the boj changed their description of the japanese economy to recovering moderately. they had previously said that the economy was starting to recover moderately. this was the first time in two months that the central bank revised upward its economic assessment. the board members say business investment is showing signs of improvement as corporate profits are recovering. they also say consumer demand is improving and personal spending is steady. but the policymakers unanimously agreed to continue the monetary easing measures introduced back in april and say risks remain due to uncertainties about the european debt problem. they are hoping to reach a 2% inflation target in two years. after the meeting boj governor kuroda gave reasons for the upgrade in the economic assessment. >> translator: we decided to upgrade the assessment because we saw a positive cycle from income to spending, both in the corporate and household sectors. >> he also talked about the impact of not implementing the planned consumption tax hike next april. >> translator: if such inaction undermines

boj governor last week expressed support for the consumption tax hike. he said postponing it could lead to lower state bond prices, making it difficult for the bank to stabilize interest rates. >>> an international conference producers and consumers of liquefied natural gas has been held in tokyo. japan's trade minister has said lng is too expensive. he has called on importer nations to join hands to seek lower prices. about 1,000 government and company officials from 50 countries attended the conference. >> avoiding high energy costs and secure iing rights of more reasonably priced energy are priority issues for us. >> he said the rising costs of lng and other fuels were behind japan's trade deficit of over $80 billion last year. he urged consumer nations to set up a group to study joint purchases to bring down lng prices. he also said other ways should be considered to address this situation. in turn, a representative from the largest lng exporter says it costs a great deal to develop natural resources. he said consumer nations should share that cost t

players expect the bank to maintain the monetary easying policy or rather they will be looking to what boj governor has to say about the japanese economy at a press conference after the announcement of the bank of japan's decision. let's take a look at currency starting with dollar yen first. it's at 99.72-77 approaching the key 100 level which has not been seen since the end of july. the fed will report shows an expansion in the u.s. economy just like you mentioned. this may be support for the fed to buy the program which has an effect on reducing the supply of the dollar and increasing the value. let's take a look at euro yen. euro yen at the bottom of the screen is at 131.64-69 with the euro higher against the yen. traders will be looking to the central bank's meeting later today. the bank is also expected to maintain policy, but we will see what the president will say about the eurozone's economy and whether he will provide outlook for the ecb's policy. a lot of focus on central banks today and we will be keeping track of developments at the g20 meeting in russia and see how that place

todays' top story, key decisions from the boe, ecb and boj. abc plus.rly read on jobs ahead of friday's government report. adp, employment report set to hit the tape at 8:15 eastern. it is thursday, september 5th. i've got consonants and vowels all over. it is 2013. "squawk box" begins right now. ♪ >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick with joe kernen. andrew ross sorkin is off today. we start things off with the economy. the bank of england and the ecb are both holding policy setting meetings today. that boe decision is due out at about 7:00 eastern time. the ecb, alphabet soup, 45 minutes later. both central banks are expected to keep rates unchanged. we'll have more from our colleagues in europe in a few minutes. in news out of asia overnight, the bank of japan voting to maintain its monetary stimulus. the boj offering a few more upbeat economic views than last month on growing signs that its expansionary policy is working. the numbers are still hard to get your head around. they'll be expanding the moneta

they'll be expanding the monetary base at an annual pace of 60 to 70 trillion yen. >> you added a boj to the boe and the ecb and the adp. so you added another one. >> yep. >> the yen is apparently when you're going to talk about now. >> the yen, in response to everything. look and you'll see what happened with the yen. trading now at 99.83. all right. let's get more alphabet soup for you. in the u.s. today, adp. the adp employment report is in the headlines this morning. >> what's coming at 10:00? >> at 10:00, well, we get the ism, of course. but also coming today -- >> so confusing. >> for adp, forecasters saying 178,000 private sector payrolls were likely added last month. also on the agenda, we have weekly jobless claims, 8:30 eastern time. and the revision to the second quarter productivity and cost. then at 10:00, as joe pointed out, we have ism nonmanufacturing and factory orders. >> think if this is the first time you tuned in and you happen to be channel surfing -- >> weppi today too. >> let me see what this business news is about. they don't even speak english. what language

we have a $17 trillion national debt and boj is a total train wreck . you know, no matter what insults others choose to hurl at me and in the last few weeks they have picked quite a few. some have been amusing actually. no matter what, uh i'm not going to respond in kind. my job is to represent 26 million texans and fight to defend them and obamacare is hurting texans, hurting americans. >> what about the forbes study that came out today ? $7,450 per family. that's extra money paid for health care, not a $2500 cut. tell me why republicans should fight and stop this. >> that's a great example where the president promised a $2500 cut for the average family of four. instead you are looking at a $7500 increase. that's a $10,000 swing, sean. $10,000 is a lot of money for anybody. do you know who it hits the hardest? people who are struggling. it hits young people, hispanics, single moms, african-americans, people who are really working to put food on the table and provide for their kids. those are people hurt the most from obamacare, being pushed to 29 hours

let's start with the irs, the boj. >> directly after "the five," tune into a special two-hour edition"special report" for an exclusive fox news interview with syrian president bashar al assad. fox news contributor dennis kucinich and senior correspondent greg palkot sat down with assad. you don't want to miss that. >>> coming up here, though, starbucks coffee takes sides on guns and obamacare. whose side are they on? the answer after the break. ♪ to know that i ain't fooling ♪ and i don't need no more schooling ♪ >>> all right. well, starbucks coffee has put itself right in the middle of two controversial issues, the gun debate and obamacare. yesterday howard schultz who is the company ceo up out a letter to customers requesting that they stop bringing guns. come on. it stores because of his, quote, unsettling and upsetting for many of their customer. schultz also loves him some obamacare and says it's a good thing for the country. he certainly is sbilt ntitled t opinion, but is this a smart move? for more, we go to our panel. >> bad idea, mr. schultz. >> what's wrong with him? >> he'

. -- boj say they will pump more money into the economy before the scheduled tax hike.ng kong listed shares dropped after bank of america announced it would sell its remaining stake in china construction bank. china's second-biggest lender. china construction bank shares in hong kong are up. the broader market in china's mainland is down after hitting multi-year highs. back to you. >> finally, a tale of treasure under the sea. a salvage company in florida made the discovery of a lifetime. discovering more than $350,000 worth of gold in a spanish ship that dates back to the 18th century. the crew found 23 meters of gold chains and coins from the 1700s. they will keep half the money. they also donate 20% of the state as part of a museum exhibition. we will be back here again tomorrow. hope you are as well. ♪ 

let's start with the irs, the boj. >> directly after "the five," tune into a special two-hour editionpecial report" for an exclusive fox news interview with syrian president bashar al assad. fox news contributor dennis kucinich and senior correspondent greg palkot sat down with assad. you don't want to miss that. >>> coming up here, though, starbucks coffee takes sides on guns and obamacare. whose side are they on? the answer after the break. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. some kind of... this is... an alien species. reality check: a lot of 4g lte coverage maps don't really look like much at all. i see the aleutian islands. looks like a duck. it looks like... america... ish. that's a map. that's a map of the united states. chec

will realize the stock market is where it is because the fed has been printing $85 billion a month, boj's printing $70 billion a month and you have to continue to print even larger amounts of money so that will change and if we start to get a hiccup at some point stock market will take a big hit. i can't tell you when. connell: if you could you would have more money than you do. it is good to see you again. thanks for coming on. dagen: on to the president's address to the nation last night on syria, calling on congress to delay any vote on action on syria in order to let russia's diplomacy if you will, move ahead if it will. take a listen to this. >> too ready to tell if this offer will succeed. any agreement must verify that the assad regime keeps its commitments. but this initiative has the potential to remove the threat of chemical weapons without the use of force particularly because russia is one of assad at strongest allies. connell: jason riley of the wall street journal editorial board is with us in the studio, retired colonel steven bucci of the army special forces is with us. yo

we will see whether the boj can continue recent progress in its ongoing deflation sight about cpi issed for all. china reports august industrial profit figures while vietnam's gdp data for q3 is due. and india will be looking to improve strained trade relations with the u.s. when the prime minister pays a visit to the white house. >> meanwhile, still to come, george osborne says he's going to take the eu to court over capping bankers bonuses. we'll get into that as soon as we come back. >>> britain's treasury is gearing up for a showdown with george osborne. he argues pushing up bankers fixed pay will make banks riskier rather than safer. the eu financial chief, who will have to defend the bonus cap in court said the reform is necessary to bring stability to the banking system. phillipe is on the committee for economic current affairs. thank you so much indeed for joining us. what do you make of this -- this launch of an appeal from the british treasury? why are they wrong to suggest that higher fixed costs increase bank risks? >> well, there's two sides of the argument. a, it's not

while the boj's tankan survey and abe's tax decision are due out tomorrow.t index gained 8% for the month. in china markets outperformed despite hsbc's september final pmi grew only slightly from august but it's revised down by one point from the flash reading to 50.2 hurt by weak domestic demand. most other asian markets lost ground ahead of the seven day holiday starting tomorrow. now on to some big movers in japan. the mizuho financial group tumbled. as for the big gainer, tepco's application to restart some undamaged facility helped convince regional banks and according to reuters a creditor is set to offer a $5.9 billion life line to the crippled fukushima daiichi power plant. meanwhile, china markets bucked the trend. wai gjumped. >>> we'll get the latest on the politics out of washington, wht it means. what would a government shutdown look like? more than 1/3 of the 2.1 million federal workers would be furloughed. it would force all of the closures of the national parks, national zoo, smithsonian and the statue of liberty. mail would continue. federal

in japan, banks might benefit from extended growth but margins may not get much uplift as the boj justqe program to keep rates low. and europe like japan is just start to go recover with risks receding from the dead crisis financials aren't expecting a sudden rate surge anytime soon. >> frankly, i don't think interest rates will raise that quick. i think there's a lot of on testing of the market to see the sensitivity. but i think we are going to look at the low interest rates environment and otherwise. >> which brings us to the emerging markets whose economy stand to lose the most from the draw down of u.s. easy money. as investors pull money from riskier markets, banks may not be immune to economic pain. >> if we look at the banks themselves, in india, we are a lot more negative in terms of the prospects there. and the reason is because they were already halfway through the a downturn and now there's going to be another step down the. >> so whenever the tapering comes, it will be the lenders that operate in the stronger economy, have diversified revenue stream and customers that can