elections shinzo abe calling on the bank of japan to ease monetary policy. putting the heat on the bank of japan just one day after its party's win and two days before the bank's rate setting meeting. >> kaori enjoji files this report from tokyo. >> this is a serious game changer. it's a major comeback for the party and a comeback from shinzo abe who gets a rare second chance to be prime minister of this country. he has made et clear that the economy and economic recovery is going to be one of the pillars and hallmarks of his second time in office and he's wasting no time in piling on pressure on to the bank of japan who holds, of course, their two-day policy board meeting later on this week. here is what he had to say. >> translator: i have constantly stressed our desire to create a policy accord with the bank of japan in raising the inflation target to 2%. i do think it is unusual for monetary policies to come to the forefront during elections, but we have been able to gain much support for this. i hope the bank of japan will take this result into serious c

a tie up between one of japan's banks and mexico. another major cross-border deal. >> hi. japan's missby see banking corporation has concluded arranging a financing deal of $3 billion to build a petrochemical plant in mexico. the deal is the bank's ever. britain's biggest bank, hsbc, bank santander and international finance corporation are among them. it is layer for a japanese bank to lead such a large, financial deal especially when there isn't any local corporate or government involvement. this project could mark a milestone for japanese banks in their attempt to create a bigger presence in the global market. the plant will be built by braskan and mexico's group odessa. it's due to start operations by 2015. that's all from nikkei business report. back to you, kelly. >> thanks very much for that. >>> now, plans for the london and moscow listings suffered a blow this year when goldman sachs withdrew as a lead individualser on the ipo of alleged corporate governance issues. in a cnbc global exclusive, geoff cutmore asked alisher usmanov if events in october hurt his relatio

of their first female leader. park geun-hye starts laying out her plans a day after she won the presidential election. policymakers and japan's central bank have injected another shot of stimulus into the economy. they're facing pressure from the incoming japanese leader. >>> welcome to nhk world "newsline." park geun-hye made a lot of promises during her election campaign. she said she would make life better for south koreans. now the pressure for her to keep those promises is on. people across the country are watching the president-elect closely and analyzing her victory. earlier i spoke with a reporter in seoul on the day after the election. >> reporter: the south korean media are busy telling park geun-hye's history, they're going over the twists and turns of the path that led to the start of a late president back to the blue house as president. experts say the high voter turnout helps park win more than 50% of the ballots. some initially thought it would have favored opposition candidate moon jae-in who has widespread support among young people. in past presidential elections, voters in their 30s or younger outnumbered those in their

abe urged the bank of japan governor to set a 2% inflation goal. at's after a new administration is established. the central bank policy makers say these aggressive measures could be risky, it could have a negative impact on the economy if prices go up without wage increases. they also worry an accord with the government would restrict the central bank's independence in setting monetary policy. >>> in the u.s. president barack obama and republican house speaker john boehner are scrambling to avoid the looming fiscal cliff. they're trying to reach an agreement on how to tax the wealthy. the president offered to limit tax hikes for people earning more than $400,000 a year. instead of his original proposal of $250,000. but republicans are calling for more concessions. >> what we've offered meets the definition of balance. but the president is not there yet. >> boehner said he will submit a bill to the house later this week proposing higher taxes only on people with income over $1 million a year. white house spokesperson jay carney said the two sides ar

on that. >> during his campaigning abe was very vocal about pushing for aggressive measures by bank of japan. he's putting his words into action. shinzo abe has gotten straight to the point with bank of japan governor. the ldp leader made a direct push for the bank to aim for a higher inflation target. boj governor visited ldp headquarters on tuesday. during their meeting abe urged him to consider setting up policy accord for 2% inflation target after the new administration is established. he declined to elaborate on his discussion with abe. the central bank's policy meeting starts from wednesday. abe repeatedly called for bold monetary easing during his election campaign to help defeat deflation but the boj governor stressed the central bank has been providing the largest amount of market liquidity among advanced countries, implying the boj has already taken sufficient monetary easing. abe told business leaders he plans to pull through on promises and pull japan out of inflation. >> translator: we have to beat deflation, curb the strong yen and grow jobs. we'll do anything to grow the japan

of those estimates. major manufacturers in japan say business sentiment is getting worse. that's according to the latest quarterly report by the country's central bank. the bank of japan released on friday it's quarterly survey of short-term business confidence. nearly 11,000 companies up were covered byhe poll. e headline index stood at minus 12, down 9 points from the previous survey in september. it also records two consecutive quarters of worsening sentiment. the main factor for the decline is poor exports of auto and other economies due to the european downturn and cooling ties with china. another negative factor is the drop in domestic car sales because state subsidies for buyers of fuel efficient cars expired in september. for the nonmanufacturing sector the sentiment index was down by four points from the previous surv survey. looking aahead the to the next three months, major manufacturers expect a slight improvement as they hope the u.s. and chinese economies recovery. they're concerned that cooling consumer sentiment will persist. japanese shoppers are spends less, and that's got retailers depress depressed. as tremendous to try get peopl

there's a lot the bank of japan can do. >> reporter: the boj can take a number of measures. one is to expand the balance sheet. the bank can buy more government bonds and even foreign bonds. another important step is for the boj to have a clear target for price increases. >> reporter: monetary easing alone cannot overcome deflation. >> defeating deflation is possible, unrealistic and not feasible and also destable ieid. >> what's needed to end japan's deflation and rescue japan out of its slump. >> deregulating medical industry, agriculture and maybe try to increase a number of immigrants. that'd be very important. collapse of the japanese markets that probably lead to a significant deposits. when it starts to fall out and banks cannot bjb's, interest will go up. that's how effects are huge. financial system may become really unstable. >> reporter: there's also different views. >> translator: if the boj buys all the bonds issued that's going to raise the problem of fiscal discipline. money is abundant in japan. that's why confidence is not going to disappear. >> reporter: eco

investors are eagerly awaiting whether the bank of japan will take further monetary easing steps. let's take a look at the currency markets. the yen is little change against other major currencies. the dollar is trading slightly lower against the yen. that's after it rose near a one year and eight month high in overseas trading on wednesday. some traders are selling the dollar to take profits before today's announcement from the bank of japan. dollar yen is at 84.26 and the euro is lower against the yen. taking a look at other markets in the asia pacific region, south korea's kospi is trading slightly up. let's also take a look at australia. that's trading higher by over .1 of a percent. >>> ubs will pay about $1.5 billion in fines. that's for rigging key interest rates. the total amount that ubs will pay is greater than that of british bank barkleys. they paid over $400 million in fines for its wrong doing. ubs admitted that its employees across its global network has manipulated the london interoffice rates. the rate is used as a global benchmark for financial trading. at least

dollar to take profits before today's announcement from the bank of japan. dollar yen is at 84.26 and the euro is lower against the yen. taking a look at other markets in the asia pacific region, south korea's kospi is trading slightly up. let's also take a look at australia. that's trading higher by over .1 of a percent. >>> ubs will pay about $1.5 billion in fines. that's for rigging key interest rates. the total amount that ubs will pay is greater than that of british bank barkleys. they paid over $400 million in fines for its wrong doing. ubs admitted that its employees across its global network has manipulated the london interoffice ras. e rate is use as a global benchmark for financial trading. at least 45 ubs employees were involved in the manipulation or recognized the ilegality their contact. the former trader urged his colleagues to make forged reports on the key rate. he also reportedly predicted when they are predicted by 0.01% point he could make a profit of over $1 million. that is the latest in business headlines. here is a check on regional m

the nikkei's gains are due to optimism that the bank of japan is likely to take further easing steps. there are hopes that exporters will post higher earnings. traders said overseas institutional investors are returning and taking an aggressive stance on tokyo stocks. let's look at the markets. market players are buying up dollars and selling the yen on the yeps the bank will take action. the pair is quoted at 87.75 to 76. earlier in new york the kou oh touched a high against the yen. dealers are closely monitoring how the negotiations on the u.s. fiscal cliff will progress. they resume later in the day. the euro is trading at 113.43 to 48 against the yen. the european currency has risen to a 17-month high. in other markets in the asia pacific region, south korea is trading a touch lower at 1,980. in australia the benchmark index is trading just a touch higher up 1/5 of a percent at 4,643. the new finance minister says the issuance of more government bonds may be needed to secure funds for the fiscal 2012 supplementary budget. his comment follows the prime minister's inauguration. >>

. >> catherine, the incoming leader abe has even mentioned revising the bank of japan law which adds more pressure onto the central bank of japan. now, a bit of background, the boj decided last week to extend its asset purchase program by 10 trillion yen, but many investors think the bank needs to do more, still. let's go to ramin mellegard who is at the tokyo stock exchange to get a check on how all of this is affecting tokyo markets. ramin, good morning. >> good morning to you. markets really keeping a close eye on the weaker yen here, and if it's going to weaken further, in fact, and really that's been leading to the gains in stocks that we've been seeing. i also need to keep an eye on the developments of the u.s. fiscal cliff and whether that's going to be resolved or not in the coming days. let's have a look at the opening levels for december 25. 10,000. we're back above that level today, 10r,097. for the nikkei, 10,098. with large volume, i may add coming from both domestic and foreign importers. also sectors who may benefit from the more expansive monetary policy measures that

officials of the japan business federation or keidanren on tuesday. >> translator: soon after we form a new cabinet tomorrow, i hope the government can establish a policy accord with the bank of japan to set an inflation target of 2%. the bank should be held accountable to meeting the target. >> last week boj policymakers decided to decide whether to set the 2% target in january. the bank's current goal is 1%. meanwhile the keidanren chairman is stepping up efforts to lift the nation's sagging economy. he said the landslide election victory signals the party's hope to regain a strong japan. >> translator: i think a wide variety of policies including monetary policy should be implemented to get the economy back on track. they will together help trigger economic growth again. >> he also expressed his support for abe's plan to restore the council on economic and fiscal policy. the panel was closed under the noda administration. >>> an afghan police woman has shot and killed an american civilian adviser in afghanistan. the incident is the latest in a string of attacks in the country by local soldiers and police. our correspondent in bangkok has the examples. >>> the attack occ

. >> we got a boost on february 14th, valentine's day when the bank of japan set in motion asset easing. that weakened the yen and pushed the nikkei to its initial year high at the end of march. greek debt worries and overall eurozone debt issues really began to come to nature in early april, gradually cutting into earlier gains and pushing the nikkei to its year low on june 4th. the nikkei was also hit by concerns over the u.s. fiscal cliff in early november and it plunged nearly 400 points, it was down for seven trading sessions in a row. still another turn for the nikkei this time positive. when prime minister noda dissolved lower house of parliament in mid-november and then the possibility of a victory for the ldp led by shinzo abe really gave a boost to the markets because of his pledge to seek strong monetary easing measures and we did see the yen actually shed a lot of its strength that it had seen earlier in the year sending exporter and financial stocks to their highs. the inauguration of shinzo abe as prime minister also gave a last push to stocks and really we saw the nikkei

the bank of japan. japan's exports fall for the sixth straight month. are going to see the bank of japan on thursday announce new stimulus measures. you're going to see efforts to weaken the yen. it's going to get even weaker. that is the old yen carry trade. that may be where some of this money is coming from to do the odd little trades that seem to be going on. out of bonds, into stocks, selling gold as well. i think that's a real factor here. what caught my eye this morning, there was a survey out saying the hedge funds is the most exposed to the market since 2010. a lot of people mentioned that and said, that is a contrary indicator, high levels of activity in the stock market for hedge funds, often a negative indicator overall. let me mention night capital. they are selling themselves to geico. i took two-to-one ratio. this is a good deal all around. you're going to marry the biggest, fastest traders out there, getco. you're going to marry that with knight, which has the biggest wholesale business out there. so you're going to get big business, with

iceland has collapsed their economy collapsed their banking system collapsed why because of the carry trade because of zero percent interest rates in japan i remember when we made that film money guys or we cover glenn stevens of the reserve bank of australia who said that there was something very strange about a g three country have giving away free money banking kamikazes. pilots crashing planes into ships japanese bankers crashing the economy on the the shoals of monetary currency debasement but it'll end up with a lot of dead people because as been pointed out the casualties from this financial war going on around the world are in the millions and the death count is going up every day now and it's interesting when you look at central banking policy is there when they give away free money it's not terribly it sounds like here's a free gift for you it's actually a very hostile and aggressive act and it causes destruction not only well of the financial system primarily it causes the entire eradication of economies and banking systems around the world it's like nerve gas you know you don't really notice it but then you're paralyzed oh my

regardless of who wins on sunday, there is widespread expectation in the markets that the bank of japan will ease monetary policy further next week. at the same time, many market investors are hoping that if there is a new government in place, they will do a better job of convincing the central bank, the bank of japan, to embark on unlimited easing until inflation is stamped out. >> whether the boj would be able to decrease the currency through the monetary ease sg very much debatable. but i think it's possible if boj commits to 2% inflation goal and begin to -- the assets on this balance sheet. >> although the polls suggest the dpj losing in this election, the polls say that 40% of voters are undecided. many of them, though, are very disappointed the dpj failed to deliver on can of the processes they made back in 2009. this comes, of course, at a critical time in terms of national security with a very punishing territorial ongoing dispute with china, so a lot is at stake in this national vote on sunday, which is the first since the march disaster necessary 2011. that's the late freft t

this after the bank of japan has been the center of a heated political debate ahead of the election. a special report on how japanese lawmakers have been threatening to invoke the central bank's independence unless the 130-year-old institution does more to support growth. joining us is chief correspondent for policy at reuters. thanks for joining us. is independence under threat? is there such a thing really as an i said central bank? because surely they have to set policy in conjunction with the government. >> i think the boj's independence is important and politicians understand that, but what politicians want is more coordination and bolder steps from the boj. and these threats made by the politicians are difficult to be realized given that parliament at both houses need to approve any law to revise the boj law. but it would at apply pressure to take worldbolder steps to pr any revision to the law. >> could they just change the mandate? >> they could, but it's probably unlikely that the mandate will be changed. focusing on price stability. some politicians want the mandate to be ch

better hope the moves in the japanese government or bank of japan pan out. we'll get the bank of japan's decision tomorrow. but this comes on the day when, remember, it's on the weakening of the yen which we can show you on hopes that that will help the japanese corporate sector. remember, we saw export figures showing a drop of 20% in exports to the use. 15% to china. again, there's a lot of expectation built to this. the aussie/dollar remains the underperformer as we continue to evaluate china's internal rebalancing. now the sterling is stronger, the dollar/yen you already mentioned. and the euro/dollar to get back to the point about the ifo survey is adding .3% to 132.-- 1.3274. we get a rally in the euro. our guest this morning suggested it will be the 150 to 160 range before that becomes any real problem for competitiveness. guys, if we get anything near there, that will certainly be a troublesome development, shall we say, for the rest of the periphery. a lot of cross currents this morning. back to you. >> did you see the -- berlusconi saying that italy

this seems to be one of the biggest stories for the bank of japan. do you bet on the bank of japan here? >> we expect them to loosen and of coursively push the yen down. the only qualification one has there is it's a little bit like the government bond call going into 2013. absolutely everybody seems to be saying it. >> okay. we'll leave it there. kevin gardener, head of investment strategist at barclay's. your top call for 2013? >> we think growth will be weak around the world. the u.s. is the best game in town. >> i want to hear what john walsh thinks. what's your top pick of the year, sir? >> bullish across all the understand i ises. why not? >> john walsh is bullish. why not? we still appreciate you coming in. arnab das, from robini global economics. >>> straight highway on the program, the storm clouds are darkening in d.c. as house speaker john boehner saufrs a major rebuke from his own party over efforts to pass a tax bill. how much harder does this make it in the white house? we'll get the latest from ug wa, next. i always wait until the last

this is on expectations that the bank of japan may take additional monetary easing measures when the liberal democrats leader shinzo abe assumes power in a week. analysts say buy orders placed on a wide range of issues. export-related issues were also bought on hopes that u.s. democrats and republicans may reach an agreement to avoid the so-called fiscal cliff. >> translator: i think many people are pinning their hopes on mr. abe to revive the japanese economy, because his party won a landslide victory in the election. >> translator: i'm not sure whether this upbeat trend will continue or it's just temporary. i'm concerned the u.s. fiscal cliff may have a downward effect. >> market players are, for the time being, are cheering the bold monetary easing measures put guard by the democratic liberal party leader. however, some say measures by the central bank may not be enough to pull japan out of its prolonged deflation. there are also concerns that price hikes without wage increases could dampen consumer spending and that could eventually pull down the country's economy. gee the global

the bank of japan plans to exam how its inflation target should be sent and when it shoultd be reached. let's g let's get a check on markets. the nikkei rose to an eight and a half month high. it's trading at 10,098. investors are placing bets on a wide range of stocks as the yen weaks. let's take a look at the dollar yen. that's changing hands at 84.26 to 28. that's after the gdp final estimate came in better than what many analysts had expected. the euro is also higher. that's changing hands at 111. let's take a look at other markets open. south korea's kospi down bay third of a percent. the index is trading higher. a bit of a mixed picture in the asia pacific today. the head of mitsubishi electric has decided to take it were fault. they will decide on the penalty at an executive officers meeting on friday. sources say the president will have his entire compensation cut for six months. other kexecutives are expected o receive pay reductions. the companies have been overcharging clients. they're set to pay over $800 million to the state and other entities. that's the latest headlines.

major issues of the new government will be its involvement in monetary policy, taken by the central bank to end deflation and hold back the yen's advance. abe is urging the badge of japan to set an inflation target of 2%. he thinks if the central banks takes large-scale monetary easing measures, the country's economy would be revitalized. abe believes such measures would spur expectations for economic growth anded three a weaker yen and higher stock prices. bank of japan policymakers are scheduled to discuss issues, including the 2% inflation target, at their meeting next month. >>> the abe administration is facing another big challenge, how to carry out its pledges to improve japan's economy while at the same time controlling government spending. concerns are mounting as the country entered a recession. this means the economy shrank for two straight quarters. the new government plans to immediately compile a budget for fiscal twefrmt the ruling liberal democratic party vows to place importance on public works project he is, which would make the nation's ground stronger against disasters. introduction and promotion of renewable energy is also a pledge to go ahead with

market participants are becoming more certain that the bank of japan may take further action to pull the country out of deflation, since the consumer price indecision fell in november. that was for the first time in two months. participants added that the yen's first slide is sending shares of exporters higher. so let's take a look at the currency markets. the dollar is hovering near a 29-month high against the yen. the yen is falling on expectation that the boj will initiate further monetary easing. the euro is trading at around a 17-month high against the yep. 114- .58. let's take a look at australia. the benchmark index is there is trading higher, 4,685. looks like a positive start to the asia-pacific so far this friday. we'll see where trading takes us. here's a look at some other markets. >>> myanmar's president spoke the nation on wednesday in a speech broadcast state run television and radioations he described his country as falling far short of the international standards for good governance and urged government workers to do more. >> the president also said reforms are needed

they are hoping the bank of japan will take action at its upcoming policy meeting next week. euro yen quoted at 108.22 to 99. japan's nikkei average went above 9700 at one point. a weaker yen and the u.s. fed's policy decision that's what's lifting a wide range of issues here in tokyo. let's take a look at other asian markets open now. we are seeing seoul's kospi up and over in australia the benchmark is trading unchanged at 4,583. we'll see where trading takes us throughout the rest of the day. greece is buying back bonds. it exceeds the 30 billion euro target. greece had been seeking investors willing to accept at 30 to 40% of the bond's face value. the program is designed to reduce the debt burden. analysts estimate greece will be able to shave about 20 billion euro's off its debt. this will clear the way for greece to receive a new infusion of more than 43 billion euros in aid from the eu and other principal lenders. the organization of petroleum export and countries held a general meeting in vienna yesterday. representatives of the 12 oil exporters agreed to retain the c

the 58-year-old has promised aaggressive monetary easying by the bank of japan. anwhile, the bank of japan was issues. one option considered was an open-ended commitment to buy ass assets. customers brought the case against toyota, claiming certain models accelerated unintention equally. 16 million vehicles are covered by this action, including popular models like the camry and toyota. toyota shares were rallying on the news, up about 1.3% in trade today. >>> the season of good wills has seemed to pass tech firms by. sang sung is seeking the bail of exports of ericsson products. the action follows a suit and similar blames just keep going. >>> coming you, the latest u.s. consumer data is heading in for the day. we'll take a check off what the. >>> a u.s. federal jurl jury found marvell infringed on several patents bhi carnegie mellon. carnegie mellon sued marvell in 2009 of patents. the company hopes the judge will r peel the verdict. shares were down on marvell this morning as investors worry about the future of that case. >> raj rajaratnam has agreed to pay $1.5

of modern, high-quality logistics facilities in japan. >> market players have been buoyed by signs of recovery in the urban real estate market this year. bank of japan has obtained reits as part the monetary easing policy. analysts have seen the reit value index go up by 32%, giving fresh hope to the tokyo market. >>> japan is stren thenging relationships with nation who's have a population of 580 million. our reporter at our bureau in bangkok has details. >>> japan is strengthening relations with asean member nations with a total population of 580 million. on friday, it took steps to make further inroads into myanmar, which is continuing efforts to democratic reforms and opening its economy. officials from the governments of myanmar and japan signed a memorandum giving japan exclusive rights to develop a special economic zone. the park is 20 kilometers from myanmar's largest city. >> i possibly hope and i'm very confident that this creation and the friendship between the two countries will be even deeper and stronger. ever after and the years after. >> translator: myanmar has officially confirmed that we will take a leading role in the dev

of modern, high-quality logistics facilities in japan. >> market players have been buoyed by signs of recovery in the urban real estate market this year. bank of japan has obtained reits as part the monetary easing policy. analysts have seen the reit value index go up by 32%, giving fresh hope to the tokyo market. >>> japan is strengthening relationships with nations who have a population of 580 million. our reporter at our bureau in bangkok has details. >>> on friday, japan laid out strategies to make further end roads into two further countries. the first is myanmar who is continuing efforts towards democratic reforms and opening its economy. officials from the governments myanmar and japan signed an agreement. the park is 20 mill r kilom kil the largest city. >> i possibly hope and i'm very confident that this creation and the friendship between the two countries will be even deeper and stronger. ever after and the years after. >> translator: myanmar has officially confirmed that we will take a leading role in the development. it is a huge step for japan. >> combining the strengths of its public and private sectors, the japanese governme

iceland has collapsed their economy collapsed their banking system collapsed why because of the carry trade because of zero percent interest rates in japan i remember when we made that film money guys or we cover glenn stevens of the reserve bank of australia who said that there was something very strange about a g. three country have giving away free money. because everybody's made the comparison to what we're going through to the great depression and we all know what central bankers believe and that is that world war two got us out of the great depression so it's no coincidence i think that you see the same sort of alignments the same sort of geo political tensions going on yeah we're definitely headed for a war once you have a good for the us because it's not a shooting each other they're going to shoot somebody else part of this banking revolution the central banking revolution as the first headline calls it which i don't think it's central banking revolution i just think it's outright war on an armed people around the world moody's gets no respect as bonds fifty six percent of country ratings so the global bond market max disagreed

were invite the banks to get up and and cha-cha boring that's a that's the wrong image for japan but they can invite the central banks to go forth and to create credit through the processes of buying securities or lending but if the banks are our capacity constrained through a lack of service through a lack of capital or through a lack of of courage they will do no such thing if people feel they are over encumbered they will not apply to the banks so the banks might create credit so it's there are many difficulties in the pan but i you know it was our own chairman chairman bernanke who some years ago said that in the extreme the central bank can read an aircraft and go up and drop senos from the sky it could do that and it would not be so shocking before the cycle is over that central banks in desperation do just that yeah i wouldn't be surprised when we look at japan compared to say the us have the japanese baked inflation into their cake as well as the us and even more aggressively because you. our lower they've been trying to reflate for longer and they may get more aggressive so is the risk we may see a long awaited collapse in the japanese bond market before the us rea

he met with the bank of japan governor to push for a higher inflation target. he visited ldp headquarters on tuesday. during the meeting abe urged him to consider setting a policy accord for a 2% inflation target a. the new administration is established. he declined to elaborate on his discussion with abe. the central bank's policy meeting starts from wednesday. abe repeatedly called for bold monetary easing during the election campaign to help stop inflation. they will had the largest amount of liquidity among advanced country. he implied they have taken sufficient monetary easing measures. abe told business leaders he intends to follow-through on the promises and pull japan out of deflation. >> translator: we have to beat deflation, curb the strong yen and create jobs. we'll do anything we can to grow the japanese economy. i deeply believe reviving the economy will lead to a stronger japan. >> members of the japan business federation want japanese negotiators to join talks on the trans pacific partnership free trade deal. abe said he will study the issue thor

the bank of japan will wind up a regular two-day meeting for its panel on thursday. in november the lbj promised to keep monetary policy unchanged. also on thursday, the u.s. will release a final dpg reading for november. they've already released the gdp growth upward saying the economy expanded at an annual pace of 2.7% during this three months. that's all for me for now. i'll leave you with how the markets are starting off this week here in asia. >>> voters in tokyo had an additional choice to make on election day, and they chose former vice governor nelki to lead their prefecture. he is the hand-picked successor of former tokyo governor ishihara. >> translator: tokyo is the center of japan, the heart of the country. i believe the revival of the entire nation depends on tokyo. i want to start the revival here in tokyo. >> inose has been the deputy governor since 2007. he's involved in management reforms of tokyo electric power company following the accident at the fukushima daiichi nuclear power plant last year. inose says he'll carry on his predecessor's policies

that water being the mediterranean the atlantic the pacific the sea of japan the arctic world was also one of the next central banks including switching which has got no ocean at all central banks are doing not only what they have never done but really had never been imagine they nobody had mentioned it really could or would do the things they are doing. so here is your parents not been heard from for twenty five years the world's number two number three economy. for ever disappointing now is going to elect we think a new prime minister who finally has had it. with the underachieving central banks the japanese the japanese can't seem to procreate nor inflate is weak from that and that's a good one. they can't your brain or inflate you would think that human beings could do one or the other but they can't do both something is wrong so so japan has disappointed chronically everyone who believes that there was a radical different unit just a slightly different turn in the road but i'm thinking that this might be something worth watching because if for no other reason the japanese will be getting on with following whic

the day plus main opposition leader shinzo was elected prime minister of japan yesterday as expected he has got big plans for the bank of japan let me tell. he wants it to double its inflation target to two percent and he wants unlimited easing to ensue so what may be the results of the nomics we'll talk about at least change let's get to today's capital account. from the u.b.s. lie board settlement is expected to be announced wednesday according to the financial times others reporting it could come as early as tomorrow here are some more of the details we know from the f t's coverage so this settlement is over alleged rigging of the yen library interest rate over several years involving deaths from tokyo to london the bank will pay close to one point five billion dollars according to f.t. others such as bloomberg are saying that number could be slightly higher as much as one point six billion and an aspect of these settlements we don't typically see u.b.s. is japanese subsidiary will reportedly admit wrongdoing pleading guilty to a criminal charge however the f.t. cites a source saying the bank will not lose its abi

investors are selling yen on the tokyo foreign exchange on speculation policy makers at the bank of japanill agree to an inflation target proposed by the incoming administration. the new prime minister shinzo abe will take up office later in the day. analysts say the b.o.j. will likely further boost its monetary easing measures. the dollar is currently trading at 85.26-31 yen. ai uchida joins us now from the business desk for more on that. so ai, investors have been trading the dollar-yen quite dramatically over the last several weeks. >> that's right, catherine. just a month and a half ago that pair was trading in the mid 79-yen range. almost six whole yen weaker in just six weeks. a dramatic move indeed. so going forward, what can we expect? well, we spoke to disaburo nezo for his outlook. he is a senior executive fellow at fujitsu research institute. >> the yen's future is not so much the weakening but rather i think there would be some counterbalance. that is, already yen current rate, 85 yen per one dollar, is rather reasonable level. i think the japanese exporters have been worrying

you can debate whether the ministry of defense and bank of japan are at odds with each other. carl, back to you. >> rick, thank you so much for that. rick santelli in chicago. i want to get to washington with some of the latest headlines regarding speaker boehner and what eamon is referring to as plan b. >> what we know is the speaker is in the basement of the capital building here right now, meeting with republican lawmakers to brief them on the status of the fiscal cliff negotiation, and what a gop leadership aide is now telling news news is the speaker is now prepared to offer what he's calling a plan b, or a modified plan b in which we don't do the grand big deal that the president and speaker of the negotiating on, but instead do something much smaller that would eliminate the pending tax increases for all americans, the speaker saying that he would like to have some kind of a deal, a modified scaled-down proposal now that would eliminate those for as many people as he can. the details are very sketchy on what modified plan b actually means in practice. but basically, it's