the japanese currency is worth 20% less since kuroda became boj governor. that has drastically improved corporate earnings. many japanese firms have posted record profits and started to spend more on investment. still, kuroda faces a key problem in hitting that 2% inflation target. corporations have been slow to hike wages. he has urged companies to open their wallets and support economic growth. >> translator: companies have to take action now if they want to be among the winners in the future. >> share prices in tokyo fluctuated after the boj announced its supplementary measures. for me we go to mayu yoshida at the tokyo stock exchange. mayu? >> volatility is the word of the day. the federal reserve raised its key rates yesterday and today we have the boj's announcement. the boj initially surprised investors with its new program for purchasing exchange traded funds. one dealer said market players initially thought that this was an additional easing measure, so the nikkei rose more than 2% right after the announcement. as you can see, the nikkei gave up al

the boj holds $2.6 trillion of debt.is more than any other investor class, including financial institutions. is expected to maintain its active buying program after its final policy meeting of the year. let's take a look at what is moving the markets. >> the good news of the bad news? i will start with the good news. strong gains out of shanghai, chinese markets headed for the best week again in more a right 8/10 of 1%. we'll take a closer look at those in a moment, but elsewhere around the region, things are looking better than they were. the nikkei paring losses, down by a quarter of a percent at lunchtime. we are waiting to hear from the bank of japan on the military policy did -- monetary policy decision. hong kong also doing a little better, down by 2/10 of a percent. we are seeing modest gaze out of the kiwi stocks. ,eakness across southeast asia commodities and dollar strength, because that will take sentiment in terms of outflows expected to come out of these emerging markets in southeast asia. jakarta stocks for

the japanese currency is worth 20% less since kuroda became boj governor. that has drastically improved corporate earnings. many japanese firms have posted record profits and started to spend more on investment. still, kuroda faces a key problem in hitting that 2% inflation target. corporations have been slow to hike wages. he has urged companies to open their wallets and support economic growth. >> translator: companies have to take action now if they want to be among the winners in the future. >> earlier, gene otani spoke to teizo taya, of the bank of japan. he's a former policy board member at the boj and is now an editorial member at tokyo financial research. gene started by asking him why the central bank decided on the supplementary measures. >> the inflation rate has not been on the increase. for instance, the cost on the price index excluding fresh food -- 0.1% for three months in a row on a year on year basis. and on top of it, inflation expectations measured in various ways have come down in recent months, so i think the bank should do something a

sy u make of suga's comments that the boj should do more? >> its monetary base is expanding. it is a tremendous amount of unconventional monetary expansion already in japan. guy: yet japan is not delivering inflation, investment, wage growth. at levels of extraordinary monetary stimulus and an incredibly weak currency. >> it ebbs away. guy: [indiscernible] >> we need structural reform. what i think we are in danger of seeing in japan is, if you look at what they came out with last week on the boj, it said we were of companiesetf's expanding their business investment. central banks should not be in the business of rewarding companies for doing what the market is not forcing them to do. guy: have we reached the point where you can push on a piece of string, deliver monetary policy, but it is not going to have a meaningful impact on the economy? >> i think very much so. reached thes has end of the road in terms of the three arrows. the most important arrow is structural reform. guy: what lessons has abe learned? >> it is difficult to see what lessons have been learned in europe.

the boj is focusing on that to see hell inflation will work out in the new year. seem -- ifnly if we we see more dramatic falls in oil,. fx and us, the cohead of rates research. thank you for joining us. japan. we were just hearing quantitative easing, not expected any time soon. what is your view? are we expecting the yen to continue on the pattern? , it offersrspective symmetric risk rewards. there is limited downside and significant weakness. in many ways, this is the right point of time where the market will be questioning the bank of japan, weaker yen setup up we have experienced over the past few years. genuine shift a in the way the policy is being communicated. a belief in japan that quantitative easing as it has been laid out, it will not lead inflation higher. economic developments may actually not really be requiring further easing. markets doubt. from our perspective, dollar yen is inconsistent with 2% inflation. more consistent with something below inflation targets. it is unlikely the japanese authorities will tolerate a stronger yen. that is the sym

the bank of japan, boj broadening it's bond buying program.the governor saying it's not additional easing. meantime, u.s. futures are tracking asia declines and high yields of bond funds are seeing the biggest outflows since august of 2014. looking for 24/7 digestive support? try align for a non-stop, sweet-treat-goodness hold-onto-your-tiara, kind-of-day. live 24/7 with 24/7 digestive support. try align, the undisputed #1 ge recommended probiotic. >>> don't you just love the music? this is our last chart wars edition of 2015. >> i know. >> let's make it a good one. this is where we battle it out over which chart we feel is most relevant to investors. i may use a different spin. is that okay? >> my chart this week, let me just show you, walt disney is it because i think investing is about looking ahead. you don't look backwards although there has been a pretty good sharp share price performance for disney and you know why, i don't need to tell you why, the force awakens opens this weekend. it's expected to be a record breaker. we're looking at

he also says boj officials may take new steps if the yen strengthens further. >> if the u.s. economy is weaker than the federal reserve wishes for, then the number of interest rate increases may be smaller than four times. then the yen may start strengthening against the u.s. dollar. if imagine the case that the yen/dollar exchange rate moves toward 110 yen to the dollar, the bank of japan may have to move and take certain policy measures. we learned that negative interest rates pursued bit european central bank have been very effective to the foreign exchange market. there's a possibility that the bank of japan may follow suit by reducing interest rates instead of increasing the japanese gornment bonds as a means of easing. >>> that's it for business news. i'll leave you with the markets. >>> workers are removing sign boards praising nuclear power from one of two towns where the crippled fukushima daiichi plan the is located. the plaqcards were put up about 25 years ago. the two sign boards bear slogans touting the potential of nuclear power but the whole town has been withi

governments may start to wrap up its pressure on the boj to do more.saying the weakness in the yen is bottoming out. government and boj want companies to spend more, but what can policymakers do to encourage that? they are still not doing that. they've been playing this calling on the business lobbies to boost their wages. of gainssing that big good may be day -- we are not seeing that big of gains. maybe they have to go a step earlier, establishing a new program of $2.5 billion of exchange traded funds. companies that spend more on capital expenditure and wages, but still corporate executives have not thrown off the inflationary mindset. with the administration three .ears in now the sustained said that stability over time may convince companies that it is a safe environment for companies to spend their huge cash reserves. andy sharp joining us from tokyo. thank you very much. some other stories. asia made a $320 million bid for a precision components maker in singapore. it offered to buy the shares at a 50% premium and says it won't make management c

the bank of japan thinks the boj -- the consensus thinks the boj will do more using. -- do more easingwe do not. angie: it is not even about when. it is about how long and how much in terms of the rate hikes, right? >> we moderated our views slightly. we will just have to see what happens on the incoming data. the first time in 10 years, we are in a rate hike environment in united states and we think that matters. angie: it matters found it will be interesting times ahead. i want to get your view on the outlook ahead. would a secret recording shift a shakeup? angie: we will be live in jakarta with all the details. ♪ ofie: the speaker indonesia's parliament is facing calls to resign over secret recordings and claims of corruption involving a mining giant. let's get all the details. tell us about the scandal. about the forced investment of shares. a recording surfaced featuring the voices of three people. one is the speaker of the formerian parliament, a indonesia chief, and a wealthy businessman. they discussed the divestment of shares. he has denied any wrongdoing. but the parliament i

the boj still has options in pursuit of its 2% inflation target. all.am not pessimistic at the unorthodox policies are working. at the last meeting policy makers indicated they are ready to deal with any post fed lift off situations. i think they still have policies they can pursue. tokyo.e: let's go out to what else has been said today? >> he was talking about the unwavering commitment to meet the 2% inflation target in japan. the inflation target is not an end in itself. he wants to see corporations invest in the technologies here at home and raise wages as well. and therefore, get people to spend. the concern is with low oil aices that obviously, is bonus for people, but when those oil prices go higher, they feel the need to cut other spending. that will hurt growth. the inflation target becomes a really important part of the message from both the abe administration and the bank of japan. caroline: the make of japan is releasing minutes from its november policy meetings. are there any surprises because they have been tweaking the policy? jodi: f

do you still think the boj has worked to do? guest: i think the governor is satisfied with the status quo. probably japan would allow 1% next year. all right forbe an economy like japan. all right. i appreciate your time today. apologize for the back-and-forth just now. really appreciate your perspective. thank you so much. joining us from tokyo. let's take a look at some of the other stories we are watching. with the roundup. : hong kong was the first to react, raising its a suit rate for the first time in nine years. they raised the rate. the economy has weakened with they are awash with record amounts of cash. trade balance fell into the red again last month, reversing a surplus in october as the value of exports exceeded imports. 3.3 percent from the previous year. chipman's to china, the biggest trading partner, fell more than 8%. more than 8%,d falling for the 11th straight month. been negatives for 49 of 57 months. third avenue received approval to suspend shareholder withdraws $789 million high yield bond fund. this come

angie: is that what the boj is waiting for? >> they have put forward a very ambitious inflation target and with commodity prices falling there is a bit of an -- a bit of a disinflation down drop. with the fiscal stimulus, taking the front seat in japan, as well as other asian economies. waiting to see whether it's fiscal policy helps get traction before they decide on further quantitative easing, rather than waiting for the fed. asia-pacific economist out of singapore for us today, thanks again. coming up next, the presidential candidates for the ruling party talks for reform. we are going to hear exclusively from kmt's eric chu. angie: poll say the ruling candidate is trailing by as much as 18 points. eric chu's posts -- eric chu spoke exclusively in the u.k.. is really ang milestone for cross trade relations. it will keep going, move forward, which means we will have a meeting next year. >> how your policies be different? what we are seeing in the poll numbers, they are not getting a boost. >> i did not expect this. i said th

really the boj was playing mind games.eople are saying that human traders actually reacted better to the news that algorithm-based robots. tell us more about that. while to get through the release and see what was going on. down to the appendix, you can see the information about what kind of etfs they were buying and why they were buying. we had people saying that it was basically the algorithms picking up on the word expanding and thinking this was actually quantitative easing expansion. selling the yen. as the human traders started to read the press releases and digest guess what was going on and realized it was not expansion come and what they were doing in the market was pretty minor and it is only offsetting them selling, and you start to see the reversal and people started understanding what was going on. it took a while for the market to digest it. people were saying it was the humans that won in this case. the robots picked up on the wrong word. yvonne: much of do about nothing. -- much to do about nothing. the aft

guest: the boj made some technical changes.hey're pushing limits, doing anything more now is giving an 11th beer to someone who has had 10. i think they are reluctant to do anymore unless the case is strong and all other options have been exhausted. on balance, i don't see more qe next year. i think at the moment they are looking for the next changes through the government. the next fiscal measures they can bring through to see what the effects that could have. in terms of the yen, i think i am more on jpmorgan's side, i think it will be one of the strongest next year. i think at times it could overtake the dollar. i see it moving so 110 by the end of the year. having said that, the yen is one of the most difficult -- if i look at my currency forecast the last two years, i looked at what i said 12 months ago, i was pretty right on the euro and sterling. yen -- pretty wrong. that is always the way, you can rationalize the currency. qe,can say, they are doing low inflation, that should be one way to lower -- it is the hardest cur

the phrase the credibility of the boj, certainly it is the boj that seems to have done what it has done that said, there is some interesting things happening in japan did -- in japan. watcher,hief japan martin malone, he is calling for massive gain in the nikkei. they continue to reap the benefits and of being in a very -- a continuing decline on the yen. anna: the decline on the yen is predicated by the boj. bill: switching the qe program -- theey bought has japanese government bond market. they are buying stocks. one of the interesting things from last week's boj meeting is that by buying the new nikkei form, theand uts government is sending a clear message that they are supporting, not only economy through other qe, but supporting corporate's that are doing the right thing in terms of creating societal change. anna: i was reading a story on this suggesting they want to buy uts that are tracking companies that are doing the right things. .oing lots of capex they want companies to invest in skills and infrastructure. our story i was reading -- i was reading a story that they are that -

what does cheaper oil mean for a nation like japan and boj action?, i think it is looking at the recent japanese data. those numbers last week were significantly better than expected, and that has in turn lifted predictions for the final third-quarter japanese gdp, to be lifted up to zero bing percent quarter on quarter 0% quarter ono quarter growth. of course, the ongoing deflationary pressures there are a significant issue, but we are seeing an uptick in a range of japanese-related economic indicators. the manufacturing pmi was quite strong last week, and the fourth quarter should be quite good. once the base comparison for oil prices drops out, we could see an uptick in inflation next year. angie: what should investors be focusing on this week, angus? angus: well, obviously, the big development was the nonfarm payrolls on friday, which pretty much locked in an inevitable december rate hike by the fed. that should be regarded as a net positive for investors. it looks like we will see quite a bit of a bounce back in stocks. we did see the s&p rally

the ecb and boj are constrained in what they can do in qe.he economy is soggy, and there's no inflation, despite on yourryone said program, exceeding energy. if you live like a normal person, there's no inflation. oil prices are below $40 a barrel. where is the rush to hike rakes? the dollar bull run was in anticipation as markets are forward-looking. >> i don't know how to follow up with that. why does divergence feel like it is capable of causing a lot of pain in the currency markets? is it that were just not used to opposing forces after easing? need a because you people with gray hair to come on the show and say that we have seen this before. phenomenona new where you see policy divergence. everyone talks about the great policy diversions in september 2015, the time to talk about it was 18 months to one year ago when the ecb was going native and talking about qe. that is when markets moved. -dollar move. euro we've had the dollar party. i'm sorry if you missed it, but don't believe the johnny-come-lately's. it's over. let's look at the ne

remember, the boj, aggressively easing prior to the rate hike in '94. the u.s. economy was better than any other u.s. economy. your core inflation was at a seven-year low. they did it anyway. >> what are you shaking your head for? you don't think it will push lower? >> i think he's out of bullets. i think oppenheimer put out a great note this morning. when you look at the potential downside for the euro, it is not as deep as people think. i think that plays into what tony is talking about. if the euro does find its bottom -- >> i don't think he's out of bullets. i think the positioning has become so lopsided that we are at a level that we're probably going to maintain this 108 to 110 level on the dollar euro for a -- >> scott, can you indulge me to read a sentence? >> please. >> from the fomc press release. >> quote, i quote, the economic weakness and limited inflationary pressures are going to allow the fed to be more mattered in their approach to raising rates. >> well, they were then, too. they raised it every single meeting until they inverted the curve. tha

anna: what did the boj say, then? give us the significance of all of this. >> first of all, we will hear from governor kuroda later this afternoon. we will be able to determine the why behind this. but basically, the target for the asset purchase does not change -- the overall target. the operational changes are what is interesting. and analysts told us they were meant to basically show that the boj is not tapering. that is still -- it has an unprecedented amount of monetary stimulus. and it is still doing that, even within the changes. and that it was adopting basically a wait and see attitude to decide whether to do more. recent data since the last meeting in november has been pretty positive about the japanese economy, with several pieces of data showing strength -- for supplies on economies. +++ to the edges of quantitative program. what does it mean, and more substantial move made in january? jodi: i think we will hear more from governor kuroda, and analysts will be able to make better guesses after that. but one

. >> you know how we were talking about the boj and confusion in terms of monetary policy? we saw outflows in terms of japanese bond funds and etfs as well. in fact, the most in a year's time. so i don't know, maybe that says something about confidence in japan. >> it might. >> okay. let's turn to sports and aban da has a lot of money. real madrid super star, he has announced a $40 million investment in hotels being developed by a portuguese leisure company and it's the first investment outside of fashion and sports for the world's richest footballer. jeff is standing by. jeff, you know, we know that sports stars, they make a lot of money during their brief careers but it's about sustaining and still being rich and have the dollars afterwards. >> we have a clear indication that ronaldo doesn't see his footballing career evolving into a coaching job or managing role within the sport. more perhaps he's looking to build cr-7 into a global brand and he is already involved in fashion. he has a line of football boots but this step into hotels is very interesting. it is sort of al

. >> could you talk about is how it's going to affect the boj in terms of their interest rates? >> yeah, i think the bank of japan might be in trouble, because in one hand, with the pace of depreciation, but at the same time, they'd like to maintain the economic recovery or strength of economic recovery. >> i wanted to touch upon how borrowing in dollars and then converting it to lower currency will have an effect? >> yeah, i think abroad, they've been busy in discussing this issue of possibilities this year. probably would be based on the previous round of experiences during the course of the asian financial crisis. >> what do you think will happen with this round? >> i think with the asian economies it's been very cautious and not ballooning the amount of the dollar, so, in other words, they have been very cautious about inflating the za scale of the debt. and in addition, in asia, it has at the same time the assets so the impact could be neutralized. >> what country in asia do you most worry about? >> even before the policy, i think the markets have pressures on specific stat

boj officials say the monetary base at the end of last month was about $2.8 trillion, down more than $6 billion from october. officials say the decline is temporary and the monetary base continues on a rising trend. >>> people in hokkaido, northern japan want a bigger slice of the tourism boom. they're pinning their homes on a new bult train link from tokyo that opens next year. nhk world's june takahashi has more. >> reporter: japan has become a hot spot for international travelers. already in the first six months of this year, more than 16 million people have arrived from overseas. >> we've been in kyoto, knaey yr cities. >> reporter: they travel the country with the rail pass, offering unlimited ryes for up to three weeks on trains. run by the japan railway country. it's only available to people outside japan. more than 600,000 tourists bought the pass in the fiscal year that ended in march. that's a 40% increase from the year before. a portuguese traveler is using the pass to go to hokkaido. >> i wanted to see the landscape and have a good idea of distance to enjoy a lot of natur

on friday, we'll find out the results of the boj policy meeting. finally, officials at china's national bureau of statistics will release new home prices. in october, more major chinese cities saw a decline, then a rise for the first time in four months. >>> every monday we invite a specialist to discuss events for the week. in this edition of "expert view" we speak with a senior market economist at the bank of tokyo mitsubishi ufj. >> i think this week the federal reserve will move to a rate hike. the u.s. economy is growing. so at least domestic is very good,articularly automotive is very strong. i think they'll increase rates by 25 basis points this time. increase is a small one. current state of u.s. economy is strong, i think. but unfortunately, we had seen some weak numbers. consequently, u.s. economy is relatively growing well butt is not so strong to not see a rate hike. i think a rate hike in 2016 may be at two times or three times. >> suzuki says the rate height could be good news in exporters but may hurt the asian economy in the long ru

. >>> another boj survey shows officials at many firms believes prices will rise more slowly than the central bank's 2% inflation target. the results are based on responses from 11,000 businesses. the average projection is for price increase of 1% a year from now. this comes on falling crude oil prices and concerns over a slowdown in emerging economies. >>> a major infrastructure project is taking shape in southern part of myanmar. japan and thailand are joining the project. the two countries and myanmar signed an agreement to pay $160,000 to finance the day which economic zone. it's aimed at boosting exports to india and the middle east. >>> more women in southeast asia are taking leading roles at kes and helping steer national economies. nhk worldalked about business strategy and leadership with top ceos in the first of a two-part series. we meet the women transforming myanmar's retail market. >> reporter: we went in to the ceo of myanmar's leading retailer. 19 years ago, she took over the company grocery business and built it into the major chain it is today. she has since expanded

the boj is looking to extend the it isties of the bonds holding.he governor came out and clarified their objective is to lower the entire yield curve. now that they do have to make an adjustment on the average, expect the markets to move in that direction. angie: now that we have the fed rate rise out of the way, markets are turning to the pace .nd timing of future hikes he expects the fed to be aggressive in 2016. >> we, for example, think we will see four rate hikes. -- it is good to see the rate hikes that the u.s. recovery is on firm footing. then again, i do not think it is the only thing we need to track. in terms of investment, ideas, strategy provisions. fed has shown confidence in the u.s. economy and the time may be right for it to shift its focus. when the fed moved on interest rates, they are comfortable with the domestic economy. that will drag up peripheral economies. comfortable when the domestic side, how do they feel about the external side of the economy? that is where we will find a lot more focus from the fed in terms of how the

everyone is counting on the dollar to strengthen, the boj come ecb to do some easing.or the next shoe to drop in china. but when you look at how the markets have performed as of late, and i know it is a holiday week, so it not a great benchmark, but if you come inside the terminal, crude oil is setting the tone for stocks. you don't need to look at the fundamentals is all you need to look at is how wti is trading. crude is largely dragging the market around, and that's been true over the last couple of years, certainly in december. we are seeing an issue where stocks got a lift, now taking a hit. there is fundamental news in oil. better news, overnight the api data. now the cushion data is worse. iran is talking about how their supply is coming back bearish. that we areying using $30 oil for next year, bearish. finally, the saudi's, the big guys on the block in that part of the world, are saying that we are going to keep producing. not good. yet everyone is saying the fed will raise five times, four times next year. that is bunk. you had jim records on before. i am som

the boj has plenty of options in the fight to 2% inflation. >> i'm not pessimistic at all.ank of japan's unorthodox policies are working. at the last meeting, policymakers indicated they are ready to deal with any post-fed liftoff situations. i think they still have policies they can pursue. angie: jpmorgan is going against the trend, predicting the again will strengthen in 2016. the prediction is based on a rebound in japan's current accounts surplus. most analysts see the yen sliding next year. it is slightly stronger today. china's doubling trading hours for the yuan to extend the currency's global usage. trading will be extended to 11:30 p.m. price at 4:30 time will still be considered the closing price. let's check in on how the markets have been trading in the asia-pacific today. here's heidi. heidi: it is a christmas eve session in asia. we have a number of markets not open. we have just seen hong kong closing up by about 0.5%. the nikkei just managing to stay flat, giving back earlier gains. singapore also shutting up shop for the day. we saw very strong gains out o

there is not any sort of wage inflation and it is something that the boj is concerned about.d mr. cutie and i can guarantee you that everyone on that monetary board is concerned about wage trends in japan. guy: it is a story writ large across the world will stop promising to refocus on the economy after he was renamed prime minister. that was all the way back in december -- september. what has he delivered since then? >> he has given us a few little tidbits. he promised us an extra budget worth ¥3.5 trillion. part of that is one component we just had in the news today that he might give ¥30,000 to elderly pensioners who are in need. that is $243. another thing, he has been talking about reducing the corporate tax rate. up until now the promise has been below 30%. the news today is that it will probably be 29.97. that is not exactly aggressive. other places he has made progress but it is too little at this point. going back to the wages we have had unions telling us they are scaling back to man's ahead of the annual wage negotiations that start in january and february. the jum

relevant because of the boj, and also relevant because of its business transformation process. are we expecting toshiba to do as a result of all this? zeb: job cuts are in the offing. thateported this morning the company may undertake an additional 1000 job cuts, and we have the nikkei news reporting that 7000 cuts may be in the cards, as well. toshiba is a major employer. it employs about 2000 people. it may also close one of its research facilities in western tokyo. we will watch this closely. we have seen its competitors, panasonic, fujitsu, reform their businesses, but toshiba has been late to the game. the revelations of this profit misstatement have dragged on the stock. we will see how toshiba's management significantly -- unveils a plan to significantly move this building forward -- business forward. emily: a very important company. we will see if they overcome this. zeb eckert, that's what going on in asia. from silicon valley to the so-called silicon wadi, it is our weeklong spotlight on israel's booming taxing. there are more than 1500 startups in the nation and 64 a

. >> and there's the expectation that the boj will print more money and same thing for the ecob but it's going to be a high hurdle to clear in order to start that process. >> i think one of the key themes as you look forward to next year, going back to your question, you're going to see an increase in the divergence of monetary policies between the european central bank, the bank of japan, and the fed. where as during the financial crisis, they all acted in the same manner of where they slashed rates. engaged in various forms of qe. the ecb much later than others and as you start to come out of the crisis you'll see a divergence in the policies ooechbd and even if they don't do more qe we also believe japan will probably do some form of additional st stimulus but they'll not start to raise rates. >> peter you'll stick around for the whole hour with us. thank you for sharing your time. let's give you a run down of what to expect. november pending home sales are due out at 10:00 a.m. eastern time. these track signed contracts. they're a leading indicator of housing activity and 10:30 a.m.

on the other hand -- the boj is very dovish.n the other hand, there's a lot of divergence in terms of monetary policy stances. scarlet: we will get to mexico in a moment. when it comes down to it, you are pretty confident in g-10 growth and inflation. you see that improving. emerging markets, though, a very different picture, isn't it? daniel: it will be a tricky year for emerging markets. the backdrop is two-fold. first, there is a lot of uncertainty around supervision, regulation in emerging markets. we are seeing this coming across in brazil. we are seeing this even coming across in china as well. investors would like to stay close to home. as a result, g-10 might be a better place to be. scarlet: will the relative strength of the g 10 prop up emerging markets, or drag down the emerging economy? daniel: at some point, we will see currencies overshooting. mexico is a good example of that. russia has overshot already. south africa is overshooting. we are seeing currencies that have already been set up for a better environment g

when markets started to digest news that there was much i do about nothing coming from the boj.e are seeing a pullback there. money being taken out of japan. let us look at shares of toshiba. nadal -- is the level right now. drop since one-day 2011. report today from the nikkei that it could be posting a net loss of over ¥500 billion. that is over $4.1 billion. there is a meeting that will be held today come aboard meeting where they will be talking about restructuring measures. you could see more one-time losses coming. because of that restructuring. -- 328.46 a saying share. let me wrap things up. analysts are saying not to get anywhere near this stock. $90 a share. more on the lcd units. acquire sharp. nothing to confirm there. time now for a look at some of the top corporate stories. here is juliet. assetse: the brazilian have been frozen by a judge following last month collapse of a dam. own and iron ore mine. they have to pay for the damage caused by the disaster which killed 16 and left hundreds homeless and polluted waterways. the brazilian government is think -- is seek

francine: the boj is probably trying to fight deflation at the worst time possible, and, richard claridatarted answering this. at the end of the day, this needs to work, or what happens to japan? an ambitious target was set in 2013 to get from minus one to 2. there almost there. i would not argue that it has not worked. i would argue that he set an ambitious target, and he almost certainly will not meet it. as long as kuroda is in there, to me the risk in japan is the transition. tom: that is the fiscal side that everybody has talked about. the maroon book, the brown book, that is front and center. vonnie: what i would ask richard is, you talked about the fiscal policy being combined. you can see that with the etf, where they will buy etf's. is there any point in having full employment if it is just sort of taking a box. if there is no demand that underlies that employment? richard: one of the challenges in japan is that they have a low unemployment rate, they just do not have a lot of workers. the demography is a longer-term challenge. this is just tinkering around the edges. it is a sm

we are looking at a dollar and a yen, a boj that has run out of space on the balance sheet. is this a central bank that has already done too much? limit and theis a problem that we have in the world is inadequate demand, slow growth, it cannot be solved the central bank. central banks are doing everything they can and they are running out of room. they cannot solve their problem. this is the case all over the world. , and correcte here me if i am wrong, is a cautious view. we have had to fly to of u.s. equities. you have the same tone -- be cautious next year. on growtham cautious and the economy. it will be flat gross with low inflation and it will be better for markets because they are two things that sparked -- that spooks the markets in 2015. the concerns with china making a hot landing and the concerns over the fed hiking. i think these two factors have run their course. quickly, how will the united arab emirates do with sustaining the oil? marios: i think they have to slow down. spending from the government will be less in 2016. ft, they lost 10% of their sovereign ass

the boj has held firm on their quantitative easing policy. if we might get more fiscal practice as soon as the end of the month. administration is still expected to move forward on their fiscal package. there are pushing toward companies with strong profits. we have not seen wage growth or a lot of investment here. stillexpected that a will -- that abe will still push for that. a lot of economists don't expect that in the december meeting and they are split on whether we will see it in coming months. governor corona said he wouldn't kuroda has said he does not expect to see that in the third quarter. manus: we have the investor data for anglo american. that kicks off at 9:00 a.m. u.k. time the u.k.er will get industrial production and then a little bit later the eurozone gdp. ♪ anna: welcome back to "countdown." here is nejra. nejra: orange is said to be in talks to buy telecom's media assets. they said they could keep a minority stake in the company and no formal offer has been made. we rejected a billion-dollar offer in june. there are expe

. -- boj decision. carmakers have to compete with such a weeak yen.the trade this morning. we saw it dropped down here at 6:00 after we got u.s. crude supplies come inventories at the highest levels since 1930. production inits 2016. little recovery, but oil back down trading at $34 $.63 a $34.63 a barrel. the oil price coming down now. volatility picked up a little back in 2011 in the august drop of the equities market, picked up again here august 2015. when the equity market dropped in the oil prices came down. well until the this time has speed up and the oil price has they down. erik: after the fed changed course just a couple of days ago , raising interest rates for the first time in a decade, the bank of japan is taking a different tactic. they will keep the main monetary stimulus target unchanged at the same time making adjustments for purchases of government bonds. richards has an awfully difficult job ahead of him. there was a lot of anticipation that the bank of japan would expand its stimulus program instead, he is nibbling around the edges

the european central bank and the boj have gone through the same exercise ander and it's been painful. >> bob, it's a pleasure. we'll see you, by the way, in the new year. >> pleasure. >>> it is now 2:00 on wall street give or take, about lunchtime in denver. the dow is lower, as you guessed it. oil falls again. hi, everybody. much more to do on stocks and oil but your big developing story this hour, a huge drop in shares of chimerix after a drug the company is developing did not work well enough in trials. cnbc biotech reporter meg terrell is joining us with this developing story and a big loss for the company, meg. >> that's right. it was its lead drug. it was in phase three late-stage testing to prevent infection after stem cell transplant and it failed to meet its primary goal in the study. the stock falling 81%. analysts downgrading the stock. piper jaffray lowering the price target to $10 from $63. the company trying to figure out its path forward. it expects to get the fulda that set early in 2016. trying to figure out what happened in this trial that made it not work out where

if you look at the fed balance sheet normalized versus the ecb qe ore boj, japan's balance sheet growthrmalized scale than what we had with the u.s. and with the ecb has done. so the size of what japan is at the scale of it is more serious. richard: and how are they doing right now? matt: they are still waiting. richard: they are in the third lost decade. it doesn't work. matt: that is only one tool. and the u.s. economy at least hasn't fallen back into a recession. tom: let's go back to stephen roach. one of the great things about this is the third mandate for the fed, the asset bubbles. there are a lot of people who say that we really don't know what we're doing with asset bubbles. stephanie: we do know what we are doing. the fed is creating them. tom: you are assuming there is an asset bubble, a lot of people don't agree with you. -- suggests "would you wish for. need a huge humility on our analysis of asset bubbles versus richards good comment about what to be accomplished with qe? richard: we have done a lot. we may have temporarily saved the united states economy. sectors thated w

the nikkei giving up 2% after being up significantly based on what the boj was saying. the initial read was that the bank of japan would be expanding and spending even more on quantitative easing. turns out that wasn't the case. they were just talking about different classes of assets and that was the huge reversal. the nikkei went from up several hundred points to down by 366 points. also oil prices, yesterday, wti was down another 1.6%. it settled below $35 at 34.95. that's the lowest settlement since february of 2009. below that you have to get down to 34.62 and we're on our way there. 34.74 for wti right now. >> for sure? >> no, nothing is for sure. down from that. ten year note yielding 2.216%. the euro yesterday hit the lowest level against the dollar in over a week. you can see that the dollar is up this morning at 108.17 but it was as low as 107.99. also the dollar is down against the yen at 12151 and those moves were based on what the bank of japan did. gold is up $5.80 cents but gold closed down and that was the lowest settlement since 2010. so no flight to sa

we know the boj is not going to investigate.mayor rahm emanuel is expected to have another police conference addressing police accountability. you wrote an interesting op-ed. you say he lost his fauj and trust in the public. tell us more. >> yes, i think during this process, one thing we saw was that rahm emanuel never looked at laquan mcdonald as a tragic consequence to a broken system. instead, he looked at him as another political opportunity. he didn't look at him as someone, as an african-american male who didn't get the benefit of their humanity. he was nothing more than a political calculation. he withheld that tape for 400 days. though he didn't protect him from harm while he was alive within he had a duty to make sure mr. mcdonald received justice. he failed at that. mr. çemanuel failed at the bas tenets of transparency. i think this system in chicago rots from the top. i know we're loyal to our own respective parties but even as a democrat, i can't say that rahm emanuel needs to be mayor of chicago. >> rahm emanuel al