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May 1, 2024
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and it is still— yen at around 160. and it is still extremely wide and i do not think— still extremely wide and i do not think the yen can recoup too far— not think the yen can recoup too far because it is still very— too far because it is still very attractive in dollars as a shocking _ very attractive in dollars as a shocking funding. and further strength— shocking funding. and further strength from here as possible but i _ strength from here as possible but i think there's a limit to how— but i think there's a limit to how much— but i think there's a limit to how much more the yen can strengthen them as the bank of japan _ strengthen them as the bank of japan starts to signal in the near— japan starts to signal in the near term. the beauty brand lowered its sates— the beauty brand lowered its sales and demanded china for its premium beauty products. johnson and johnson has outlined a new settlement to resolve nearly all of the lawsuits it faces over allegations that its baby powder and other talc prod
and it is still— yen at around 160. and it is still extremely wide and i do not think— still extremely wide and i do not think the yen can recoup too far— not think the yen can recoup too far because it is still very— too far because it is still very attractive in dollars as a shocking _ very attractive in dollars as a shocking funding. and further strength— shocking funding. and further strength from here as possible but i _ strength from here as possible but i think there's a limit...
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May 2, 2024
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more recently, one us dollar buys you nearly 160 yen. now, that weakness in the japanese currency is also starting to impact the economies of neighbouring asian countries. i spoke to khoon goh from anz, and asked him what the spillover effect would be on some of the other asian currencies. again this weakened significantly and has caused quite a lot of spill—away effects into other egional currencies, particularly the currencies of north asian economies, like the korean won and the taiwan dollar and the renminbi as well. the yen is a very important, what we call an anchor currency for the region bacause a lot of the economies in asia are export dependent and if the yen weakens and that tilts the relative competitiveness nature of the other exports nations as well so that is why a weakening yen can put downward pressure on regional currencies as well. you mentione taiwan and south korea there. do you expect officials to react, to step up support for their currencies? we have seen the south korean officials coming out verbally and expres
more recently, one us dollar buys you nearly 160 yen. now, that weakness in the japanese currency is also starting to impact the economies of neighbouring asian countries. i spoke to khoon goh from anz, and asked him what the spillover effect would be on some of the other asian currencies. again this weakened significantly and has caused quite a lot of spill—away effects into other egional currencies, particularly the currencies of north asian economies, like the korean won and the taiwan...
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May 7, 2024
05/24
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haslinda: in terms of yen p, what is the strongest yen levels you see out there? >> the scene 160. the market could push it beyond 160. haslinda: where re in terms of the indian rupee? >> the rbi is one of the currencies that has had very little volatility in comparison to the other currencies in the region. if anything, there is no volatility, even if you look at the indian rupee by itself. they have basically killed off the volatility. but the structural close are just too supportive of the rupee. but if you have continued strength in the dollar, that it is very difficult to see at the indian rupee would appreciate from here. but it isn't necessarily going to depreciate as well because as i said, the structural close are just too strong. haslinda: modi is expected to serve another term. will that make a difference? >> the policy would definitely be supportive of foreign petroleum flows as well as foreign direct investments. that's really the issue here, if there are any changes or even divergence in the state policies, that would be very after mental to foreign direct investments
haslinda: in terms of yen p, what is the strongest yen levels you see out there? >> the scene 160. the market could push it beyond 160. haslinda: where re in terms of the indian rupee? >> the rbi is one of the currencies that has had very little volatility in comparison to the other currencies in the region. if anything, there is no volatility, even if you look at the indian rupee by itself. they have basically killed off the volatility. but the structural close are just too...
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May 2, 2024
05/24
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weakness on the yen in our view. the reason for that is that the japanese government has been intervening to help the currency and i don't see any reason why you would not expect them to continue to intervene. the government is really working towards -- has shifted that entire market, not just the yen but the stock market over there. what a stealth bull market we are seeing in japanese equities. the yen has obviously hit record bottoms, but i don't think that is going to continue. we are bet against that. as well, it's interesting what is going on in the japanese stock market and having exposure to that broadly as a u.s. investor, i think a lot of people have not gotten in there yet, and yet, there's a lot of excitement and there still can be a lot of excitement for japanese stocks. we are very positive on japan as well. >> thanks so much. we will have more ahead on "daybreak australia." this is bloomberg. ♪ haidi: you're watching "daybreak: australia." looking at how the japanese yen is faring in asian trade, equi
weakness on the yen in our view. the reason for that is that the japanese government has been intervening to help the currency and i don't see any reason why you would not expect them to continue to intervene. the government is really working towards -- has shifted that entire market, not just the yen but the stock market over there. what a stealth bull market we are seeing in japanese equities. the yen has obviously hit record bottoms, but i don't think that is going to continue. we are bet...
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May 26, 2024
05/24
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meaning it is for the yen weaker. also if they stay short-term rates vary lower, meaning real interest rate in the short-term remains very low, it will be back up for the yen weakening. so i would not be surprised if the yen keeps in this low-level for longer. because according to communication, it is justified. annabelle: there is a concern that the weak yen will start to impact consumer sentiment. how strong is the consumer within japan do you think? takako: i do really have a feeling that the yen is so weak. as you said, this is sort of the silo affect of the current monetary policy. any policy must have some side effect. when i was a board member, the scale of the policy was a side effect. but now yen weakening is a side effect for the aim to make sure that they want us to make sure there is a complete exit. now there is kind of a balance to be needed. too much yen weakening as you said, and i feel that too much yen weakening already harms activity of consumption. they need to make more balance in a good way. that
meaning it is for the yen weaker. also if they stay short-term rates vary lower, meaning real interest rate in the short-term remains very low, it will be back up for the yen weakening. so i would not be surprised if the yen keeps in this low-level for longer. because according to communication, it is justified. annabelle: there is a concern that the weak yen will start to impact consumer sentiment. how strong is the consumer within japan do you think? takako: i do really have a feeling that...
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May 5, 2024
05/24
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dollar and the japanese yen, the dollar-yen is likely to move up from here again. and retest 160 level as a baseline forecast. the risk is it breaks through that and goes higher to 165. a new high basically of the cycle. it fundamentally boils down to the rate differential between the u.s. and japan which remains tremendously wide. annabelle: we are not 100% certain but the moves last week had the hallmarks of intervention. do you see the impact of that dissipating quite quickly? alvin: i think the impact of the interventions will dissipating quite quickly if u.s. interest rates do not continue to drop from here. apart from the interventions we had last week or suspected interventions, there is the important fact that u.s. interest rates fell quite a bit last week. the two-year yield dropped 20 basis points from last tuesday to friday. that supported the general weakness in the u.s. dollar and caused particularly the drop in dollar-yen. so long as u.s. interest rates can find support around here, which we think it should, we will find dollar-yen stabilizing at thes
dollar and the japanese yen, the dollar-yen is likely to move up from here again. and retest 160 level as a baseline forecast. the risk is it breaks through that and goes higher to 165. a new high basically of the cycle. it fundamentally boils down to the rate differential between the u.s. and japan which remains tremendously wide. annabelle: we are not 100% certain but the moves last week had the hallmarks of intervention. do you see the impact of that dissipating quite quickly? alvin: i think...
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May 2, 2024
05/24
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so while yes, you are right, yen depreciation has been positive for equities in yen terms, although if you look at the dollar terms the japanese market is not been doing that well. but in yen terms in should be positive about -- above 157 it becomes a problem. if you look at the japanese equity move -- market overall the outlook has become more challenging. annabelle: you mentioned the exuberance around ai extending. how does that play into the picture, and is it playing into your thinking for other tech heavy markets in this part of the world? mixo: that is absolutely right. if you look at the ai upside we are seeing layout across the tech space, it is not just the semiconductors could you have sent equipment, power and cooling makers, networking equipment, you have the grid players. all of this i would qualify as a broader ai theme. all of these stocks are doing well and we expect them to continue to do well. if we look at traditional rights patterns heading into bubbles, we are not quite there yet, if you look at any subset of the ai space overall or the u.s., we are not there yet.
so while yes, you are right, yen depreciation has been positive for equities in yen terms, although if you look at the dollar terms the japanese market is not been doing that well. but in yen terms in should be positive about -- above 157 it becomes a problem. if you look at the japanese equity move -- market overall the outlook has become more challenging. annabelle: you mentioned the exuberance around ai extending. how does that play into the picture, and is it playing into your thinking for...
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May 8, 2024
05/24
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that's why the yen story will get harder. even though i bears the yen, it will be volatile. i don't think dollar-yen is as easy. haslinda: mark cudmore, thank you for your thoughts today. india has pulled off an impressive recovery post-pandemic and we discuss the main risks facing the economy. keep it here with us. this is bloomberg. ♪ ♪♪ ♪♪ ♪♪ ♪♪ sandals jamaica sale is now on! with rates from $199 per person per night. visit sandals.com or call 1-800-sandals haslinda: welcome back to your bloomberg markets: asia. watching india and we count down to the india open in about six minutes. futures pointing to a lower opening. pretty much in line with the rest of the region. his a look at the india vix index showing a surgeon volatility over the past nine days after relative calm. let's bring our equities reporter, cj in mumbai. what is stoking these market fears? cj: at this point, it seems like there is an expectation happening with respect to the ongoing general elections. the market ran into this when modi started back in april. but expectation that the le
that's why the yen story will get harder. even though i bears the yen, it will be volatile. i don't think dollar-yen is as easy. haslinda: mark cudmore, thank you for your thoughts today. india has pulled off an impressive recovery post-pandemic and we discuss the main risks facing the economy. keep it here with us. this is bloomberg. ♪ ♪♪ ♪♪ ♪♪ ♪♪ sandals jamaica sale is now on! with rates from $199 per person per night. visit sandals.com or call 1-800-sandals haslinda:...
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May 7, 2024
05/24
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moves two or three yen. so, for long-term investors, it is not time to buy exporters shares, just because the yen is getting very cheap. on the other hand, short-term players tend to look up volatility in the currency market. so if you think the yen might weaken further in the next three weeks, it might be a good idea to buy japanese carmaker shares. so really, it depends on the timeframe of your investment, i think. annabelle: that was hideyuki sano there. sticking with the weaker yen theme and the impact on earnings, nintendo is another company that says it will soon announce its successor to a seven-year-old switch gaming console after forecasting a bigger than expected profit decline. their president posted on x to say an announcement on the next hardware platform will be made in the coming year. that came after a warning that operating income will fall 24% in the current fiscal year. while disney shares tumbled the most in 18 months after a tepid outlook for growth in streaming subscribers. it also said
moves two or three yen. so, for long-term investors, it is not time to buy exporters shares, just because the yen is getting very cheap. on the other hand, short-term players tend to look up volatility in the currency market. so if you think the yen might weaken further in the next three weeks, it might be a good idea to buy japanese carmaker shares. so really, it depends on the timeframe of your investment, i think. annabelle: that was hideyuki sano there. sticking with the weaker yen theme...
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May 2, 2024
05/24
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the aim is to get dollar-yen below 150. if they can do that, that can be momentum because traders are going with the flow. if not, the line will be much more difficult for them. they did not get a lot of help from the fed last night. in the meantime, you can expect they will push a little harder to get traders on their side. paul: our mliv strategist mark cranfield there. let's get a little more on those moves or lack of moves we saw from the fed, and the moves we did see from the yen. i just want to start off with what we heard from the fed today. really not a lot of new information remaining. have you given up on the idea we will see easing at all in 2024? >> i guess there is still some possibility but they have pushed that to the later part of the year given how much data that will require them to be able to move anything. but i think the thing we need to refocus now is the inflationary pressures and how the economy is doing. there are some signs that it is beginning to have pressure on it. i think that is equally import
the aim is to get dollar-yen below 150. if they can do that, that can be momentum because traders are going with the flow. if not, the line will be much more difficult for them. they did not get a lot of help from the fed last night. in the meantime, you can expect they will push a little harder to get traders on their side. paul: our mliv strategist mark cranfield there. let's get a little more on those moves or lack of moves we saw from the fed, and the moves we did see from the yen. i just...
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May 3, 2024
05/24
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if you look at yen-yuan cross, yen-renminbi cross, the start to become relevant. it is a more medium-term impacted that will happen, which will put pressure on the other countries to look at the competitiveness in the current market when the global economy is slowing. paul: one thing that might support the yen would be the bank of japan lifting rates. i know you like the strong macro backdrop in japan. how much leeway do you feel of the moment in terms of further tightening after the incremental tightening we've had so far? neeraj: the reality is looking at the inflation trajectory, the boj has ample room to lift rates and actually infected do multiple hikes but so far the market expectation has been in one to two hikes, getting to a 150 basis points all your. i think the pressure will keep mounting on the yen. the key is the durability of inflation in japan. i think it is turning out to be certainly more of a fact that a concern that the boj had in the past. i do think the boj stance should steadily shift towards further normalization. paul: we're just keeping an
if you look at yen-yuan cross, yen-renminbi cross, the start to become relevant. it is a more medium-term impacted that will happen, which will put pressure on the other countries to look at the competitiveness in the current market when the global economy is slowing. paul: one thing that might support the yen would be the bank of japan lifting rates. i know you like the strong macro backdrop in japan. how much leeway do you feel of the moment in terms of further tightening after the...
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May 2, 2024
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of course all of this still feeding through the big move we saw in the yen. and did or didn't they intervene? perhaps we won't know, given that officials are still staying mum on that. annabelle: that's right. we will find out at the end of the month in regular reporting. japanese officials, whether they stepped into the market. that japanese yen very much the focus, as much of a jump of 3% over the greenback. this morning just a little weaker against the u.s. dollar, trading around 155.7.
of course all of this still feeding through the big move we saw in the yen. and did or didn't they intervene? perhaps we won't know, given that officials are still staying mum on that. annabelle: that's right. we will find out at the end of the month in regular reporting. japanese officials, whether they stepped into the market. that japanese yen very much the focus, as much of a jump of 3% over the greenback. this morning just a little weaker against the u.s. dollar, trading around 155.7.
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May 30, 2024
05/24
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that's why you see dollar-yen slowly crawling back towards 160. if the june fomc doesn't provide any hint of a fast cut early on in the second half of the year, probably that could be a trigger back to 160. it will be interesting to see what the bank of japan will do. >> i'm curious about your views on the idea that, let's take out the dollar component. the you think in the world where the fed turns lower, how does yen do? will it continue to suffer on the crosses against other asian currencies in a world where the fed is cutting rates? >> it is still a rate differential story. if you look at yen cross asset, japanese yields versus the rest of the world. yes, japan has stopped hiking rates. they might hike another 40 pips. in this world, it's basically so little. it depends on whether the other major currencies cut fast enough relative to the yen. if the ecb cuts in june and cuts further, probably the young perform better. they say the dollar, of course it is still going to be under pressure. haslinda: we keep waiting for the boj to do something a
that's why you see dollar-yen slowly crawling back towards 160. if the june fomc doesn't provide any hint of a fast cut early on in the second half of the year, probably that could be a trigger back to 160. it will be interesting to see what the bank of japan will do. >> i'm curious about your views on the idea that, let's take out the dollar component. the you think in the world where the fed turns lower, how does yen do? will it continue to suffer on the crosses against other asian...
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May 3, 2024
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because yen trading had become so disorderly. if we do not stop it here, never mind the level it will go to the levels we don't want to see that. so all of that made a lot of sense. now they are likely to be opting to -- to be opportunistic because once they start the process they want to get as much bang for the bucks they are spending as they can. you can easily see them come in again after jobs tonight, even if jobs is weak because they might want to go here's a chance to drive the dollar-yen rate down that much further. and so if you really put some distance from those sort of levels, especially because, as i said, he indicated that the pace of the -- was what would worried them and what would bring them to intervene and they got to that level but now that they have intervene, the way that currency trading works, it is going to be seen as those levels where the intervene, 160, 157 are going to be seen as really important markers. so the further away from those levels you can keep the yen in the coming weeks the better the cas
because yen trading had become so disorderly. if we do not stop it here, never mind the level it will go to the levels we don't want to see that. so all of that made a lot of sense. now they are likely to be opting to -- to be opportunistic because once they start the process they want to get as much bang for the bucks they are spending as they can. you can easily see them come in again after jobs tonight, even if jobs is weak because they might want to go here's a chance to drive the...
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May 24, 2024
05/24
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/yen with parity measures, we're way off a basket worth $1 equals something less than 100 yen. we're very far away from that right now. if that's the long-term guid guideline, sure, we can deviate for quite a while. i would not say there's no prospect that the yen would ever appreciation i think there are plenty of prospects. >> until it appreciates, what lasting impact does the weak yen have on the economy? sks of course, it is great for ex exports. what does it do with the purchasing power does it leave scars? >> the impact on the economy is a complex question, that's right. of course, it helps corporations with revenues since they convert favorably into yen and helps exports overseas the majority of firms are smaller firms that import and current levels are not that favorable. that said, there is still some spillover from large firms which benefits from the dollar/yen levels and record profits we have seen. higher wages, for one. firms are feeling they can afford to raise wages. there is a very tight labor market outside of unionized labor. that is hurting some of the smalle
/yen with parity measures, we're way off a basket worth $1 equals something less than 100 yen. we're very far away from that right now. if that's the long-term guid guideline, sure, we can deviate for quite a while. i would not say there's no prospect that the yen would ever appreciation i think there are plenty of prospects. >> until it appreciates, what lasting impact does the weak yen have on the economy? sks of course, it is great for ex exports. what does it do with the purchasing...
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May 9, 2024
05/24
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look, for corporate japan, a yen depreciation... a weaker yen for corporate japan is a good thing. for every ten yen of yen weakness against the dollar, corporate japan gets windfall profits of around eight percentage points. so corporate japan is a winner, the loser is mr and mrs watanabe, because with weaker currency, energy prices, food prices go up, and that hurts the purchasing power, particularly of japanese pensioners. an advert promoting apple�*s new range of ipads has received widespread criticism. the video shows a giant hydraulic press crushing books and musical instruments. for more on why it has sparked such a backlash, here�*s the bbc�*s michelle fleury. the ad has only been out a couple of days, butjudging by the reaction online, it hit a nerve. in the spot, objects ranging from a trumpet, a piano to a turntable, a sculpted bust and lots and lots of paint are all shown being squashed by an enormous metal rubbish compactor into the size of apple�*s thinnest product ever, the 13 inch ipad pro. now, critics say the ad celebrates the stifling of creativity rather
look, for corporate japan, a yen depreciation... a weaker yen for corporate japan is a good thing. for every ten yen of yen weakness against the dollar, corporate japan gets windfall profits of around eight percentage points. so corporate japan is a winner, the loser is mr and mrs watanabe, because with weaker currency, energy prices, food prices go up, and that hurts the purchasing power, particularly of japanese pensioners. an advert promoting apple�*s new range of ipads has received...
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May 9, 2024
05/24
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as for the weak yen, japanese automakers have been benefiting from the weak yen so far and mason has said 70 billion of yen for a profit. but he expressed concerns that volatility in the weaker yen actually affects their business planning and strategy making. so they wish to see it stable yen although the weekend yen so far has been benefiting them and they have a projected forex rate at 155 so far for this year. haidi: honda and mazda are expected later. expectations are pretty high for under. most are on guidance. so priya: yes. for honda we are expecting a bright outlook, around $9 billion operating profit that the market is expecting to released today by honda because they sold a good number of cars in the u.s. last year. we see that hybrids are again becoming popular and hybrid demand in the u.s. is expected to continue this year's and ev demand is expected to lower. so we are expecting a strong outlook from honda as well. honda has also launched new series in china this year during the beijing auto show which will go on sale this year. marketplace will also be watching if -- fo
as for the weak yen, japanese automakers have been benefiting from the weak yen so far and mason has said 70 billion of yen for a profit. but he expressed concerns that volatility in the weaker yen actually affects their business planning and strategy making. so they wish to see it stable yen although the weekend yen so far has been benefiting them and they have a projected forex rate at 155 so far for this year. haidi: honda and mazda are expected later. expectations are pretty high for under....
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May 14, 2024
05/24
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there are few places that have a yen franchise as powerful as ours. if you are one of those, nomura is the best place to be. we will be fine. i do not want to be complacent because talented people are desirable and i will create a working environment that talented people want to stay in. host: you mentioned yesterday that you want to become one of the top 15 managers in asia. that is very competitive. how will you achieve that? christopher: the growth we have shown, $6 billion of net new money, we doubled profitability the last year and are seeing strong momentum. there is an appetite for japanese or asian wealth management company, and alternative to something american or swiss. the global capabilities we can bring in the service levels are competitive so we were aiming in the short run, we've got a new business, we will go on to 60 billion. we have hired talented people and clients are believing in the offering and brand. so it is an ambitious target but i have very little doubt that we will succeed. host: christopher, thank you. back to you. heidi:
there are few places that have a yen franchise as powerful as ours. if you are one of those, nomura is the best place to be. we will be fine. i do not want to be complacent because talented people are desirable and i will create a working environment that talented people want to stay in. host: you mentioned yesterday that you want to become one of the top 15 managers in asia. that is very competitive. how will you achieve that? christopher: the growth we have shown, $6 billion of net new money,...
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May 8, 2024
05/24
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we are watching the japanese yen. we had a meeting between governor of the boj governor ueda, and the japanese prime minister talking about fx moves. perhaps a signal that the boj will follow suit with japanese government official starting to jawbone and talk up perhaps the risk that there needs to be some sort of possible intervention. there are two episodes not confirmed as yet. governor ueda saying monetary policy is not supposed to be a tool to control ethics. that is the state of play. we have equity markets just half an hour into the trading session this morning. the outlook today is her uncle's unhappy. i'm sensing an underl issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i kn
we are watching the japanese yen. we had a meeting between governor of the boj governor ueda, and the japanese prime minister talking about fx moves. perhaps a signal that the boj will follow suit with japanese government official starting to jawbone and talk up perhaps the risk that there needs to be some sort of possible intervention. there are two episodes not confirmed as yet. governor ueda saying monetary policy is not supposed to be a tool to control ethics. that is the state of play. we...
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May 9, 2024
05/24
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they are specifically the impact of the yen, saying potentially these moves in the yen, the impact may speed up the process of normalization. but on the other hand weakness across the consumer spending side, domestic households as we see that weakness of the yen is one of the key points when it comes to how quickly they move. and to that point we also had perhaps concerning weakness still when it comes to wage gains. annabelle: that's right. we saw a real wages down 2.5% from a year earlier in march. that was actually the deepest drop we have seen in four months. the running streak of declines is now 24 months. certainly there has been a real question for japanese government officials. when they start to see inflation being driven by the demand-side or would it still be from the supply side? this is perhaps the numbers that the boj would not want to see at this point in time. but that focus on the back of the wage numbers coming into the boj summary of opinions. a lot of different lines dropping out of this. but this need to raise rates appropriately and at the right time and the need
they are specifically the impact of the yen, saying potentially these moves in the yen, the impact may speed up the process of normalization. but on the other hand weakness across the consumer spending side, domestic households as we see that weakness of the yen is one of the key points when it comes to how quickly they move. and to that point we also had perhaps concerning weakness still when it comes to wage gains. annabelle: that's right. we saw a real wages down 2.5% from a year earlier in...
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May 21, 2024
05/24
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>> many global investors want to see the yen strengthen. if you think in dollars, if you bay the japan market you want the yen to get stronger. some sectors like real estate they think that might happen but for exporters you want to have a weaker i don't know and we have seen technology do well on the back of ai and kurpbls si. so, it is really a battle over the defend sectors. i don't think it is as simple as saying the yen leads to win decision on japan equities. one sector we feel is left behind is consumer and internet where people look at domestic demand and not convinced it will be strong and kept away from a number of the stocks unless they have exposure to tourism. so we think there are some nice opportunities with the consumer sector where this will have pricing power and will display that and that's where we can see a lot of,side of similar prices in that sector in particular. >> great to have you with us. an annual conference of australian oil and gas exploreers is under way in paris as it grapples to net zero emissions. it is a
>> many global investors want to see the yen strengthen. if you think in dollars, if you bay the japan market you want the yen to get stronger. some sectors like real estate they think that might happen but for exporters you want to have a weaker i don't know and we have seen technology do well on the back of ai and kurpbls si. so, it is really a battle over the defend sectors. i don't think it is as simple as saying the yen leads to win decision on japan equities. one sector we feel is...
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May 9, 2024
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they are specifically the impact of the yen, saying potentially these moves in the yen, the impact may speed up the process of normalization. but on the other hand weakness across the consumer spending side, domestic households as we see that weakness of the yen is one of the key points when it comes to how quickly they move. and to that point we also had perhaps concerning weakness
they are specifically the impact of the yen, saying potentially these moves in the yen, the impact may speed up the process of normalization. but on the other hand weakness across the consumer spending side, domestic households as we see that weakness of the yen is one of the key points when it comes to how quickly they move. and to that point we also had perhaps concerning weakness
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May 10, 2024
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we saw the offshore yen weaken one's the lines dropped. the onshore yen followed suit. the aussie dollar also coming under pressure given how it is an election year. the threat of tariffs will remain and we have the likes of maybank liking at the gap between offshore and onshore could why didn't. geopolitics in the mix for markets in the region. >> the yuan is set to be under pressure. let's dig deeper into that story and the scoop that we were just mentioning. bloomberg has learned that the biden administration is set to impose tariffs on china's ev's and other strategic sectors. for more on this scoop, let's bring in eric martin from washington. what are the details? >> what are -- what we are hearing from our sources is that this is an announcement that will come next week. we are hearing this will be on tuesday. this is arguably the most important trade decision that president biden will take boring his term. this is putting his own stamp on the u.s. trade relationship with china. he inherited tariffs on more than 300 billion in annual imports from china from his pr
we saw the offshore yen weaken one's the lines dropped. the onshore yen followed suit. the aussie dollar also coming under pressure given how it is an election year. the threat of tariffs will remain and we have the likes of maybank liking at the gap between offshore and onshore could why didn't. geopolitics in the mix for markets in the region. >> the yuan is set to be under pressure. let's dig deeper into that story and the scoop that we were just mentioning. bloomberg has learned that...
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May 30, 2024
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the focus is still on dollar-yen but we also have to look at where euro-yen is in sterling yen, and it looks like a lot of the positioning is in the yen bearishness being rerouted elsewhere because of the focus on dollar-yen so much. even if dollar-yen continues its slow grind higher, the pressure on the cross is is going to continue. lizzy: sterling is not one that we often talk about. bloomberg's mliv strategist mary nicola, good to talk to you on that. just continuing our thoughts on inflation as we look ahead to it tomorrow, we've already had a surprise at of germany this week. inflation adding up for a second month throwing it in the works are the ecb and really underscoring a challenge in achieving its 2% target as it prepares to lower rates next week. a decision well telegraphed and bloomberg oliver crook can join us for the very latest on where this data fits into the inflation picture. all: let's just get into the german number we got yesterday. -- all: let's just get into the german number we got yesterday. in germany and the euro zone, that is the second tick up. it is 20 ba
the focus is still on dollar-yen but we also have to look at where euro-yen is in sterling yen, and it looks like a lot of the positioning is in the yen bearishness being rerouted elsewhere because of the focus on dollar-yen so much. even if dollar-yen continues its slow grind higher, the pressure on the cross is is going to continue. lizzy: sterling is not one that we often talk about. bloomberg's mliv strategist mary nicola, good to talk to you on that. just continuing our thoughts on...
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May 14, 2024
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haidi: that was the head of credit at ubs and we were discussing moves in the yen weakness. it's been reflected in government debt with bonds and yields. 10 year yields rising to a level we have not seen. speculation that boj will deliver more rate increases sooner given high ongoing weakness in the japanese currency and focus on the yield gap between the boj and the fed. haidi: a couple of key stocks in the session, big stories, weakness for both. ehp down after anglo american rejected a second approach. pressure building on anglo to lay out a vision for independence. bhp improving by 15%, rejected in the offer, crucially it maintained a structure that is unworkable. we are waiting for the next moves and whether this will spur productivity. watching softbank getting more aggressive. we've seen a sharp pivot to ai investment. second quarter of profit surge occluding strategy and plans more forceful in the cfo saying the balance sheet a not the conservative. they have been shedding assets not considered core. janet yellen says china could retaliate against steps the u.s. take
haidi: that was the head of credit at ubs and we were discussing moves in the yen weakness. it's been reflected in government debt with bonds and yields. 10 year yields rising to a level we have not seen. speculation that boj will deliver more rate increases sooner given high ongoing weakness in the japanese currency and focus on the yield gap between the boj and the fed. haidi: a couple of key stocks in the session, big stories, weakness for both. ehp down after anglo american rejected a...
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May 30, 2024
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so yen weakness is on the table. and on the one hand, the yen decline, the increase in the dollar-yen rate, has taken -- has been slow. japanese authorities have made it clear of the main trigger for them is too rapid depreciation. so that would argue against them intervening. then again, the apparent intervention at the end of last month came in at 160.17 which was just 0.3 shy of the lowest back in 1990. so it's a significant psychological level along with the round figure of 160. if it gets there, it would be hard to see them just walk away and not do anything, and we don't have a boj meeting for a couple of weeks yet. so i suppose the boj could adjust bond purchases down. they certainly face a lot of pressure to normally policy. but fx traders will definitely be nervous about the potential for intervention, we could see sudden moves. even if people think it is coming. considering the last time that apparently happened was in the u.s. session when there was an impulse for the yen to we can anyway, -- i mentioned t
so yen weakness is on the table. and on the one hand, the yen decline, the increase in the dollar-yen rate, has taken -- has been slow. japanese authorities have made it clear of the main trigger for them is too rapid depreciation. so that would argue against them intervening. then again, the apparent intervention at the end of last month came in at 160.17 which was just 0.3 shy of the lowest back in 1990. so it's a significant psychological level along with the round figure of 160. if it gets...
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May 8, 2024
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the dollar rallies and the yen drops. minneapolis fed president neel kashkari says rates will likely be on hold for an extended period. the israeli military edges further into rafah. buys a -- biden pauses shipment of bombs to israel on fears the idf could deploy them in the densely populated city. xi jinping welcomed with open arms in serbia. the chinese president looking to bolster support in eastern europe. from geopolitics to the earnings story and the lines from the brewer ab inbev with a beat in the first quarter in terms of organic earnings, up 5.4 percent, an increase versus the estimates of 2.75%, so in terms of organic adjusted ebitda, a solid beat in the first quarter for ab inbev, the brewer of budweiser and bud light. in terms of the margin story, also a beat in the first quarter for ab inbev with adjusted margins coming in at 34.3 percent, slightly above the estimates and in terms of volume growth, this is important for analysts as we look across the markets of europe, u.s. and china, contracting 0.6%. volum
the dollar rallies and the yen drops. minneapolis fed president neel kashkari says rates will likely be on hold for an extended period. the israeli military edges further into rafah. buys a -- biden pauses shipment of bombs to israel on fears the idf could deploy them in the densely populated city. xi jinping welcomed with open arms in serbia. the chinese president looking to bolster support in eastern europe. from geopolitics to the earnings story and the lines from the brewer ab inbev with a...
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May 13, 2024
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the japanese yen touched 160 last week. that has come off to 155 still a significant mark where we could consider intervention being part of the trading. the speculation and rumors that you did see intervention coming into play. c nothing confirmed from the japanese authorities the british pound is 125.20. on the european yields, european yields on friday actually went lower and catching up to what we saw as the initial u.s. treasuries fall on thursday. u.s. treasuries began to pick up on friday. perhaps a bit of catch-up trade they are also looking for clues on the fed policy as we heard from neel kashkari and austan goolsbee with regards to what they think rates could be doing. the question is if any rate cuts kickoff this year and whether they offer any symbolism to a rate cut path for the future across europe, anticipation is you will see june become the mark for the interest rate cuts. 2.51 for the ten-year bund italian at 3.85 paper. the ten-year yield in the united states is at the 4.5% mark. >>> european banks are o
the japanese yen touched 160 last week. that has come off to 155 still a significant mark where we could consider intervention being part of the trading. the speculation and rumors that you did see intervention coming into play. c nothing confirmed from the japanese authorities the british pound is 125.20. on the european yields, european yields on friday actually went lower and catching up to what we saw as the initial u.s. treasuries fall on thursday. u.s. treasuries began to pick up on...
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May 6, 2024
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a lot of it has to do with what we see on dollar-yen. dollar china hovering back towards the 7.22 level with yield differentials between the u.s. and japan in focus as well. tom: april with a check on the markets and the catch-up coming through for chinese stocks too cheap to ignore. let's check back in on the geopolitics. the redhead that crossed on in the last few minutes, israeli military has asked some civilians in rafah to move out of the city. we know, and we have listened in to netanyahu of israel, who has suggested they remained determined to clear out that city because of the hamas battalions that continue to shelter there. there are of course hundreds of thousands of civilians within that city. israel has said it will enable the evacuation of civilians. critics suggested that will be challenging. the talks within the context of ceasefire talks that have continued over the weekend, but we know have stalled. let's get the details with paul wallace in dubai. israel's military is asking civilians in rafah to move out of that city.
a lot of it has to do with what we see on dollar-yen. dollar china hovering back towards the 7.22 level with yield differentials between the u.s. and japan in focus as well. tom: april with a check on the markets and the catch-up coming through for chinese stocks too cheap to ignore. let's check back in on the geopolitics. the redhead that crossed on in the last few minutes, israeli military has asked some civilians in rafah to move out of the city. we know, and we have listened in to netanyahu...
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May 2, 2024
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in net receipt of funds the money brokers in tokyo say the forecast is 1.1 trillion yen. there is excessive money market transactions came into the markets and worth 3.66 trillion yen or $23.6 billion u.s we cannot confirm, but the data indicates an excess of transactions that might indicate there was intervention into the markets to help prop up the yen. this is similar to the data that you saw on may 1st when they projected there was revealed they may have spent 6 trillion yen and intervening the market on last monday, we saw a spike and it raised alarm bells if there was intervention on the part of the boj. finance officials say there will be a report at the end of may to discuss any intervention in the market based on the preliminary data, the bank of japan has moved ahead to keep the yen from deappr deappreciating depreciating. frank, back to you. >>> thank you. coming up on "worldwide exchange," one word every investor need to know today, but jim cramer says the fed putting on rates is giving the investors the all-clear significant that will signal. >>> tune on satu
in net receipt of funds the money brokers in tokyo say the forecast is 1.1 trillion yen. there is excessive money market transactions came into the markets and worth 3.66 trillion yen or $23.6 billion u.s we cannot confirm, but the data indicates an excess of transactions that might indicate there was intervention into the markets to help prop up the yen. this is similar to the data that you saw on may 1st when they projected there was revealed they may have spent 6 trillion yen and intervening...
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May 2, 2024
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we've seen three sharp moves, yen bears are back. they have the fundamentals on their side, it's about the yield after the fomc today. tom: thank you very much indeed. jerome powell keeping hopes alive for a rate cut this year indeed, but inflation has reduced confidence that price pressures are ebbing. >> it would not be appropriate to reduce the target range until we have gained weight or confidence that inflation is moving toward 2%. so far the data have not given us greater confidence, in particular readings on inflation have come in above expectations. gaining confidence will take longer than expected. tom: let's bring in mark cranfield. if this was a pivot it was at the dovish end of the spectrum. is this the fed with an easing bias? mark: mr. powell would like to lower interest rates. in december he kicked off the idea of rate cuts, he was excited inflation was coming down and dater showed we had a key reading at 1.9% below the key threshold. a lot has happened, several prints have been higher. a lot of backtracking and here w
we've seen three sharp moves, yen bears are back. they have the fundamentals on their side, it's about the yield after the fomc today. tom: thank you very much indeed. jerome powell keeping hopes alive for a rate cut this year indeed, but inflation has reduced confidence that price pressures are ebbing. >> it would not be appropriate to reduce the target range until we have gained weight or confidence that inflation is moving toward 2%. so far the data have not given us greater...
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May 23, 2024
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the fundamentals are for dollar-yen to grow higher. the inflation data is not doing ministry of finance any help at all. annabelle: what's more important for the japanese yen, perhaps a 10 basis point hike or the fed? michael: if the rate cut is pushed out into first quarter next year, it's a massive or a for the people in tokyo. 10 basis points when the 10 year spread, the tightening is occurring but the stronger narrative between the two is still the strong u.s. economy. the pmi last night was pretty strong, that prompted him to come out and say he's not seeing the numbers at all. you get the feeling they are trying to massage the market to wait longer for rate cuts from the fed, which will push up dollar-yen. 10 basis from the boj every three or four months won't scratch the paperwork much. haidi: real estate consultants see luxury home prices soaring in some asian cities and driving global gains. we are looking at prime properties seeing double digit increases in some cities, bucking and downward trend elsewhere. hi borrowing costs
the fundamentals are for dollar-yen to grow higher. the inflation data is not doing ministry of finance any help at all. annabelle: what's more important for the japanese yen, perhaps a 10 basis point hike or the fed? michael: if the rate cut is pushed out into first quarter next year, it's a massive or a for the people in tokyo. 10 basis points when the 10 year spread, the tightening is occurring but the stronger narrative between the two is still the strong u.s. economy. the pmi last night...
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May 24, 2024
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we also have the weaker yen. there is some concern that was start putting cost pressure on inflation through imports. then there is the way tykes -- wage hikes we saw in the spring. the gains are in excess of 5% the biggest increase in more than three decades and we would expect them to show up in payslips starting in june so the bottom line is the boj is probably still on track to pursue normalization through another rate hike in the next few months. annabelle: what do you think the path is ahead for policy normalization? how many hikes will will likely see? >> the market consensus is fairly split. we have seen at the most calling for two hikes before the end of the year. some say underlying inflation is losing momentum so maybe only one and done. the next boj chief economist that a couple weeks ago he sees a case for up to three hikes before the end of the year because it is really all about rolling back through the excessive easing, not tightening policy but just rolling back some of the excessive easing to a
we also have the weaker yen. there is some concern that was start putting cost pressure on inflation through imports. then there is the way tykes -- wage hikes we saw in the spring. the gains are in excess of 5% the biggest increase in more than three decades and we would expect them to show up in payslips starting in june so the bottom line is the boj is probably still on track to pursue normalization through another rate hike in the next few months. annabelle: what do you think the path is...
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May 7, 2024
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on the yen specifically, we have seen the ministry of finance japan actually intervening when the yen approaches 160. so we actually do think the trading range will be between 150 to 165. if it approaches 150, we think it will come with high carry 5% on an annualized basis. if it approaches 165, that is where you want to be more cautious because the ministry of finance likely step in. they want to dampen volatility. annabelle: with those moves in the japanese yen of course playing into some of the gains we are seeing for japanese equities, that weakness, do you see that persisting, or do you see that any moves from here are going to be capped a little bit? ray: the japanese equity has more than just yen weakness going forward. it's undergoing a multi-generation -- we have seen strong corporate buybacks from corporate governance reforms push. before the japanese markets closed, a couple companies announced buybacks for the first time in nine years, and we see them in double digits. we expect more and more of these to come in. earnings will deliver, in addition to some gradual yen weakn
on the yen specifically, we have seen the ministry of finance japan actually intervening when the yen approaches 160. so we actually do think the trading range will be between 150 to 165. if it approaches 150, we think it will come with high carry 5% on an annualized basis. if it approaches 165, that is where you want to be more cautious because the ministry of finance likely step in. they want to dampen volatility. annabelle: with those moves in the japanese yen of course playing into some of...
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May 24, 2024
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yields prompting dollar-yen above the 157 level. the level that is thought to have latched on the first of two interventions earlier this month, and also the japanese currency depreciation drawing in the bears because the boj rate hikes, the yield on the 10 year still sitting above the 1% level. japan cpi data show cooling for a second straight month. haslinda: that's right, and now the boj meeting next month is probably live. our next guest sees two fed rate cuts this year, starting in the third quarter. the chief investment strategist at bank of singapore joins us here in the studio. we talk about a swaps market, now repricing, expecting a cut only in december. we've gone from seven to one. perhaps david solomon of goldman may be right, maybe we could have none. >> he could well be. but we are little cautious about how fast expectations are moving and we would not put too much weight on it. we look at the data where it runs a little hotter in the first quarter of the year, that's not surprising. we think disinflation will feature
yields prompting dollar-yen above the 157 level. the level that is thought to have latched on the first of two interventions earlier this month, and also the japanese currency depreciation drawing in the bears because the boj rate hikes, the yield on the 10 year still sitting above the 1% level. japan cpi data show cooling for a second straight month. haslinda: that's right, and now the boj meeting next month is probably live. our next guest sees two fed rate cuts this year, starting in the...
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May 2, 2024
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weaker japanese yen again after the stronger japanese yen later in the session. what is there to say of standard charter. is that what he said. >> i don't watch movie unless they're above a 60%. unless it's a cult classic. >> the worse the rating the better the movie for jonathan ferro. >> i don't go on rotten tomatoes. >> and then i filter it out. >> i go to the movies and watch it. sometimes what i enjoy, you know the film critic who's got big ideas of what a movie should be. i just want to relax. with the same plot and it's highly protectable and you know what's can happen. at the end everyone's happy. enough surprises on the show. fed chair jay powell downplaying the chance of rate hikes. traders turning their -- and the u.s. payrolls report. calling for a print of 240 k. before we get there we need to talk about this, apple reporting after the closing bell. investors looking for details on iphone sales which have been slowing particular in china it will also give a first look at sales of the vision pro which debuted in february. the stock is up by 1% on the
weaker japanese yen again after the stronger japanese yen later in the session. what is there to say of standard charter. is that what he said. >> i don't watch movie unless they're above a 60%. unless it's a cult classic. >> the worse the rating the better the movie for jonathan ferro. >> i don't go on rotten tomatoes. >> and then i filter it out. >> i go to the movies and watch it. sometimes what i enjoy, you know the film critic who's got big ideas of what a...
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May 2, 2024
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. >>> coming up on the show, the volatile trade for the japanese yen today. we'll breakdown the details coming up right after this break. psoriasis all over. i couldn't get my hair done. then psoriatic arthritis. cosentyx works on both for me. people with psoriasis on the scalp have a 4 times higher risk for psoriatic arthritis. serious allergic reactions, severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to, or if ibd symptoms develop or worsen. still workin' for me. ♪see me.♪ >>> welcome back to "street signs. the yen has been volatile overnight. we have jp ong with more >> reporter: good morning, frank. the question in asia is what people are calling yentervention. when you look at the moves and the strengthening of the yen, it happened 30 minutes after the federal reserve's jay powell said they have little confidence that inflation is trending downward that differential was above that on the bank of japan may persist.
. >>> coming up on the show, the volatile trade for the japanese yen today. we'll breakdown the details coming up right after this break. psoriasis all over. i couldn't get my hair done. then psoriatic arthritis. cosentyx works on both for me. people with psoriasis on the scalp have a 4 times higher risk for psoriatic arthritis. serious allergic reactions, severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if...
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May 6, 2024
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yvonne: the yen set for gains.
yvonne: the yen set for gains.
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May 10, 2024
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when i got into the business in the 1970s i remember trading spot dollar yen at 250 yen to the dollar, we're 155 right now. we go through 160, we're on our way to 200 yen, it's going to be a devaluation, that's going to spread across asia and will be disconcerting to everybody. maria: what's the impact on the dollar? >> the dollar probably gets good deal stronger relative to the japanese yen, probably gets modestly stronger relative to the euro and stronger relative to chinese rmnb china and japan needs to watch what one another are doing and they'll continue to competitively devalue their currencies. maria: it's nice to see green shoots in capital markets activity. the journal writes this, buybacks are back, noting that share repurchases are up sharply for the first quarter, led by meta and apple. i spoke to the ceo of chevron, mike wirth says they would keep up buybacks and dividend increases and that's what shareholders want to see. >> this brings into the fact that -- the corporations have cash on their balance sheet. they're using the cash to fund ebbing which you the at this buy
when i got into the business in the 1970s i remember trading spot dollar yen at 250 yen to the dollar, we're 155 right now. we go through 160, we're on our way to 200 yen, it's going to be a devaluation, that's going to spread across asia and will be disconcerting to everybody. maria: what's the impact on the dollar? >> the dollar probably gets good deal stronger relative to the japanese yen, probably gets modestly stronger relative to the euro and stronger relative to chinese rmnb china...
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May 14, 2024
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to decade plus highs on bets the boj will further reduce debt buying to ease pressure on the ailing yen. plus, janet yellen admitting china may retaliate against terrifying from the biden administration, we hear exclusively from the u.s. treasury secretary. let's get straight to markets and look at how they are faring. avril hong is in singapore keeping an eye on things. >> we're seeing asia stocks moving sideways. you get the feeling this is the way it's going to be until we get the u.s. cpi print. that is projected to show moderation but not enough to prompt fed rate cuts. we did see chinese equities starting the day on the front foot, but they have pulled off session highs, even ahead of those big tech earnings out of china. keeping an eye on what we're seeing on asia fx, the threat of tariffs on china, along with potentially higher inflation. not a good makes for asian currencies. in japanese bonds, the seller from yesterday continues, we had the boj reducing purchases in the five to 10-eurozone, now strategists say it would not be surprising if it does the same in the three to five
to decade plus highs on bets the boj will further reduce debt buying to ease pressure on the ailing yen. plus, janet yellen admitting china may retaliate against terrifying from the biden administration, we hear exclusively from the u.s. treasury secretary. let's get straight to markets and look at how they are faring. avril hong is in singapore keeping an eye on things. >> we're seeing asia stocks moving sideways. you get the feeling this is the way it's going to be until we get the u.s....
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May 12, 2024
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the gap between the daughter and the yen they would consider a hike. watching the impact and the weakness of the end. haidi: something we are tracking continuing to see a slide. even though we had bouts of intervention. let's get to our next guest covering fintech and ai, targets include japan, asia and middle east with plans to invest in 30 names. joining us from singapore's rate , venture partner and let's just get started with where you are at establishing this firm. you had a first fund and what is the size? ray: right, so we've announced in march 2 invest in early stage companies in south east asia, we actually infest our own capital, family office based out of singapore. we plan to invest in 20 or 30 startups depending on the macroenvironment. haidi: we do not know the amount of capital and were looking to invest in startups, so what is the time horizon? rei: we have just started to invest and we are looking to spend a few years supporting our companies but in terms of the timeline, we started investing. annabelle: which sectors are you intereste
the gap between the daughter and the yen they would consider a hike. watching the impact and the weakness of the end. haidi: something we are tracking continuing to see a slide. even though we had bouts of intervention. let's get to our next guest covering fintech and ai, targets include japan, asia and middle east with plans to invest in 30 names. joining us from singapore's rate , venture partner and let's just get started with where you are at establishing this firm. you had a first fund and...
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May 28, 2024
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you have the japanese yen weaker. the boj staying relatively dovish even though we have seen the path to further hikes. you have the view that is developing that u.k. interest rates are going to stay higher than most others in the g10 countries. the boe set to lag behind its peers when it comes to easing. what we are hearing is even another hike from the boj is not going to do much to dissuade traders from picking nearly any other major currency over the yen. we are tracking the euro versus the yen around 170. the dollar versus the yen and that has been a keenly watched pair given you at the 157 level. 160 perhaps seen as a line in the sand for the boj where we see any possible intervention. haidi: we can get more thoughts in terms of the policy gap and the inflation outlook in general. going to head back to the ubs investment conference underway in hong kong. our next guest is one of their speakers at the event and a co-recipient of the 2018 nobel prize. he is a professor at boston college. he previously served as ch
you have the japanese yen weaker. the boj staying relatively dovish even though we have seen the path to further hikes. you have the view that is developing that u.k. interest rates are going to stay higher than most others in the g10 countries. the boe set to lag behind its peers when it comes to easing. what we are hearing is even another hike from the boj is not going to do much to dissuade traders from picking nearly any other major currency over the yen. we are tracking the euro versus the...
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May 29, 2024
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the japanese yen versus the u.s. dollar at 157. haidi: let's get back to watching the investment conference getting underway in singapore today. it is one of the largest investor conferences in the city bringing together global asset managers and hedge funds. let's bring in managing director and head of asia self markets at citi. great to have you with us. what a vibrant region you are covering grit we have seen so much momentum across these markets. across on cnn and the market darling for india as well. what has been the market activity for your business and outlook? sue: good morning and thank you for having me on your show this morning. we are really excited about this macro and pan asia investor conference in singapore today. it is a bit of a mouthful because we are combining two of our flagship events in one venue for the first time ever. this was an exclusive investor conference and our main equities access event combined into one venue. the idea is really to showcase our best in class global thought leadership and expertise
the japanese yen versus the u.s. dollar at 157. haidi: let's get back to watching the investment conference getting underway in singapore today. it is one of the largest investor conferences in the city bringing together global asset managers and hedge funds. let's bring in managing director and head of asia self markets at citi. great to have you with us. what a vibrant region you are covering grit we have seen so much momentum across these markets. across on cnn and the market darling for...
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May 7, 2024
05/24
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we find out just how weak yen is playing into their results. tom: yen back in focus. avril hong in singapore with the markets truck. to the ubs story, posting a big beat, it's on the first quarter net income. this was lender's on net income come in at 1.7 billion dollars, well ahead of the 600 million dollars that had been expected. another line crossing in the last minute from ubs. they cannot yet fully assess the capital effect from new swiss laws. we know they push back against the proposals coming through from the swiss government in terms of capital requirements that could cost them up to 20 billion u.s. dollars on some calculations. let's bring in bloomberg's alexandria, top lines, what stood out to you from these numbers from ubs? >> it's a welcome returned to profit after two quarters of losses, so it's a good start of the year for ubs, but at the same time they are cautioning the outlook for the next two quarters won't be so strong. they are predicting a small decline. at the same time, there is this big question mark hanging over the government proposal to h
we find out just how weak yen is playing into their results. tom: yen back in focus. avril hong in singapore with the markets truck. to the ubs story, posting a big beat, it's on the first quarter net income. this was lender's on net income come in at 1.7 billion dollars, well ahead of the 600 million dollars that had been expected. another line crossing in the last minute from ubs. they cannot yet fully assess the capital effect from new swiss laws. we know they push back against the proposals...
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May 13, 2024
05/24
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the yen is in focus. the data out of china weekends. expectation being policy easing and u.s. china tensions, i want to highlight bonds under pressure. the boj reduced bond purchases and it is testing the water before scaling back in debt markets. that's overseeing today. tom: the expectation is joe biden will announce those cuts in one component is quadrupling tariffs on sales. what is the market reaction to the increase in tariffs? avril: we are seeing how the chinese tv makers have sold off despite lack of confirmation. this is a continuation from last week, perhaps what is catching our eyes is quadrupling of tariffs and higher levies on other products. something worth noting is biden pushing through these moves, it will be announced at white house events. this could be framed towards defense of american workers and for chinese tv makers the u.s. is a small market, walked out years ago, a bit of reaction in the eeev stocks and solar firms. tom: politics not far away. thank you indeed, raking down the details. broader market reaction this monday, the state of u.s. china rela
the yen is in focus. the data out of china weekends. expectation being policy easing and u.s. china tensions, i want to highlight bonds under pressure. the boj reduced bond purchases and it is testing the water before scaling back in debt markets. that's overseeing today. tom: the expectation is joe biden will announce those cuts in one component is quadrupling tariffs on sales. what is the market reaction to the increase in tariffs? avril: we are seeing how the chinese tv makers have sold off...
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May 6, 2024
05/24
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bank of japantaking yen-terventions. we are also seeing more moves with the dollar making fractional gains against the euro. the chinese currency making gains on the dollar as well. now you see the u.s. futures are moving higher. the yen is weaker after touching a three-week high on friday. the japanese currency saw the biggest weekly gain following suspected government in interv interventions. the stock market in japan is closed today for a public holiday. authorities appeared to use the quiet period to intervene. at the asian development bank meeting, dan murphy asked the finance minister how they will stabilize the yen. >> translator: when there is excessive movement, it may be necessary to smooth it out. >> speaking at the berkshire hathaway annual meeting, warren buffett found japanese trade houses compelling. he did add that it is unlikely they will make large commitments in other countries. >> our japanese experience has been fascinating in that respect. so, there maybe an unexplored or unattended opportunity in t
bank of japantaking yen-terventions. we are also seeing more moves with the dollar making fractional gains against the euro. the chinese currency making gains on the dollar as well. now you see the u.s. futures are moving higher. the yen is weaker after touching a three-week high on friday. the japanese currency saw the biggest weekly gain following suspected government in interv interventions. the stock market in japan is closed today for a public holiday. authorities appeared to use the quiet...
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May 3, 2024
05/24
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>> what a move in yen. career type move in yen this week. we have found the limit. we are at 153 and change this morning. in the spirit of what puts a top on yields, puts a cap on yields, that is another thing. dollar-yen has been so closely correlated to bond yields. the fact your seeing some type of a ship. in the face of record yen shorts , they better watch their back. jonathan: we had 160 on monday. to be at 153 is remarkable. i'm trying to work at the big issue for a lot of people, the end of u.s. exceptionalism and beginning of convergence, the end of divergence and the beginning of people starting to pile into that trade. too soon to get excited? >> i thought something interesting happened last two weeks on that score. the ftse 100 u.k. come index with no tech, only 1% is tech. jonathan: guy johnson because it jurassic park. >> new all-time high. first to come out of this new correction and no tech. interesting clue. look what is breaking up in china, all of these basic resource stocks. that is a clue. i think there are little hints. it is a market that goes
>> what a move in yen. career type move in yen this week. we have found the limit. we are at 153 and change this morning. in the spirit of what puts a top on yields, puts a cap on yields, that is another thing. dollar-yen has been so closely correlated to bond yields. the fact your seeing some type of a ship. in the face of record yen shorts , they better watch their back. jonathan: we had 160 on monday. to be at 153 is remarkable. i'm trying to work at the big issue for a lot of people,...
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recently we saw the japanese yen take a huge total and were looking at the yen up half 8% this morning. >> i think it's pretty clear although they will not admit it until the end of the month that the japanese ministry of finance has intervened twice this week and when you look at the yen against the dollar it is lost half of its value since 2012, that's pretty significant. the monetary policy of the united states now is hurting u.s. exports and helping our trade competitors. president trump actually brought this out recently on true social and he pointed out it's a 34 year low of the yen in china also. we have no level international monetary playing field and i think it's very important to see these effects, it makes no sense now that the united states has to pay 4.6% on the ten year government bond, japan pays less than 1%, even italy and spain have lower deals on the government bonds than the united states, something is out of kilter. maria: good to have you, thank you very much. the yen surging 2%, traders expecting intervention from the bank of japan. we'll be right back. ♪ hone
recently we saw the japanese yen take a huge total and were looking at the yen up half 8% this morning. >> i think it's pretty clear although they will not admit it until the end of the month that the japanese ministry of finance has intervened twice this week and when you look at the yen against the dollar it is lost half of its value since 2012, that's pretty significant. the monetary policy of the united states now is hurting u.s. exports and helping our trade competitors. president...
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May 29, 2024
05/24
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dollar and a weaker yen, so those fixings will be very important in the coming days. paul: we will have a budget out of new zealand in a couple of hours. the quantitative easing is back above $.60, but we expect to see debt increasing on the government side. what is your outlook for the kiwi dollar? ray: the context of a broad dollar view, we are positive on the new zealand dollar. we don't think that the hawkish rhetoric that has come out of the rv and said last week in which the price people -- we are still reticent to believe that that could actually translate into tighter policy. given that the state of the new zealand economy, it's not obvious that higher-for-longer rates or even a rate rise will be supportive, if it further drive the economy further into the ground. but the budget today may not be helpful to that cause. if we see a significant listening in policy, we will have to distinguish between the cyclical blowout in deficits as purely the result of decreasing economic activity than a result of fiscal impulse. if there is anything that suggests a significa
dollar and a weaker yen, so those fixings will be very important in the coming days. paul: we will have a budget out of new zealand in a couple of hours. the quantitative easing is back above $.60, but we expect to see debt increasing on the government side. what is your outlook for the kiwi dollar? ray: the context of a broad dollar view, we are positive on the new zealand dollar. we don't think that the hawkish rhetoric that has come out of the rv and said last week in which the price people...