- Fast, one-sided yen falls undesirable – finmin Suzuki
- Suzuki warns extreme yen volatility will not be tolerated
- 20-year JGB yield creeps up in signal of bother for YCC
Finance
Japan’s finance minister vows ‘appropriate steps’ to tackle volatile yen moves
TOKYO, Oct 20 (Reuters) – Japanese Finance Minister Shunichi Suzuki mentioned the federal government will take applicable steps towards extreme forex market volatility, following the yen’s slide to a recent 32-year low and in the direction of the important thing psychological barrier of 150 to the greenback.
“Latest fast and one-sided yen declines are undesirable. We completely can not tolerate excessively unstable strikes pushed by speculative buying and selling,” Suzuki informed parliament on Thursday.
“We’ll proceed to take applicable steps towards extra volatility, whereas watching forex market developments with a powerful sense of urgency,” he mentioned.
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Suzuki’s remarks got here after the yen hit 149.91 to the greenback in in a single day buying and selling, its weakest since 1990. The buck stood round 149.84 in early Asia buying and selling on Thursday.
Markets are on excessive alert on whether or not Japan will intervene within the forex market once more because the yen falls close to the important thing psychological barrier of 150 to the greenback.
The federal government, which holds jurisdiction over forex coverage, spent 2.8 trillion yen ($19 billion) in dollar-selling, yen-buying intervention final month when authorities acted within the markets to prop up the yen for the primary time since 1998.
The yen has fallen towards the greenback as buyers targeted on the coverage divergence between the U.S. Federal Reserve’s aggressive rate of interest hike plan and the Financial institution of Japan’s pledge to maintain financial coverage ultra-loose.
Whereas warning that sharp yen strikes would damage the economic system, BOJ Governor Haruhiko Kuroda on Wednesday dominated out the prospect of elevating the financial institution’s ultra-low rates of interest to average the yen’s downtrend.
The BOJ, nonetheless, is dealing with renewed challenges in conserving long-term rates of interest stably low with its coverage dubbed yield curve management (YCC), beneath which it pumps cash aggressively to cap the 10-year bond yield round 0%.
The yield on 20-year Japanese authorities bonds (JGB) rose to 1.140% on Thursday, the best since September 2015.
The BOJ is extensively anticipated to keep up its huge stimulus programme at its subsequent two-day coverage assembly ending in Oct. 28.
($1 = 149.8700 yen)
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Reporting by Kantaro Komiya and Leika Kihara; Enhancing by Chang-Ran Kim and Sam Holmes
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Finance
Jimmy Carter’s legacy, stocks fall amid rally hopes: Morning Brief
It’s the last full trading day of 2024 and Wall Street has its eyes peeled for the slightest signs of a Santa Claus rally. Seana Smith and Madison Mills observe some of the biggest market stories while speaking with top analysts on today’s episode of The Morning Brief.
Former President Jimmy Carter passed away over the weekend at the age of 100. To talk more about the US leader’s legacy and role in significant peace talks, the program welcomes American University professor Allan Lichtman and Marc Ginsberg, the former White House Deputy Senior Advisor for Middle East Policy under former President Carter.
As US stocks (^DJI, ^IXIC, ^GSPC) continue to see declines at the start of Monday’s session, the Morning Brief team looks back on the best and worst performing sectors of 2024.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
Other top trending stocks on the Yahoo Finance platform include Boeing (BA), American Airlines (AAL), Nissan (NSANY, 8291.T)
This post was written by Luke Carberry Mogan.
Finance
Stocks slip, Boeing stock falls after crash in South Korea: Yahoo Finance
The major indexes (^DJI,^GSPC, ^IXIC) are trading lower on Monday. It follows a sharp sell-off on Friday when the Nasdaq shed 1.5%. One stock on the move is Boeing (BA). Its shares are falling after South Korean officials ordered all Boeing 737-800 planes to be inspected after a Jeju Air crash killed 179 of the 181 people on board.
Key guests include:
9:10 a.m. ET – Josh Wein, Hennessy Funds Portfolio Manager
9:45 a.m. ET – Justin Patterson, KeyBanc Managing Director
10:20 a.m. ET – Gregory Kuhl, Janus Henderson Investors, Portfolio Manager, Global Real Estate
11:00 a.m. ET – Roosevelt Bowman, Bernstein Private Wealth Management Senior Investment Strategist
Finance
SingPost Names Group Finance Chief After Whistleblower Report
(Bloomberg) — Singapore Post Ltd. named a group chief financial officer and said the search for a chief executive continues after it fired a number of senior executives over allegations of misconduct.
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Isaac Mah, currently the CFO of the company’s Australia business, Freight Management Holdings Pty, will return home to take up the group CFO post, the Temasek Holdings Pte-backed firm said in a filing on Sunday. It also appointed Gan Heng, who currently heads the South District International Business Unit, as acting CEO of IBU.
The appointments follow the dismissal of three senior executives on disciplinary grounds, following a whistleblower’s report on lapses at its international e-commerce logistics parcel business. Singapore Post’s investigations into the report allegedly found several employees in the IBU made manual entries of some delivery status codes with the intent of avoiding contractual penalties with one of the firm’s largest customers.
Shares of the firm, which slid the most intraday since March 2020 after the dismissals last week, were trading unchanged as of 9:30 a.m. in Singapore on Monday.
Singapore Post said the sale of its Australia business, announced earlier this month, remains on track.
The company also paid a settlement to the unidentified customer, besides renewing its contract with the customer in August.
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