the way the financial year and comes in at the end of march. the bank of japan will see that. april is some more likely scenario. one of the key things we are not seeing excuses for them moving in anymore. if you go back to last year, you saw stories in the media advising us why the bank of japan wasn't ready. we are not seeing those anymore. the governor has been consistent saying we are gradually getting to the point where he's ready. if he can persuade the rest of his colleagues to feel the same way, we will have lift off pretty soon, april is looking like a pretty hot page for the bank of japan to do something, but the move will be relatively small when they do start. tom: march will be live but more likely april as they adjust that. when it comes to the u.s. when we move from the central bank of japan, the boj to what's happening with the fed with expectations there. he big week in terms of the data. where is your lens going to be? what is going to be most important in terms of how the markets might readjust to expectations? that further readjustment could come through by

paul: just want to get more of your thoughts on the next moves for the bank of japan. to what degree is there a spanner in the works for the normalization for policy? vasu: it's still possible the bank of japan could lift rates in april. that's our best case. i don't think the gdp numbers hit expectations. don't expect them to continue to increase interest rates and a conservative fashion. i think they will hike rates once or just once, and watch. japan has been mired in inflation for a long time. i think the boj will be careful and tread cautiously pure it's quite clear, the governor said last week monetary policy will remain accommodative. implying that rate hikes will not be significant even if they happen anytime soon. haidi: what about china as we start to see hong kong and china coming back online after the lunar near -- lunar your holidays be a d.c. prospects for more stimulus and policymakers delivering what investors have been asking for? vasu: it's a tall order, the policymakers have been announcing piecemeal stimulus measures. they've been getting more invol

and an ex bank of japan speaker.t off is likely in april, not in march. we had some strong signaling when it comes to the suggestion that the price target range is coming. they are looking at the wage data, the price target is not yet in sight. expectations are not high when it comes to china's growth story. >> that is right. this is the country that is at risk of so-called japanification of its economy. japan saw growth for decades and it is now experiencing a slowdown. it has consequences for the rest of the world. bloomberg originals has been taking a closer look. >> china's economic growth was like nothing the world had ever experienced before. for most of the past two decades, the country's growth has been unstoppable. >> this is an economy that became the world's factory floor by driving up tons and tons of expansion and becoming a giant manufacturing powerhouse. >> but then that boom story came to a halt. >> the stock market has lost some $6 trillion in value over the last year and a half. there is the propert

for the bank of japan now to at least go to zero.e know overnight rate and go to zero, that would show a distinct change in the policy, the direction and that would strengthen the yen and basically push things in the right direction.— basically push things in the right direction. neil newman, appreciate — right direction. neil newman, appreciate you _ right direction. neil newman, appreciate you joining - right direction. neil newman, appreciate you joining us - right direction. neil newman, appreciate you joining us with j appreciate you joining us with your perspective, thank you very much for being with us on asia business report. the votes are in — and it's looking increasingly as though indonesia's defence minister and former military chief, prabowo subianto, has won wednesday's presidential election. though the full result across the vast archipelago won't be known until next month, figures put him on 58%, more than twice his nearest rival. let's get the very latest from jakarta with my colleague, steve lai. he has been standin

in close medication with the bank of japan.they don't take fx actions based on specific levels, but that the 10-yen move over one month is rapid. how does this play into what we see in the markets given the weakness in the yen. do we expect more intervention? i think the weakness of the japanese yen was quite longer than expected. we do here -- message we do hear a lot of messages from the bank of japan that they are still patient about monetary policy. , on the other hand, from the economic point of view, we see that strength of the japanese economy, but we also see some variation. we are seeing the japanese economy deepening in the final quarter of 2023 and then picking up a little bit, but not as strong. for the bank of japan to say that we are exiting the relaxed policies and support the economy, that is the priority they're looking for. for all this consideration, i would expect the weakness of the japanese yen will probably last longer than we expected and most investors hope for. haidi: always great to chat with you, heb

i wouldn't be surprised to see a buildup of short dollar/yen that's ahead of the bank of japan meetings, but i think it would be a great opportunity to get into the long position. >> yesterday i was looking at vix. despite everything that's happened with central banks withdrawing the liquidity and hiking rates and talking about cuts, we haven't seen a big up uptick. what has been happening with fx volatility and if it is low, does it present an opportunity to hedge? >> it's interesting. they always want to be sure. even they're at a point where it's difficult to find value and then maybe selective opportunities to go long bull. one thing i've been looking at is cad. if you look at political risks later on in the year, long data is no bad hedge. >> speaking of the political risk, do you get the sense if your clients are beginning to position for what happens in november with the u.s. elections? >> not position, but definitely start talking about it. we had our strategist last week and it came up in a lot of meetings. they're thinking about it, but i don't get that there's a strong consen

when it comes to the bank of japan, the change of the monetary policy might be slightly negative forstocks at the beginning if we expect rising rates to weigh on equities. overall, if we think that the bank of japan's change will be gradual, they yen, even if it appreciates, it will probably stay at a weak enough level to support japanese equities going forward. when we look at the flow perspective we have seen for well investors -- for investors buying japanese stocks for six weeks straight already. you would think people would start taking profits after a strong rally, but that continuous flow is quite supportive for market sentiment. we see a lot of global funds still maintaining that underweight around japanese equities. when that flips, we can probably expect more funds to flow into the market going forward. annabelle: in japan carmakers are keeping the foot on the pedal when it comes to investing in electric vehicles despite a slowdown in sales. nissan says the ev shift won't happen in a straight line but long-term growth is still expected. subaru says the company factored in t

the way forward for the bank of japan, particularly with how strong the yen has been.looking across the continued percolation of said messaging and how that side of things affects markets. or uplift today. paul: japan is interesting, the numbers unexpected. is this stagflation or are we doing violence to the word? earnings out of australia as well. haidi: some of those earnings clouded the broader macro outlook into some concerns about the fed's trajectory. let's get you straight to the start of trading in japan. ahead of that, we have more breaking news, numbers out o

at the end of the day, you have the divergence between the bank of japan's in action and repricing of the fed on those surprises in u.s. economic data. that is one we continue to watch very keenly. take a look at the start of trading in korea. kospi up by 1.6 percent. a broad selloff across the region. tech stocks bearing the brunt of the selloff. if we don't get more easing and sooner than expected as that narrative gets more corrected. we are watching -- some of the sox we have seen buying into the likes of chip stocks. samsung is being key in today's session. as i mentioned, we see it in australia, just about every segment, i would say every sector has been trading in the red. we had cba, the country's top lender providing numbers where profit and dividend topped estimates. a lot of focus when it comes to the messaging. the concern about strong competition in the hawkish market and broader macroeconomic risks for the economy and the drop in margin has been what investors have been focused on. the aussie dollar has been steady in light of the u.s. dollar strength. new york crude con

haidi: cloudy when it comes to the bank of japan at the moment, they're trying to gauge ideal timingive rates. this is when we see the it on economy slipping unexpectedly i

above 148, 149, the bank of japan coming to intervene.022 intervention and beyond, even the intervention has not been very successful in keeping a cap on the currency . paul: want to get thoughts on the aussie as well, we had unemployment data softer than expecting. does that slam the door and further tightening from the rba, is it just a question of when easing happens? mahjabeen: i agree. taking into consideration the fact that we do have tax cuts beginning on the fourth of july. we have to see how much they add to gdp growth. we think some pickup in consumption. it may impact the timing of the rba cuts but we will have to see how it plays out. i don't think the rba is in any rush to cut in the meantime because inflation, domestic driven inflation remains pretty sticky. paul: all right, thank you for joining us. head of fx research at anz. chinese markets reopen monday after the lunar new year holidays good david -- new year holidays. david, what do we expect to see? selling or something else? david: hopefully something else. some of th

the mood clouds the bank of japan's path for what's negative interest rate policy. let's get our japan economy and editing -- japan economy and editor who joins us from tokyo. we are back in recession. >> first of all, this is a technical recession. it does not look good. this is a very inconvenient figure. it's not the kind of green light that you would want to preface the raising of interest rates for the first time since 2000 seven. i would say this does not derail the bank of japan's move towards negative interest rate, but it certainly an inconvenient figure that doesn't fit in with the idea of, hey, the economy is back on a positive growth cycle because, if you look at the gdp figures, you can see that consumption is down to the third quarter and businesses are extending for three quarters in a row. it does not look like particularly positive growth cycle. we do have inflation in we do have wages going up. we are waiting for more data on how wage negotiations are going this year. it could be enough for the boj to move in april, maybe even march. this data supp

ueda saying the bank of japan will study data and various information with great care and are aiminghit the price target with wage growth. he previously said japan would not be in deflation if their forecasts are realized. he says he wants to confirm if wages and the spending cycle is taking root. ueda saying the outlook from the bank of japan is wage growth will exceed inflation in the full year of 2025. checking in on the yen, currently down .2 of 1% at 150. the liquefied natural gas industry as been through a volatile few years. in 2022 energy prices spiked on squeezed supply as top producer russia invaded neighboring ukraine. prices have come back down to earth as europe and others moved away from russian gas. traders are watching for a potential ramp up in competition with asia for lng supplies later this year. for more let's bring in the head of apac gas and lng at bloomberg nef. it has been causing chaos across the world of ship and we have been seeing freight rates jumping. about the follow-up for the lng market. what have you been seeing? >> it has affected significantly lng

a lot of eyes are on the bank of japan right now. do you think it's going to move ahead with the countries 1st rate increases since 2007? so i think the answer is yes, i do expect a normalization of interest rates. remember, we had basically 0 emergency interest rates for almost one generation for almost uh, you know, 25 years. and normalizing interest rates by giving a little bit of a price of money for the term interest rates going to 2025 basis points. that's in the cards, but it does not mean that there is a type to mingled monetary policy. it's a normalization of liquidity conditions, not the central bank stepping on the brake, hold on. what impact then might have on the end? because that's an important question, isn't it? for export is to you're absolutely right. you know, um, and i've learned the hard way um that what matters is not so much of japanese interest rates, but it is us interest rates. in other words, you know, if indeed the federal reserve would stop to increase interest rates one or 2 more times. that obviously wo

all right, a lot of eyes are on the bank of japan right now. do you think it's going to move ahead with the country's 1st rate increases since 2007? so i think the answer is yes, i do expect a normalization of interest rates. remember, we had basically 0 emergency interest rates for almost one generation for almost uh, you know, 25 years. and normalizing interest rates by giving a little bit of a price of money for the term interest rates going to 2025 basis points. that's in the cards, but it does not mean that there is a type to mingled monetary policy. it's a normalization of liquidity conditions, not the central bank stepping on the brake, hold on. what impact then might have on the end? because that's an important question, isn't it? for exports is to you're absolutely right. you know, um, and i've learned the hard way that what matters is not so much of japanese interest rates, but it is us interest rates. in other words, you know, if indeed the federal reserve, what to stop to increase interest rates one or 2 more times, that obviously w

a lot of eyes are on the bank of japan right now. do you think it's going to move ahead with the country's 1st rate increases since 2007? so i think the answer is yes, i do expect a normalization of interest rates. remember, we had basically 0 emergency interest rates for almost one generation for almost uh, you know, 25 years. and normalizing interest rates by giving a little bit of a price of money for the term interest rates going to 2025 basis points. that's in the cards, but it does not mean that there is a type to mingled monetary policy. it's a normalization of liquidity conditions, not the central bank stepping on the brake, hold on. what impact then might have on the end? because that's an important question, isn't it? for export is to you're absolutely right. you know, um, and i've learned the hard way um that what matters is not so much of japanese interest rates, but it is us interest rates. in other words, you know, if indeed the federal reserve would stop to increase interest rates one or 2 more times, that obviously wo

in that direction, the bottom line is the bank of japan probably once -- wants to end negative rates but does not want to do negative tightening policy. you are likely to hear boj voices going that way. dollar-yen still above 150, so still in the area where verbal intervention is possible, maybe even forceful intervention if the yen weakens too quickly, so the bank of japan has a role to play. the quicker they get on with some kind of tightening, it probably will help the yen stabilizes well, so you have got all of that into the mix. the cpi data is probably not a huge market mover, but what is more significant for the japanese equity story is this a move toward -- the governing story is very good, and then you get these really positive things like taiwan semi can looks as if it will open its first big plant in japan ahead of schedule. that is a huge positive. foreigners are looking at japan, what they can do and where they are going. that is a huge positive. david: the earnings story in japan, this market even it 39300 is cheaper than it was a few weeks back. pce is on friday. that

a lot of eyes that are on the bank of japan right now. do you think it's going to move ahead with the country's 1st rate increases since 2007? so i think the answer is yes, i do expect a normalization of interest rates. remember, we had basically 0 emergency interest rates for almost one generation for almost uh, you know, 25 years. and normalizing interest rates by giving a little bit of a price of money for the term interest rates going to 2025 basis points. that's in the cards, but it does not mean that there is a type to mingled monetary policy. it's a normalization of liquidity conditions, not the central bank stepping on the brake, hold on. what impact then might have on the end? because that's an important question, isn't it? for exports is to you're absolutely right. you know, um, and i've learned the hard way um that what matters is not so much japanese interest rates, but it is us interest rates. in other words, you know, if indeed the federal reserve, what to stop to increase interest rates one or 2 more times, that obviously w

a lot of eyes that are on the bank of japan right now. do you think it's going to move ahead with the countries 1st rate increases since 2007? so i think the answer is yes, i do expect a normalization of interest rates. remember, we had basically 0 emergency interest rates for almost one generation for almost uh, you know, 25 years. and normalizing interest rates by giving a little bit of a price of money for the term interest rates going to 2025 basis points. that's in the cards, but it does not mean that there is a type of monetary policy. it's a normalization of liquidity conditions, not the central bank stepping on the brake, hold on. what impact then might have on the yen because that's an important question, isn't it? for exports is to you're absolutely right. you know, um, and i've learned the hard way that what matters is not so much japanese interest rates, but it is us interest rates. in other words, you know, if indeed the federal reserve, what to stop to increase interest rates one or 2 more times, that obviously would give a

all right, a lot of eyes that are on the bank of japan right now. do you think it's going to move ahead with the country's 1st rate increases since 2007? so i think the answer is yes, i do expect a normalization of interest rates. remember, we had basically 0 emergency interest rates for almost one generation for almost uh, you know, 25 years. and normalizing interest rates by giving a little bit of a price of money for the term interest rates going to 2025 basis points. that's in the cards, but it does not mean that there is a type of monetary policy. it's a normalization of liquidity conditions, not the central bank stepping on the brake, hold on. what impact then might have on the yen cause that's an important question, isn't it? for x bolt is to you're absolutely right. you know, um, and i've learned the hard way um that what matters is not so much of japanese interest rates, but it is us interest rates. in other words, you know, if indeed the federal reserve, what to stop to increase interest rates one or 2 more times, that obviously would give

all right, a lot of eyes are on the bank of japan right now. do you think it's going to move ahead with the country's 1st rate increases since 2007? so i think the answer is yes, i do expect a normalization of interest rates. remember, we had basically 0 emergency interest rates for almost one generation for almost uh, you know, 25 years. and normalizing interest rates by giving a little bit of a price of money for the term interest rates going to 2025 basis points. that's in the cards, but it does not mean that there is a type to mingled monetary policy. it's a normalization of liquidity conditions, not the central bank stepping on the brake, hold on. what impact then might have on the end? because that's an important question, isn't it? for exports is to you're absolutely right. you know, um, and i've learned the hard way um that what matters is not so much of japanese interest rates, but it is us interest rates. in other words, you know, if indeed the federal reserve would stop to increase interest rates one or 2 more times. that obviously w

reflationary efforts by the bank of japan of the government. that we will begin to see that in the survey indicators we are definitely seeing that in the earnings numbers. so in terms of timing the markets, it might be slightly tricky at this moment because the rally has been rather furious, but for the medium to long-term, the equity market definitely deserves a strategic allocation. now for south korea, we are in the midst of a corporate governance reform push by the government. that is an interesting development to watch. the market is definitely cheaper than the others and it has a duty to the ai theme -- has a sensitivity to the ai team. we are watching the announcement from the government of a program basically replicating the name and shame campaigns for companies that are not using capital well. if it is well-received by investors ahead of the shareholder meetings reason, we could potentially upgrade our view for the market. for the time being, we are more neutral and we still think the momentum in japan or the taiwan markets are worth

haidi: how does that fit in with the bank of japan's timing, the rate structure.s been the japan stock rally. annabelle: back to those hike bets and we have seen a lot of economists predicting we could see something as soon s8 role but whether we will see anything away from

and that feeds into, along with the recession risks, what we expect with the bank of japan.ct policy change and it impact on how the urine trades will have a meaningful impact on how japanese equities trade? jesper: the arithmetic and the econometrics is very simple. for every ¥10 of yen weakness, you are adding a windfall of 10% to japanese corporate profits because the overseas gearing is so very high in japan. oh, yes, the exchange rate does matter, which is why i am personally more focused on the domestic plays in japan. that starts with the banks and goes to the relisted companies and to anything that looks and focuses and makes money from the japanese domestic consumer here recovering. focus on the domestic japan rather than the export japan. paul: we are awaiting nvidia results and the whole idea of advanced chips and artificial intelligence a key theme at the moment. we have japan spending big in this space. which companies look like a buy for? jesper: when you look at a company like nec, fujitsu, and one of my favorite top picks in japan is ntt, the telecommunicatio

we had the likes of pimco saying the bank of japan could exit its negative interest rate policy as soonmarch and hike multiple times this year. let's take you to the equity movers in the japanese space as we see toyota among those that are on the move. this is related to earnings move. alibaba under pressure ahead of its results. our analysts say that investors might be overly pessimistic. this stocks surged at 28% after its sales beat estimates in the fast food operators benefiting from changing consumer trends in china. tom: great breakdown of the markets. avril hong in singapore. let's get more detail in terms of the policy response that is shaping up from officials in beijing and bring in the expert that is jill disis, for the view. how much should we expect beijing to double down on support for the markets, support for the economy, can investors take a deep breath and say, finally they are rallying to the cause? jill: i don't really know that we are ready to take that big wrath just yet. let we've had so far are a lot of piecemeal efforts to shore up the stock market and help the e

. >> looking at the central bank of japan and here in the u.s. ben, thank you. >>> time for the check of the top corporate stories with silvana henao. silvana. >> good morning, frank. let's start with the national association of business economists are raising growth forecast for the year andi movig it to 2.2%. that is one percentage point above the estimate. three quarters of people respond a soft landing for the economy with three rate cuts it year and most predicting the first in june. >>> at&t says it will offer a $5 billing credit to eligible customers affected by the outage last week. in the letter to employees, john stankey says that credit will appear within two billing cycles. >>> shares of intuitive machines sinking after the company said the odysseus moon lander had fall ten on its side mernear th south pole. you see shares down 34% in pre-market. >> the stock going to the moon last week and now down 34%. silvana, see you later on. >>> a lot more to come on "worldwide exchange," including the one word that investors have to know today,

, this is a longer-term play and you see the bank of japan, it will not get in excess. paul: we are waiting on the rally, it has stalled out yesterday and today and the early going. is this -- do you expect a little bit of consolidation in the nikkei in the short term at least? >> the global equities generally see some risk, short-term consolidation. it is particularly relevant, it is extremely long. u.s. equities, look at market diversity, that is also fanning the risk of a short-term consolidation. from the s&p 500 respective, it is back down to 700 as the outside, that has implications for equity markets around japan. we still feel we are paying for a soft landing and lower interest rates and that should be an environment where equities continue to do well after the short-term. haidi: according to one chief investment officer saying that 771 companies announcing this week that there is only one that matters and that is nvidia. how do you feel about that? it feels like it is not just of course, an existential moment but a promise to take chip and ai related names. the

if you were betting the bank of japan to start raising rates soon, that expectation is pretty much gonee, japan was a pioneer in cutting rates to zero at the end of the last century, and back in 2016, the boj introduced a negative interest rate to boost spending and investment. but of course, ultra low rates make the japanese currency not so attractive to global investors, which is why the yen's value has fallen so sharply. and that's one of the main reasons its economy size is shrinking when measured in the us dollars. so it is a bit of a dilemma for the central bank. but with the economy now in a recession, it's highly unlikely that the boj will do anything to change its policy for now. british gas has announced its profits for 2023 increased ten—fold to £750 million — that's around $940 million dollars. the supplier said the jump from £72 million in 2022 was due to the energy regulator ofgem allowing it to recover losses of £500 million it racked up in the aftermath of russia's invasion of ukraine. while oil and gas firms made record profits when energy prices spiked, suppliers that

haidi: how does that fit in with the bank of japan's timing, the rate structure. one driver has been the japan stock rally. annabelle: back to those hike bets and we have seen a lot of economists predicting we could see something as soon s8 role but whether we will see anything away from negative rates, the japanese yen is firm against the greenback. equities wise, not much movement in japan is standing out because we don't have much going on elsewhere. still the inflation print and what it means for the boj, whether it makes cities your, we are getting lines from the finance chief in tokyo and he wants to look at the numbers closely. that is the finance minister. not really too much movement. when you look at korea how the shares are performing, the session is looking range bound. we did not get much movement but it was weaker here. the economy is back to the forefront's will done numbers are suggesting. scott fed inflation gauge numbers due this week which could highlight of the pass. wait and see and we can check on the trading volume through the hour. haidi: w

they are cutting and the bank of japan is hiking.igh as markets seem to be expecting. bank of japan will be very careful. we are talking about decades long deflationary mindset. they want to be so protective of this. jonathan: this is been a long journey. wei li of blackrock. let's get you a update on stories elsewhere. here is your bloomberg brief with dani burger. dani: republicans in the senate have to decide how loyal they want their next leader to be to donald trump. mitch mcconnell is stepping away. his successors are known as the three john's. john thune of south dakota, john cornyn of texas, and john barrasso of wyoming. all three have endorsed the former president although john thune held out until this week. the sec is investigating -- the wall street journal reported regulators are looking at internal columns by the ceo sam altman related to his ouster in november. sources familiar with the probe say the sec subpoenaed openai in december and told senior staff to preserve internal documents. openai's board chair says the co

. contracting growth complicates the bank of japan's plans to raise interest rates of the 1st time since 2007 or the po for, for a recession is the kept interest rates. at are the same time, but japanese yet is not performing well. a gets its, uh, the us dollar. so what are they going to do? i mean, the quote between the roof cannot place. now. the reasons, hopes of, of bryan to economic future could now hinge on india. its growth is expected, the outpaced china is both this the next. so the global economic recovery remains fragile, and central banks continue to tighten policy as ju, political tensions cost to shadow over economic prospects. world wide, patrick from singapore, which is here. and that's it from me. the news continues here, analysis 0. after apocalypse, maybe the they fled from the world's most secretive states. now young north koreans are finding statement, fortune, celebrity influences, but shining a light on the home of kings and bring danger. one on one east meets north. korea's influence is coming out new lives online. despite the risk on al jazeera or a, i think peop

of japan's plans to raise interest rates for the 1st time since 2007. the po for, for a recession is pick up the interest rates. at the same time, the japanese yet is not performing well, a gets its uh to the us dollar. so what are they going to do? i mean, the quote between the rock and hop place. now, the reasons hopes of, of bryan to economic future could now hinge on india. its growth is expected to outpaced china as both this year and next. so the global economic recovery remains fragile, and central banks continue to tighten policy and as geopolitical tensions costs a shadow over economic prospects world wide. patrick from single houses here. japan has successfully launched its new flagship rocket of the a 2nd test model of c h 3 bloss adults in the country southwest. it's almost a year often fast, little fail g to its problems with its engine ignition and walk it is seen as a possible competitive space, texas fox and 9 and could use be used one day to deliver cargo to faces on the name . okay, that's it for me. my name's i do stay with us one. 0

we still need to see where the bank of japan sits as well, and that would have implications on the stock have implications on the stock market. ~ . ., have implications on the stock market. . ., , . market. what are you expecting from the fed? _ market. what are you expecting from the fed? because - market. what are you expecting from the fed? because there'sl market. what are you expecting | from the fed? because there's a lot of speculation on when the rate cut might come? the data with the fed, seeing what willl with the fed, seeing what will be there this week. investors will be stocking them up because we already know that the fed will be looking at more recent data than the most recent data than the most recent policy meeting. i do think that investors are looking towards june think that investors are looking towardsjune at think that investors are looking towards june at the earliest for a us interest rate cut. that is a big push back from where we were six weeks ago where we thought that it would be march. we've shifted back to may. i think that the economic data is very strong,

, but watch the bank of japan and the end of negative rate alessi and what it means for the yen and profit. we are pairing some of the enthusiasm at this year. annabelle: we have had so much optimism on japan notwithstanding a dovish boj, but it has been more about corporate governance reforms and other factors that are leaning more growth drivers as well, so when you say you are down pairing give us more context on that. >> japan used to be our top allocation in 2023. it was 16% of the total portfolio. we are moderately overweight, but we need to be aware some part of the increase came from governance. from the yen and the boost given to the profit by the weakening yen and this massive increase in the competition. this part of the increase will be much more reduced now that we see upward pressure coming back on the japanese yen. haidi: india and japan have been such popular alternatives to china? is it time to start taking a look at china more selectively? >> the thing about china is there has been this incredible pessimism on the market and some form of capitulation that we are seeing go

of japan as they exit the negative interest rate policies, that could reinforce the positive yield curve in japan, which is good for banks in a good signal for corporate confidence. at this point in time it is good for the financial sector. these are the sectors we are starting to look at aside from semi conductor and export stories. haidi: in the u.s. you are neutral on fixed income but i wonder in asia and you can talk about specific markets, what does asset allocation look like between stocks and bonds? julia: within a show we are more balanced. obviously in the developed market it is overweight, longer gdp growth remaining above trend in many markets. in asia that is less of the case. so we tend to be more selective in equities and we like the semi conductor story, we like japan, some part of china, some parts of japan and india. we start with investment grade bonds which give us good returns and it is a good substitute for cash as reserve's decline. investors should look at those yields which are higher than they have been. we are more balanced in asia but staying cautious on high y

there is great anticipation that the bank of japan will finally end its negative interest rate policywill boost profitability. we have seen japanese bancshares rise over the last year to reflect those expectations. >> a high profit was reported. haidi: talk us through those results. is it closer to meeting its goal when it comes to annual earnings? russell: that is right. solid results yesterday. buoyed by strong lending. they are benefiting from the biggest japanese banks generating overseas. also, it benefited from a rebound in its brokerage unit. it is still on track for record profits this year, which is a boost for the new ceo. annabelle: that was a huge plunge yesterday for the stock, down 20%. warnings about potential commercial real estate. talk us through what happened and will we see similar moves from other japanese banks? russell: that is right. the main banks sort of chugging along. out of the blue, this mid tier japanese bank booking the surprise forecast, reversing its forecast from a four-year net profit to a loss. reserves booking unexpected losses on its u.s. commiss

we expect the bank of japan to end the negative policy sometime this year, some expect earlier this yearse japanese monetary policy has been so out of whack versus other major economies... in the us for example they are talking about an interest rate earlier this year —— but i think that, yes, the general consensus is that japan will eventually exit the negative rate but it will be pushed back because of the economic situation.- pushed back because of the economic situation. janet mui, head of market _ economic situation. janet mui, head of market analysis - economic situation. janet mui, head of market analysis at - economic situation. janet mui, | head of market analysis at rbc brewin dolphin, thank you for joining us. mental—health conditions like depression and anxiety are resulting in 12 billion lost days of work a year and costing the global economy one trillion dollars in lost productivity. that's according to the world health organisation. that's according to the world health organization. on this week's talking business weekly my colleague tadhg enright, has been talking to the

, the yen is weak, but it's not their problem as the minister of finance, if the bank of japan did tighteningld help to strengthen the yen. things are moving in the right direction, barriers for them to move out to negative rates are certainly falling, so whether they go in mark -- march or april, open question. traders are thinking that the two-year yields in japan rose the highest in 13 years. march is a real possibility for the boj to go. haslinda: beware. bloomberg's mliv strategist, mark cranfield. thank you. we are tracking the shares after australia's largest natural gas reporter reported -- producer reported. let's get more from haidi stroud-watts to standing by in sydney with the ceo. haidi: this is the ceo managing director of woodside. we are getting more details on the numbers in the backdrop is the drop from the record numbers we had in 2022 on the back of lower energy prices, do you think things are still going to be volatile? >> what we saw last year i think was a normalization of energy prices. 2022 was an unprecedented year with russia's invasion of ukraine, that triggered ri

the bank of japan.t tells you how far they are behind the rest of the world. the euro is not doing much. 107.60. >>> bitcoin is back in focus again. this way. it is through $50,000 again. this is obviously a key milestone since the launch of the etf which was a big deal last month for bitcoin. as you can see, within of the last couple days, it has been a positive story for anyone who is invested in bitcoin which is through $50,000. we're back to levels not seen since the beginning of 2023. >>> oil is in focus. we had a strong week for oil last week. the energy complex is up around 5%. you see brent is trading a little bit higher. .80% higher. $82 a barrel. wti is shy of $78 per barrel. for the year, energy is still up 8.8%. you have to think a lot that is underpinned by the middle east right now. opec secretary-general has told cnbc that the organization does not see oil demand slowing and forecasting demand will rise to 116 million barrels a day. dan murphy has conducted that discussion. dan, if they d

japan slides into recession, prompting caution on the bank of japan bets. we look ahead to u.k. gdp data which could confirm britain has fallen into a recession of its own. airbus says it will deliver fewer planes than expected in 2024. we will discuss that anymore on another big morning for earnings in europe. let's recap airbus earnings, they delivered more aircraft than expected, but that is the outlook and deliveries for those aircraft for 2024 that is in focus. at last year, 735 aircraft delivered above the target of 720. this year they are looking to deliver 800 aircraft. the estimates had been a little higher than that. in terms of free cash flow, 4.4 billion euros. they are coming out with a special one euro per share dividend, and the deliveries expected from the aircraft maker, expected 800 versus the guesstimate of 826. this is an opportunity for airbus to get a further leg up against its rival boeing. we are going to be speaking to the coo of that company. going to speak to bloomberg about the earnings and the outlook. that conversation at 10:30 u.k. time. on the ban

it could complicate the pat h o the bank of japan to stop negative interest rates. >>> and li auto shares surging on the earnings. li auto reporting the first ever full-year profit. shares up 25.5%. >>> microsoft coming under scrutiny in europe and eu lawmakers saying the deal with the mis ttral a.i. should be investigated. microsoft woill make the models available and it is investing in mistral and holds no equity stake. that appears to be raising eye b brows in brussels. >>> coming up on "worldwide exchange," the one word every investor needs to know today and our jim cramer is saying it should be optimistic about the markets and our next guest may not agagree. >>> as we head to break, we have sharon epperson with the company disclosures for black heritage month. >> according to just capital, only 11% of russell 1,000 companies disclose 2024 race and ethnicity diversity targets. up that up 9% from 2023. celebrating black heritage, i'm sharon epperson. (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the w

inflation data supporting the bats that the bank of japan potentially has an earlier date for exitingts monetary policy settings. the dollar gauge erasing the decline. pretty rangebound session ahead of the inflation numbers on thursday. a slate of fed speakers as well expected. new zealand is in focus, it is about the rbnz today. there are outliers when it comes to expectations potentially of a move, but broadly they are seen holding rates but potentially maintaining the bias that something one is to be done. nikkei futures are up 0.1%, belle. annabelle: breaking news, o.e.c.d. headline, -- ocbc net income. the fourth-quarter net income coming in at 1.6 2 billion singapore dollars. that is a bit softer than what analysts had been expecting. so a miss for ocbc. they are expected to maintain their 50% dividend payout ratio target for 2024. . there was a lot of focus on dividends given expectations of a strong 2023 performance. what else we are tracking, the net interest -- rather, the focus, they expect the range to be 2.2% to 2.25% over 2024. they also see low single-digit loan growth

that is contingent on the bank of japan. let me just ask you a vquestion of geopolitical risk. the theme that emerged the last couple months with disruption on the red sea shipping. there are so many elections happening this year, not to mention the big one in the u.s. this year. you could see a change of leadership. perhaps former president donald trump coming back again. should markets risk in the geo he political risk and changing of the guard and ongoing disruption with the middle east? >> let's start with the disruption to traffic out of the middle east. certainly there has been disruption to global shipping and global shipping decided like maersk decided to avoid the red sea and go around. that involves extra time and cost. we have seen freight costs go up on shipping going that way. i would say that is not necessarily a huge global inflation pressure yet. this will need to go on for many more months. it will need to intensify to have a real impact on inflation. i think the bigger impact on inflation would be via oil prices. oil prices remain well behaved with the low dpe

bank of japan eyeing the end to the negative policy exchange.llishness of the japanese equities. the nikkei closed sharply higher again and it is nearing an all-time high. look at it up almost 1%. in the uk, retail sales logged an increase by 3.4%. all reporting healthy activity levels due to january sales promotions. the rebound offers relief for the country which fell into recession during the most recent quarter. >>> shares of swiss teneons alleging accounting irregularities according to h hindenberg. >>> ahead, the one word every investor needs to know today and the hot cpi report. the moves to make with your money to close out the week of action. >>> during february, cnbc celebrates black heritage. here is tiaa chief institutional client officer courtney gibson. >> 54% of black americans do not have enough savings to maintain their current standard of living in retirement. what can we do about that? one, insure pay parity for black americans. two, ensure they have access to guaranteed lifetime income as part of the retirement plan. three, w

japanese yen in focus on the back of comments from the bank of japan suggesting easy policy will be maintained once they move but if negative rates. 149 on the yen. 8% upside for oil, geopolitics central to that. big coin that a strong month, etf flows, expectations coming through for the cryptocurrency in april giving strength, up 2% on the cryptocurrency. let's cross over to asian markets and bring in avril hong who is standing by in singapore. what is standing up to you across markets? avril: we are seeing asian stocks lighting as we wrap up the week, and the nikkei still hovering at a multi-decade highs , but a lot of talk about what is capping gains. softbank is helping it to those levels, but it is the likes of nissan and honda among those slumping no things to this warning about freight rates and where they are headed in the future. japanese stocks have been helped along by the cheapness and the currency, and we have seen it hovering at the 149.5 level after relatively dovish comments from the boj governor to parliament today, and that echoed what we heard from his deputy yesterday. hon

does that break if the bank of japan turns hawkish? >> japan is interesting.ou say it is close to the 3 34-year high or it has taken 34 years to do anything. i think it has attributes which could suit the environment. in fact, japan has struggled more than any other country or economy with the deflationary and stagflation environment. getting a bit of growth and inflation back into the economy could stand to benefit. valuations are reasonable and you have a corporate culture story which is also developing there. yes, we are modestly overweight with japan. the conundrum is what do you do with the weakness with the overweighted assets in japan? if you look at the sterling, the outperformance disappears. do you hedge? right now, we are not hedging the currency. japan will move on interest rates eventually. a sharp movement in the currency. the market would go down, but the kcurrency would go up. you need to keep to not hedge the currency. >> that makes sense with the index should that transpire. interesting. great to have you on. it was good to get your around th

to build on that position particularly when and if the bank of japan does get to the point of normalization? >> the short answer is yes. one important point to note here is the risen perception that i think is probably true that japan is consensus overweight. when we pulled our audiences during macro conferences in january in london and hong kong japan was the number two most positive market after the u.s.. certainly, folks are positive on japan. i think if you look at the flows, it's clear that positioning is not where people opinions are. so there is a positive investable gap between where people's views are versus where their money is. we can see that in terms of the one statistic that there were about 200 million dollars of net setting of japan equities in the seven years since the peak of the shinzo abe boom to those first quarter 2023. since then in round numbers about 25% of that has come back but nowhere near the full about. if you look at that and positioning relative to benchmarks, the broad community is still somewhat underweight. my suggestion was there could be further to go in

japan is on the verge of its on apparent transformation, a transformation that the bank of japan hasworking away at in various ways for the last decade or so, you can debate to what extent those policies ultimately ended up pushing it over the top. but it is looking like the deflationary era is done with. there is also obviously, averill has been played by the disenchantment with -- obviously, a role has been played by the disenchantment with china. the stock market is not as small as it was, whereas japan has a much bigger, much more developed markets. it does have plenty of sectors that, as you mentioned, can benefit from it. japan looks like it is willing to go higher, although in and of itself, the move past the former nikkei hyatt reminded us all that part of the reason why markets did get so nervous and that those nerves could return, is you had the example of the nikkei in 1990. it was the ultimate example of stocks don't always go up. you can go up so high that when you come down from there, it takes a long time to recover. so i think there will be, some consensus is that it

the question is, will that be enough for the bank of japan to raise rates quite aggressively? the answer is no because wages are going up but inflation is going up as well. real income for houses is going down. it is not clear that we can aggressively hike interest rates. in the fx market, we see this pressure on the yen, partly because the markets are saying the fed is a much better case for keeping a tight leash than the boj. yvonne: it is that focus on real wage growth. stay with us. we will have more ahead coming up. celebrations all around as the first u.s.-made spacecraft in over 50 years made it to the moon. we will have more details on what this means for the u.s. space program shortly. this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, ow. constant contact. helping the small stand tall. yvonne: we are taking a look at when it comes to the hang seng. it looks like we are raising some of the initial optimism. asia tech lower by 0.9%. we

we had a move last year, 10 yen, people were thinking the bank of japan would do an early move at thend of last year. we probably have some thing smaller than either of those. we are probably looking at a move of five, six yen. still pretty decent. the currency markers by today's standards are pretty quiet. haslinda: mark, thank you so much for that. if you have not been to japan, get there soon before the yen moves. plenty more ahead. keep it here with us. this is bloomberg. ♪ at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. haslinda: in the markets, it is preoccupation, whether pce data. this is the fed's preferred inflation gauge, on the back of