buying a property in Beijing before realising he needed his parents' support.

Persons: Tingshu Wang, Kate Ren, hasn't, Ren, Ting Lu, Sophia Chen, Chen, Zhuran Zhang, Zhang, Song, Liangping Gao, Ella Cao, Shuyan Wang, Marius Zaharia, Sam Holmes Organizations: REUTERS, Nomura, Investors, July's Communist Party, Reuters, Thomson Locations: Beijing, China, BEIJING, HONG KONG, Shanghai, China's, Zhengzhou, Hangzhou

☆ Reaction to China inflation data
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +5 min

Below are comments from analysts on the inflation data:XING ZHAOPENG, SENIOR CHINA STRATEGIST, ANZ, SHANGHAI"Both CPI and PPI in year-on-year terms fell into negative territory and confirmed economic deflation. "With destocking and credit expansion, we expect PPI and CPI will rebound from the bottom in the fourth quarter. The CPI deflation may put more pressure on the government to consider additional fiscal stimulus to mitigate the challenge." XIA CHUN, CHIEF ECONOMIST, YINTECH INVESTMENT HOLDINGS, HONG KONG"The lower inflation data reflects weak demand on the mainland, which is biggest challenge facing China's economy. It also shows China's slower-than-expected economic rebound is not strong enough to offer the weaker global demand and lift commodity prices."

Persons: XING ZHAOPENG, CHUAN, FRANCES CHEUNG, Rather, ZHIWEI ZHANG, MARCO SUN, XIA CHUN, GARY NG, Liangping Gao, Ellen Zhang, Winni Zhou, Samuel Shen, Li Gu, Sam Holmes Organizations: ANZ, CPI, PPI, OCBC, SHANGHAI, MUFG BANK, ASIA PACIFIC, Thomson Locations: BEIJING, CHINA, SHANGHAI, China, SINGAPORE, HONG KONG, Japan, Beijing, Shanghai, Hong Kong

☆ Dollar creeps higher ahead of US, China economic data
▼ + stars: | 2023-08-08 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The trade figures come a day ahead of the country's inflation reading, with markets on the lookout for further signs of deflation in the world's second-largest economy. Ahead of the data release, the offshore yuan was little changed at 7.2039 per dollar. The Aussie slipped 0.05% to $0.6571, while the kiwi fell 0.08% to $0.6102. "This week's economic data ... will continue to paint a picture of a weak Chinese economic recovery," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "With the (Federal Reserve's) interest rate policymaking remaining data dependent, every data point has been eliciting an even higher level of vigilance," said Gary Dugan, chief investment officer at Dalma Capital.

Persons: Jo Yong, Carol Kong, Sterling, Gary Dugan, Rae Wee, Sam Holmes Organizations: Korea Exchange Bank, REUTERS, New, Commonwealth Bank of Australia, Aussie, U.S, ANZ, Dalma, Thomson Locations: Seoul, SINGAPORE, U.S, Asia, New Zealand

☆ China's July exports, imports fall much faster than expected
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo/File PhotoBEIJING, Aug 8 (Reuters) - China's exports fell 14.5% in July year-on-year, while imports contracted 12.4%, customs data showed on Tuesday, in the biggest decline in outbound shipments from the world's second-largest economy since February 2020. A Reuters poll of economists had forecast a 12.5% fall in exports and a 5.0% drop in imports. China's economy grew at a sluggish pace in the second quarter as demand weakened at home and abroad, prompting top leaders to promise further policy support at a meeting of the Politburo last month. South Korean exports to China fell 25.1% in July from a year earlier, the sharpest decline in three months. China's trade surplus grew by $80.6 billion, beating a forecast of $70.6 billion in the poll.

Persons: Aly, Joe Cash, Sam Holmes Organizations: REUTERS, Thomson Locations: Shanghai, China, BEIJING, Beijing, Asia, South

☆ Goldman Sachs' Jeff Currie, who predicted commodities supercycle, to retire
▼ + stars: | 2023-08-07 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, Aug 7 (Reuters) - Goldman Sachs' (GS.N) global head of commodities research Jeff Currie, a prominent analyst who accurately predicted a surge in commodity prices in the 2000s, is retiring, according to a memo seen by Reuters. Julian Salisbury, chief investment officer of its asset and wealth management arm, is departing to join investment firm Sixth Street, according to an announcement last month. His forecast was borne out in what would become known as the commodities supercycle, during which crude oil surged to record highs in 2008. More recently, Currie revived his prediction for another supercycle fuelled by pandemic stimulus measures and rebounding economic activity. Currie joined Goldman in 1996 and was promoted to managing director in 2002, then partner in 2008.

Persons: Goldman Sachs, Jeff Currie, Currie, Julian Salisbury, Jan Hatzius, Goldman, Dina Powell McCormick, Lisa Opoku, Saeed Azhar, Lananh Nguyen, Sam Holmes Organizations: Reuters, Sixth, Reuters Commodities Summit, University of Chicago's Energy Policy Institute, Goldman, Thomson

☆ BOJ debated prospects of sustained inflation at July meeting - summary
▼ + stars: | 2023-08-07 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Japan is expected to see a new phase where wages and services prices continue to increase," according to one opinion shown in the summary. Therefore, wages and selling prices could continue to rise at a pace that has not been seen in the past," another opinion showed. Governor Kazuo Ueda said the decision was a pre-emptive move against the risk of rising inflation pushing up long-term bond yields, and heightening volatility in financial markets. "If prices and inflation expectations continue to heighten, the effects of monetary easing will strengthen. On the other hand, strictly capping the 10-year bond yield at 0.5% could affect bond market function and market volatility," one opinion showed.

Persons: Kim Kyung, Kazuo Ueda, Leika, Chang, Ran Kim, Sam Holmes Organizations: Bank of Japan, REUTERS, Bank, Japan, Thomson Locations: Tokyo, Japan, TOKYO

☆ Morning Bid: Markets drift ahead of payrolls test
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Futures indicate European stocks are set for a higher open but whether they are able to hold on to the gains remains to be seen. Before the headline U.S. non-farm payroll report comes through later in the day, investor attention will be on construction PMI data from euro zone, UK and Germany. Sterling will also be in focus after getting whipsawed on Thursday after the Bank of England's modest rate hike. Investors have pinned hopes on stimulus and policy easing from Beijing to rev up the anaemic rebound in the world's second-biggest economy. Key developments that could influence markets on Friday:Economic events: UK July construction PMI, Italy June industrial production, Germany July construction PMI, Eurozone retail salesReporting by Ankur Banerjee; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Ankur Banerjee, Sterling, Sam Holmes Organizations: Ankur, Bank of, Investors, Wall, Inc, Thomson Locations: Germany, China's, Beijing, Italy

☆ 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

☆ Stocks fall, Treasuries gain after Fitch downgrades US rating
▼ + stars: | 2023-08-02 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-Hoon/file photoHONG KONG, Aug 2 (Reuters) - Asian stocks traded lower while U.S. Treasury yields declined on Wednesday, after ratings agency Fitch unexpectedly downgraded the United States' top-tier sovereign credit rating. Asian stocks were also weighed by declines on Wall Street overnight. Fitch cut the United States by one notch to AA+ from AAA, citing fiscal deterioration, a decision announced after the Wall Street close on Tuesday. U.S. 10-year Treasury yields declined by about 2 basis points to 4.025% in Tokyo. The United States publishes fresh data on jobless claims and unemployment later this week.

Persons: Kim Kyung, Fitch, Hong Kong's, HSI, Manishi Raychaudhuri, counterintuitively, Steven Ricchiuto, Brent, Xie Yu, Sam Holmes Organizations: REUTERS, U.S, Treasury, United, Japan's Nikkei, AAA, Asia, BNP Paribas, Standard, U.S ., Mizuho Securities, West Texas, Thomson Locations: Tokyo, Japan, HONG KONG, United States, Asia, ., U.S, China

☆ Australia holds rates steady, might be done tightening
▼ + stars: | 2023-08-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Markets had leaned toward a steady outcome given recent data showed inflation had eased for a second quarter and consumer spending was softening. However, economists were more split on the outcome, with 20 out of 36 polled by Reuters expecting a hike. Swaps now implied a risk of around 13 basis points of tightening by year end. In a relief for policymakers, headline inflation slowed more than expected in the second quarter while retail sales posted their biggest fall this year in June. "While the RBA retains a tightening bias, we expect the hurdle to another rate hike is high.

Persons: Philip Lowe, Lowe, Michele Bullock, Belinda Allen, Goldman Sachs, Hebe Chen, Stella Qiu, Wayne Cole, Anisha Sircar, Sam Holmes Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Commonwealth Bank of Australia, CBA, National Australia Bank, IG, Reuters Global Markets, Thomson

☆ Asia stocks near 16-month peak on economic optimism, Aussie eases before RBA
▼ + stars: | 2023-08-01 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The Aussie dollar, meanwhile, eased slightly heading into a central bank policy decision, with traders laying about 30% odds on a quarter-point rate hike. MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) rose 0.25%, heading back toward the high reached Monday, which was its strongest level since April of last year. The dollar added as much as 0.37% to reach a three-week high of 142.80 yen . Japan's benchmark 10-year yield hovered around 0.6%, far from the new de facto cap at 1%. The Aussie weakened 0.34% to $0.66955, putting it around the middle of its trading range of the past week.

Persons: Tony Sycamore, cryptocurrency bitcoin, Kevin Buckland, Sam Holmes Organizations: Bank of, Japan's Nikkei, IG, Caterpillar, U.S, . West Texas, Thomson Locations: TOKYO, Asia, United States, Beijing, Sydney

☆ China's July factory activity swings back to contraction - Caixin PMI
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Aug 1 (Reuters) - China's factory activity swung to contraction in July, a private sector survey showed on Tuesday, with supply, demand and export orders all deteriorating as firms blamed sluggish market conditions at home and abroad. The Caixin survey showed manufacturing output shrank for the first time in six months while new orders saw the quickest reduction since December. New orders remained unchanged at makers of investment goods, but fell at producers of consumer and intermediate goods. Employment across the manufacturing sector fell for the fifth straight month in July, although the pace of job shedding eased from June. But Wang Zhe, senior economist at Caixin Insight Group, said current monetary settings would only have a limited effect on boosting supply.

Persons: Wang Zhe, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Caixin Insight, Thomson Locations: BEIJING, Beijing, Shenzhen

☆ Japan's factory activity falls on soft orders - PMI
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Aug 1 - Japan's factory activity contracted at a faster pace in July, a business survey showed on Tuesday, taking a hit from soft orders amid weakening global economic conditions. Data on Monday showed Japan's factory output grew in June for the first time in two months thanks to solid auto production. Subindexes gauging new orders and output both stayed in the sub-50 territory in June for a second month. Japan has to date weathered worsening global economic conditions relatively well thanks to robust domestic service activity and ultra-loose monetary policy. On a brighter note, the S&P survey showed easing cost pressures for companies thanks to sliding fuel and commodity prices.

Persons: Usamah Bhatti, Bhatti, Sam Holmes Organizations: Jibun Bank, P Global Market Intelligence, Thomson Locations: TOKYO, Jibun Bank Japan, Japan

☆ Morning Bid: Beijing stimulus given benefit of the doubt
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

Yet that merely stoked wagers Beijing would have to dole up sizable stimulus at some point or risk social unrest, particularly with youth unemployment rising. So far, domestic investors seem to be giving Beijing the benefit of the doubt - foreign funds have been shunning Chinese stocks for a while. Any rise in Japan's paltry yields should, theoretically, be a plus for the yen and a negative for yen-funded carry trades. This in part reflects the still huge gulf between Japan rates and emerging markets and the fact that many carry trades are funded at one month rates and rolled over. Right now, investors can still borrow yen for one month at -0.1% to buy pesos and earn 11.1%.

Persons: Wayne Cole, China's, it's, That's, Austan Goolsbee, Sam Holmes Organizations: Beijing, Nikkei, Bank of Japan, Federal Reserve Bank of Chicago, Western Digital Corp, Aercap, Thomson Locations: Wayne, Beijing, Asia, Pacific, Japan, Chicago

BEIJING, July 31 (Reuters) - China's manufacturing activity fell for a fourth straight month in July while the services and construction sectors teetered on the brink of contraction, official surveys showed on Monday, threatening growth prospects for the third quarter. Construction sector activity for July was its weakest since COVID-19-related workplace disruptions dissipated around February, data from the National Bureau of Statistics showed. The non-manufacturing PMI, which incorporates sub-indexes for service sector activity and construction, dropped to 51.5 from June's 53.2. "Meanwhile, we're seeing improvements in inventory levels, suggesting that with destocking nearing its end, China's manufacturing sector bottomed out in the second quarter," he added. "Unless concrete support is rolled out soon, the recent downturn in demand risks becoming self-reinforcing."

Persons: Xu Tianchen, Julian Evans, Pritchard, Joe Cash, Sam Holmes, Edmund Klamann Organizations: National Bureau, Statistics, Communist Party, PMI, Economist Intelligence Unit, destocking, China, State, Capital Economics, Thomson Locations: BEIJING, China

☆ BOJ flags broadening price, wage hikes in wake of policy tweak
▼ + stars: | 2023-07-31 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Price hikes have spread rapidly among Japanese companies and sectors that had previously been cautious about passing on costs to households, the central bank said. "We must continue to scrutinise whether price hikes to pass on higher costs could broaden and last longer," the central bank said in a full version of its quarterly outlook report. Unlike the United States and Europe, however, Japan is still seeing inflation driven by higher goods prices rather than wage pressures, the BOJ said. The assessment of the price and wage outlook came after the central bank's decision on Friday to tweak its bond yield control policy and allow long-term interest rates to rise in line with inflation. The outlook for wages and inflation expectations is crucial to how quickly the BOJ could move towards dismantling its controversial bond yield control policy.

Persons: Leika Kihara, Kim Coghill, Sam Holmes Organizations: Bank of Japan, Thomson Locations: TOKYO, United States, Europe, Japan

☆ Yen advances on BOJ policy tweak speculation, dollar steady
▼ + stars: | 2023-07-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The Nikkei newspaper reported the central bank will maintain its 0.5% cap for the 10-year government bond yield, but discuss allowing long-term interest rates to rise above that level by a certain degree. The Japanese yen strengthened as much as 0.55% to 138.72 per dollar before losing steam to trade at 139.37 on Friday. The BOJ last December stunned the market by widening the yield band and allowing the 10-year yield to rise by up to 0.5%. The story so far has been of policymakers sticking to expectations with the Federal Reserve and the European Central Bank hiking by 25 basis point each earlier in the week. Against a basket of currencies, the dollar shot up 0.059% at 101.74, having risen 0.66% overnight.

Persons: Carol Kong, Christine Lagarde, Lagarde, Jerome Powell, Rodrigo Catril, Ankur Banerjee, Sam Holmes Organizations: Bank of Japan, Nikkei, Commonwealth Bank of Australia, Federal Reserve, European Central Bank, ECB, Fed, National Australia Bank . Data, Labor Department, Thomson Locations: SINGAPORE, U.S, Singapore

Most of the recent arrivals have settled in Perth, Western Australia, where they have enrolled in courses such as childcare, hospitality and accounting. Tashi Kipchu, a 25-year-old education consultant, is one of many who came to Australia last year in search of better opportunities. People don't see an opportunity out there," said Kipchu, who studied marketing at the University of Western Australia. That accelerated after the reopening of borders in Australia in 2022, with official data showing student visa applications from Bhutan jumping fivefold in the fiscal year ended June. At Kingston International College, a vocational education provider in Western Australia, about 150 Bhutanese students receive training, said managing director Tandin Dorji, himself a Bhutanese migrant.

Persons: Cathal McNaughton SYDNEY, Tashi Kipchu, Kipchu, Phil Honeywood, Sonam Tobgay, Tandin Dorji, Dorji, Stella Qiu, Gopal Sharma, Sam Holmes Organizations: REUTERS, University of Western, International Education Association of Australia, Bhutan's, Kingston International College, Thomson Locations: Thimphu, Bhutan, KATHMANDU, Australia, Perth, Western Australia, University of Western Australia, South Asia, China, India, Nepal, Bhutanese, Sydney, Kathmandu

☆ 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

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

The Nikkei newspaper reported the central bank will maintain its 0.5% cap for the 10-year government bond yield, but discuss allowing long-term interest rates to rise above that level by a certain degree. Under yield curve control (YCC), the BOJ guides the 10-year bond yield around 0% and sets an allowance band of 0.5% above and below that target. At the two-day meeting ending on Friday, the BOJ is widely expected to maintain the 10-year yield target and a -0.1% target set for short-term interest rates. The BOJ's meeting comes after the Federal Reserve's decision on Wednesday to raise interest rates, a move that further widens the interest rate gap between the United States and Japan. That changed last year, when soaring commodity prices pushed inflation above the 2% target and gave investors reason to attack the yield cap.

Persons: Ueda, Kazuo Ueda, Shinichi Uchida's, Leika Kihara, Sam Holmes, Conor Humphries Organizations: Nikkei, Bank of Japan, Reuters, Federal, Thomson Locations: TOKYO, United States, Japan

Summary Tokyo July core CPI rises 3.0% yr/yr vs f'cast +2.9%Tokyo core inflation stays above BOJ's 2% targetInflation excluding energy accelerates in JulyData comes ahead of closely watched BOJ meeting outcomeTOKYO, July 28 (Reuters) - Core inflation in Japan's capital slowed in July but remained well above the central bank's 2% target, data showed on Friday, keeping pressure on policymakers to dial back ultra-loose monetary policy. The data for Tokyo, which is seen as a leading indicator of nationwide trends, comes ahead of the Bank of Japan's closely watched policy decision due later in the day. While the gain was slower than a 3.2% rise in June, Tokyo core inflation stayed above the central bank's 2% target for the 14th straight month. The dollar dipped slightly to around 139.03 yen after the release of the Tokyo inflation data. Reporting by Yoshifumi Takemoto and Leika Kihara; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Yoshifumi Takemoto, Sam Holmes Organizations: TOKYO, Bank of, Nikkei, Thomson Locations: Tokyo, Bank of Japan's

☆ China's property firms rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

Its Shanghai-traded bond surged 25% to 38 yuan, while a Shenzhen-traded bond rose 44% to 33.6 yuan. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Sino-Ocean Group's onshore bond rose 8.6% to 23.5 yuan in Shanghai. The state-backed firm is currently negotiating with creditors to extend the repayment for the yuan bond due Aug. 2. Nomura's Lu maintained the view that there is no quick fix for the property sector, and that the central government would only marginally ease some existing restrictive measures in large cities.

Persons: Nomura, Ting Lu, Nomura's Lu, Morgan Stanley, Clare Jim, Jason Xue, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Garden Services, Communist Party, Longfor, Seazen, KWG, Ocean Group, Greenland Holdings, Country Garden, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, Shanghai, Shenzhen, Beijing, China

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