this child is more than a body of water. it's the final spring of desperate journey. a remarkable 1st time the account of a young tracy onto the same is brother's life selflessly sold to provide for his family. the see won't scare us with this on the laura kyle, this is counting the cost on the i'll just era we can look at the world of business and economics this week. interest rate cuts on coming signals. the us fed of a major central banks and $1000.00 and foreign costs is the fights against

inflation. turning a corner, it's been a year of volatility. so the japanese currency, so what is driven the wild swings and again, just the rest of the, well, the warrens and kind of employees ignore that. bosses, australia is the latest nation to decide. they come off to work hours and with a copy of the inflation is easing the era of high borrowing costs could be coming to an end. that's the message from central banks governance who gathers of the us federal was of the annual conference at jackson hole last week. the much anticipated message came from the fed charge of, i'm paul, who was at the time has come for rate caught most likely in september. that brings it into line with other major banks, which now seems to be more concerned about unemployment and economic growth than prices. and it could bring some concept for consumers who have been struggling with a high cost of living for the past 2 years. me, tulsa, i'm sorry,

for poets the time has come for policy to adjust us federal reserve. chad jerome palm explicitly endorsed cutting interest rates in his hardly anticipated speech in jackson hole, wyoming inflation has declined significantly. the labor market is no longer overheated, and conditions are not less tight, and those that prevail before the pandemic supply constraints have normalized and the balance of risks to our to mandates has changed. addressing central bankers at an annual meeting, paul said he was confident installation was within reach of defense to percentile get the bottom line here is that the 1st cuts coming in september. there is little doubt about that now. he all, but promised it will be coming to fed raise rates to a 20 year high when inflation sold during the cold with 19 pandemic. it hasn't moved them in more than a year, even as inflation. so the economy kept growing. powell is now hoping to avoid

recession, as well as further increases in unemployment. often speech. pablo how talks with the governors of the bank of england and bank of canada. both have recently caught the interest rates as has the, your pin central bank. over the summer. we saw inflation return to normal, and now interest rates are coming down. our books are the envy of the developed world. the dollars global reach means that is the fed desktop rates next month. it could ameliorate a global slowdown and help ease the cost of living crisis that continues to impact consumers and the consumption brief. i'll just eva for counting the cost as well. now here is a highlights of the week why do central bank set the interest rate target up to percent of the idea of which an h from a comment made by full magnesium finance minister roach of douglas in 1988. he said

he wanted the inflation rate to come down to between 0 and one percent. for 20 years. the country had been struggling with double digit inflation, the bank of using and then made it a special government policy bought extend at the target range to 2 percent in 1991 . the bank of canada followed suit the bank of england sets as inflation rate as 2 percent in 2003, nearly a decade later, the federal was also adopted. a 2 percent target are turning yourself from brussels . is frederick eric some, he's the director of the european sense of international political economy. great to have you with us. so jerome poly doesn't quite say mission accomplished, that insulation is on the control that's very near that 2 percent target. but how close is this and how much of an interest caught all we'd like me to see in september? i mean, i think not just united states, but also other major markets in the world that i've suffered from high inflation

since the beginning of 2022. i think they're now back in safe territory inflation depending on what make sure that you want to use is in the region of 2 to 3 percent . the great inflation pressures that well, that in 20202021 day of most have gone away. and of course, most of these pressure is came from extraordinarily supply of liquidity from central banks into the economy. during the pandemic coming then, some of the economy was, was even more supported by lots of different uh, sit there packages that came from government through independent may, can that have the effect of also making people that have a lot of money in the pocket, particularly spend it on much because they're old enough times. so those prices may have dissipates and some of what but what risks still remain before we can truly say that we are in safe, tyler tray for me, that i had a couple fun at uh, up to risk for inflation. i mean, as long as pinokie is, which is that we have

a lot of workers who are now in the process of wanting to compensate for the most and really income that they have suffered from during the inflation period. so costs have gone up substantially, but to pay rises have been far away from, from the cost of living that they have enjoyed. we see now in the country of the country that, uh, the pressure is coming from trade unions or from the labor market. this is, is getting stronger and stronger in the u. k recently, but i've seen strikes, for instance, from frame drive is demanding more pay and, and the government have basically said that the going to show up public sector pay quite significantly. so that is this dynamic which is bad, which can have the impact off of pushing inflation up again. but having that set, i mean, you're not going to get information just because you have a pay rises that pay wise also need to be supported by law liquidity going into the

front of me and that central bank can control. okay. yeah, because he has it got jerome poly to walnut keeping high interest rates would cause some pain for families and businesses. you say that now looking to recruit, the law says, how will this reduction and rates help them? i think it's going to vary from family to family and as pulls from country to country as well. i mean, the major effect is that the, the interest rates on different move just you have as a family will be impacted by a reduced rate. now, you know, there are lots of differences between countries about how big interest rate the costs have gone up on their mortgages. i mean, in some countries like america, when you, when you buy a new home you, you basically contract with the bank on a fixed rate for a long period of time. and it's going to take a one for high interest rates to creep into the pockets of families and zeros to

reducing come. but then you have all the countries that way you see much more of a nicole in effect coming from interest rates directly into household budgets. and, and they of course, have been suffering more from living the cost of living prices, then then in other countries. but generally speaking, a lower interest rate is going to be more expensive for households because they can reduce also credit card debts in cost of servicing. further concepts and there's going to be more money for them to spend. if we look at how the central banks responded to this. so we have fed officials thinking that the spiraling and facial that we saw in 2021 would be trends of tre. how's they get it so wrong? good question. um, i'm surprised about the pet rents we have for the money i missed the chief that we've been seeing from not just friends, but also central banks over the past couple of years to. i mean, as you say, in the 1st phase, north of meeting batch, there was an inflation dynamic going on the corner me. and when it was bleeding

obvious to everyone that they was they, they said it was going to be transitory. and that it was most to relate to, to supply chain and strains that emerge during the pandemic with ports and others that couldn't supply goods in, in, in the way that could in the past. now, of course, we know that this is just a bogus economics. the, the source of it was an over supply of money going into the economy. i'm gonna just take america when it had dog from been 2020 at the tail end of his presidency, having a fiscal deficit. don't work well said 15 percent of g to be done in 2021 comes to buy another ministration with the american risk plan on adding another to trillion . use dollars uh to households with the checks that, that the federal government was sending out to everyone for service going to be inflationary is just a matter of time before it's going to creep. sort of pushing face right top. we know that the states of america,

the economy is felt throughout the world. if the u. s. has indeed avoided a recession kind of well. now take a breath. what i think we are generally not just in america, but generally i think we are in a tired where a, where we go to find the economic activity to increase a bit. i mean, it may be slow downs coming in the next in the next couple of months as well. but if you look at sort of the big money indicators of what's going on the economy, we can see that credit rates are going up. and this has been obvious in, in, in europe over the past quarter, where, of course, the economic decline was most severe, then it was in america. so i think we are generally on a path where a combination of all interest rate costs more interest rate cons coming, countries that have already started to reduce them all going to help support a more stable path for economic growth sol, supposedly that's good to have some good news, frederick x,

and many things. indeed for joining us. hell and counting the cost. thank you. the japanese currency was at the centre of a global market mountain town earlier this month, economists and now we thinking whether the young should still be viewed as a safe haven asset. begin is the world. the most traded currency behind the us solar on the euro is mainly because people have been able to borrow it cheaply and invest the currency elsewhere with higher tons. but the value of the yen has gone up sharply opposite the central bank heights interest rates for the 1st time since 2007 that has split to invest as who rushed to the exit door. well, let's take a look at what's behind the wild swing in the end valley and japan has suffered from deflation on stock nation for decades to encourage spending and revive by the central bank because cap rates at volk, balsam, negative interest rates of catch the in on a weakening trend which markets have come to rely on. investors borrowed the

currency at low interest rates and re invested the proceeds in high a yielding assets elsewhere. and what's known as carrie trades. but the gym has depreciated shopping throughout this year. its levels not seen since 1986, the bank of japan has intervened several times to prop up the currency. meanwhile, wages have risen and prices have searched stoking inflation. the bank raised its interest rates to 0 percent for the 1st time in 17 years. in march, walking a shift and as long standing by energy policy that was followed by another rate hike in july. when central banks raise interest rates that currencies tend to rally . they again strengthens move in 12 percent against the dollar this month that i figured a huge unwinding of the so called carrie trades, one, invest in stock and selling that shows to cover losses. market time all spirals and that concerns the american economy was at risk of pulling into recession. last week,

the bank of japan's govern, a one to global markets, remained on st table. it's most the one i most do you recognize that the financial and capital markets in japan and overseas remain unstable for the time being. we will continue to monitor these developments with an extremely high level of urgency that if it becomes clear that the outlook for the economy and price is, is a lining with our expectations. we will continue to maintain our basic stance of adjusting the degree of monitoring easing in the future. so what the bank of japan, the sides could have major implications for the rest of the. well, to discuss this further, let's go to take you and speak to jeff, because he's executive director of the investment advisory firm monex group, japan. and he's also a former chief economist at jp morgan and merrill lynch. great to have you here on counting the cost. the big question here is with all of this bullet, tennessee is, begins still a safe haven currency. the certainly we may use the bank

or to below the speculator the so, you know, when you look around the world, you'll find that you'll know what is boring cost. uh yeah, the price of the call monthly bill is only a quarter of a percent much lower then you're all the money to investor borrow money. the higher the. yeah. but it's the banker to go and the way the, the key when the machine that i call the better the are they getting more but it's an old raises at the beginning to be so bold a tile. what kind the bank of japan do to combat?

well, i mean the, the, the, the, the not the conditions or the condition and as we all know, the document a rather the, you know, we don't know the right mindset is the, you're over the, for the governor. normalize each are free by the law as long as they should fire fire. i the ways there. yeah. so it depends on standalone doesn't as long as the wells major, major central banks of the world in raising interest rates at this time, it didn't seem to come with a bit of a surprise. so many people surprise the prize.

you know, the right, the either says the 30 years, all right. and now that the economy is doing better is probably normalized capitalism to bring back where no the buyer but was privacy or the other part of the is a big the, uh, so i guess is it best. so it could all make policy generally to, to raise interest rates. i keep the in strong or to lower them and encourage domestic spending the heavy function you know, the function tomorrow we are the what is the indeed the

private suited for a lot of them by the bank of the b. that's the most important thing to know is the bring back to the function, financial market in japan. okay. just for co, great to get your perspective the from to okay. many things and the for joining us now it's being seen as a big win for work is drawing a cost of living crisis astray. lands can not refuse to monitor, read or respond to work, calls and emails outside of paid hours. the country joins a growing list of nations aiming to protect employees, what life balance, but does come with one condition, because have the right to disconnect unless doing so is deemed unreasonable. so what is considered reasonable contact outside of working hours? we'll put that question to our guest shortly. first, this report by victoria k, some b employees in australia and now looking forward to swiping

out and switching off. it follows the introduction of a so called flight to disconnect, lose, which keeps employees the right to ignore unreasonable work related calls and emails as to office hours. that it's really hard to switch off as it is. so having these laws coming to place that, you know, we, we, we really do disconnect is really important, especially like in my life when i have external clients who need to get ahold of me . so we don't always have the same working hours. employee is will still be able to contact work is in an emergency and an employee can only refuse to respond when it's reasonable to do so. defining reasonable will be up to a strategy as industrial regulation. we don't know what will be judged to be raised to pull in terms of both employer and employee rights. that's why we think this is going to end up not just in the fed will like commission, but probably in the course that there is time just as this. this on thoughts,

australians worked on average 281 hours of unpaid a good time. last year was the equivalent of moving $88000000000.00. australia joins around 2 dozen countries, mostly in europe and latin america, which have similar rules. a little replies to medium and large size companies. smallest ends with fewer than 15 employees will be copied from obese. next year, but some a skeptical about whether the new little will work. i think it's an excellent idea . i hope it catches on. i thought it a catch on in our industry to tell the truth. we are professionals, well paid are expected to deliver. and uh, we fee, we often live in 24 hours at 24 hours a day if you have to smartphones and all the electronic devices make it difficult for many employees to disconnect from work. and since the cubic 19 pandemic, the lines between work and home life had become increasingly plugs and we save. and

you know, we'll give them the confidence to call balance of better what life balance victoria gates and b i, which is a risk to counting the cost. well, joining us now from melbourne in australia is shasky korean. and that be, he's chief economist at geographical that's a global city planning consultants that you, thanks very much for joining us. why is this training and doing this? so i think the legislation has to be taking the time with what is going on in history. that currently is it has a fairly high levels of on paying the time we're the combination on average, the sharing work is working an additional 5.4 hours a week, not paid all the time and not as much time 2 minutes of work. so that's a full day work for free. and then when you take a look what's going on around the world, the straight ahead of the miles, the highest levels of a very long hours is the 5 year old. and you see is more than 50 hours

a week. this is trey, i'm looking at these very long warehouse, higher the average and a 10 percent seen across the cd. much higher is comprising peers, canada. i know a way it sits around to the full uh to the falls. so really the attention mitigate some of these items back in dallas is a low cost workers that may work long hours, but strangely, it has pretty low productivity. critics say that this is just only going to exacerbate that by how struck it's going to raise a clue at one level, at another level. there's several studies done at the individual level. well no that's i did find that way, but it was not only a by the right to disconnect schools, but a funded and also say it's ok with work in my thousands upon it within the management and culture. employees less likely to but most likely use the high to

get and most companies and less likely to see sickly as well, obviously, mental health time to play that. so overall the factors, a sort of secondary policy and raising the level of productivity. now the wording does leave quite a bit to interpretation, what might be considered a reasonable refusal to reply. and i completely agree, but he's a unclear at this point in time how to interpret the phrase you divide reasonable. i the, this is the onset of the rules, the economists say separately. and i believe that in the next year or 2 both cases be brought before you know that work conditions and introduce you to call to identify what those definitions me. in the meantime, i see this probably an opportunity my businesses to look at this fine. i'll do that as very highly experienced. and we finally will lock in with all the basic cap

international migration and special students coming in is going to be in the higher we'll get into the portal coming year. now it's actually i'm aware that it's almost 7 pm with us, so we're grateful that you decided to still do this interview. but will this ruling change your attitude to doing work outside of office hours? no, it's very unlikely to do the whole company. and so a lot of the determined by the, by globally, it's very unlikely that the slow will change the way that i will certainly be working most ashy and cohen. and i am sorry to have that. but thank you very much. indeed for taking the time to join us here on counting the cost. i think we'll take a look at dollars of solar panels in just a moment. but 1st here's a round up of what else is making the news. canada will impose

a 100 percent powerful on imports of chinese made electric cause. following on from the us. the e. u is also slapped on terrorists. west of nations accuse china of subsidizing as eaves which gives its comic is an on for advantage. aging says the terrorist, violate, well trade organization rules. does he of mess us as his social media platforms, pressured by the, by the ministration to sense the content around cobit 19 and less as the house of representatives, monk a bug said he regret. following to such requests, the white house defended the move, saying it was meant to encourage responsible actions to protect public health and safety and battle during the russian bone. building a found the c. e. o. of the messaging up telegram has been placed on a formal investigation. there all of is now banned from leaving front as part of an inquiry into cyber crime, including drug trafficking on child sexual abuse. telegram says it abides by e laws and is content motivation is with in industry standards on the planet.

second, bice use natural results behind water fund could soon be running out. studies have shown demand for signs mining tripled over the past 2 decades, reaching 50000000000 tons. yeah, we're moving the material from river bed seas and oceans is happening at a rate foster and it can be renewed un bones. it's having a huge impact on the environment. now positives and also have been finding creative ways to stay connected. also we all type of 7th tags as well, cost, whole supplies of electricity. so solar panels and now widely used. but vast option poses all the challenges as abraham l. kelly and also city reports. as you can see, i'm here stand the midst of the solar panels after a long periods of electricity out as you to the ongoing is right in the war on gaza . civilians are seeking these bowels. as the main i looked in at the energy source

by no cut off by the hub i like after months of electricity outages were resorted to alternative energy, mostly solar panels that are almost broken up. we only get around 50 percent from the maybe broken, but they're a bit of a fresh air for us in a way of sorting out a problem. the energy that we get today is useful for a family of about 6 nan. luckily we come here to charge of veterans and mobile phones because there is no electricity. and because we can't afford to buy and, and sol solar panels, we need to charge a battery. so we can have lights during the noise. is, am on the coast as before, the price was $800.00 shekels or about $200.00 for one pen item, but now the price can be up to $10.00 times higher. the people don't have a minus of people nowadays look for the cheapest price because cash is not available will depend on that. we have now are used to going was sold by the owners of destroyed houses and buildings. the sold everything the good after the tax to

buy food and water for the family. no one has an income in the street vehicle and make a burden. made it difficult for many families, all 4 of the 10 in solar systems. and we can't even afford the maintenance. also the is really ongoing valuable, spare parts and due to the guys of strip. so families are forced to go to low voltage electricity points to charge their batteries for light lights. solar panels are providing another window of relief for disparate guidance after the ongoing ben with fuel entry so that, so that guides of sol, electricity, distribution company in the gaza strip. and, but i am a how do you mean? how does your northern garza house buy masses also for this week? but remember, get in touch with us on x, e is the hash tag h a c t c. when you do or drop is an e mail counting the cost of out their adult net is addressed. about the more for

you online at al jazeera dot com slash ctc. that'll take you straight to a page which has individual reports, links an entire episode for you to catch up on. that's it for this edition of counting the cost. i'm nora kyle, from the whole team here. thanks for joining us. the news on al jazeera is next a pod is an inconvenience, is israel and obstacles piece? i think that the new thing you have one is government with this is 5 digit, you say getting russell, a thought provoking. odd, since the e, you made weapons being used in guns. no guns should be used in an offensive way. that's our facing realities you're running. mean, what does he bring to the table? hard from being president, joe, could we do it or something we can uptake the fact that he was suddenly present as not that important factor? he had the story on talk to how does era exploring diverse cultural,

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