japanese government bonds made up the largest proportion of the boj assets with a value of around 529rillion yen, rising 10% from a year earlier as the bank tries to boost the economy with massive monetary easing. the boj says it will closely monitor the economic impact of the pandemic and carry out additional easing, if needed. >>> japan's prime minister has held talks with the crown prince of saudi arabia. suga said japan will support the middle eastern country's push to reduce its dependance on oil. suga spoke with the crown prince by phone on thursday. he congratulat him on the recent group of 20 summit, chaired by saudi arabia. the crown prince expressed gratitude for japan's cooperation. suga also said japan appreciates saudi efforts to stabilize the international crude oil market. president moon jae-in says close ties with china have helped in tackling the pandemic. he made that remark when he welcomed the chinese foreign minister wang yi. moon says he hopes their countries can develop their strategic partnership by boosting cultural exchanges. wang said they'll survive the dif

one boj member also sing the boj measures are having a positive impact and they should avoid a prematuremeasures. the boj member also saying that communication must be conducted carefully, but of course, all of the focus has been on the corporate funding and corporate the country's firms. we see a little bit of strength on the japanese yen, trading around march highs. take a look at other markets across asia right now. we are seeing broad upside when it comes to the asf 200, gaining 1.5%, at a two-week high. we see the aussie dollar at the moment also gaining against the u.s. dollar. kiwi stocks gaining ground for a fifth consecutive session. we get the rbnz policy decision this week, that it is broad upside as we have more clarity in the u.s. of who the next president of the united states will be viewed nikkei futures also gaining ground after the nikkei closed at a 29 year high. asia, up on daybreak asia's major markets among the first to react to biden's victory. the market opens in seoul and tokyo are next. this is bloomberg. ♪ ♪ ♪ you can go your own way ♪ go your own way your wirel

the boj is buying etf equities. that's where the boj has been for the last several years.: italy, negative yields. jonathan: there you go. coming up on this program, dr. jonathan quick of the rockefeller foundation. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. . the trump administration has assured states they will have enough equipment to handle the surge in coronavirus cases, but it is not doing anything to slow the virus's spread, and the trump team continues to shut out joe biden's advisors. vice president mike pence has said the media has been crying wolf about the disease. the job picture in the u.s. has gotten worse as the number of cases rises. according to the census bureau, the number of employed americans fell about 4.5 million from mid-october to mid-november. among the jobless, 4.2 million say they were sick with coronavirus or caring for someone with symptoms. new york city's prospects of recovery from the coronavirus face a double whammy. are ending in class instruction for at least two weeks, forcing parents to find alternative c

>> i'm not 100% supporting the boj policies. the 2% target is very much a in 2013.% inflation is not expected to have the realization. 1% of then, around inflation will be kept in japan. the japanesead for economy. big experience. four decades.to 1% would not be so bad for japan. the boj should focus not to raise the inflation rate to 2%, but their efforts should be made on to how to avoid the 0% inflation. haidi: we are getting some encouraging signs from the third quarter gdp numbers. we are expecting a positive rating. third quarter preliminary seasonally adjusted. 21.4% growth. spurts the biggest growth since 1968. that means the economy is halfway back to its pre-pandemic size. the seasonally adjusted headline number. growth at 5%. better than 5.2%, expectations of 4.6%. the inflation coming in at 1.1%, higher than expectations. private consumption slightly -- slightly weaker than estimates. 4.7% growth. business spending also contracting more than expected. contraction of 3.4%. across all of those, we have seen improvement from the contractionary figures of th

the boj will provide an additional 0.1% annual interest on current account balances the lenders hold.he bank of japan will launch this scheme after deciding the details and it will run until march 2023. the plan will help regional lenders continue to provide loans to local companies and households. it will also allow some banks that decide to carry out mergers or acquisitions to boost their financial base. >>> members of a japanese government panel met on ways to achieve ambitious greenhouse gas targets. the experts discussed how to take the country to net zero emissions by 2050. the panel aims to set targets for technological development and ways to support companies that get involved. cabinet ministers who took part in the meeting said innovation will be crucial to reaching the gas reduction target. >> translator: we're looking at bold investments to meet ambitious als and also long-term support to companies that accept the challenges. >> translator: we will promote to the world what we're doing toward our goals. japan should be seen as an environmentally advanced country which cont

just how much of this will we tolerate on the central-bank and, at the ecb, the boj, at the country levela, too? kit juckes of socgen saying maybe what we have seen over the past couple of weeks is understandable. .e thinks it is unsustainable added into the japanese yen. i think maybe some people think this is gone too far. tom: what i would note, a lot of the pros we talk to talk about into $1.30, $1.40. i just don't agree. to me, we have seen on this show are people getting upset at a $1.22 euro. how much does it take for strong euro to be a problem? jonathan: the last time it was a problem, it was $1.20, and we are not far off that right now. i would say that would be the level again. it's tough. they got him on a data check there from the data center to the desk. it's incredible. ddis with us now of raymond james. what is so great about your work is it really devolves down to what people do with coupon and what people do trying to protect total return. i believe it is yield up, price down. how do you protect total return? kevin: the only way to protect total return would be to shorte

boj or the ecb. these institutions have constraints in how much they can deliver.is not entirely about misjudging the seriousness of what is needed, but also having the capacity for well over 100 countries to deliver that kind of shot in the arm. jonathan: we caught up with david rosenberg around 40 minutes ago and he wanted your view on how higher debt loads could constrain demand, could constrain potential gdp? given how much debt we have added to the bubble economy in the last nine months -- have you started doing work on that? carmen: i've been doing a lot of is, for the i think advanced economies, the more immediate issues, which i think have to do with private debt. , big shot in the arm source of stimulus has been forbearance. delaying payments for households and firms. when those programs expire, to those debts continue to be for the advanced economies as opposed to lower incomes and emerging-market -- the more immediate issue is the private debt. , especially for the corporate sector, the small and medium businesses, that is already a source of concern. to

that's unusual, and obviously search.causing it to the boj maythe yen, get antsy because they don't wantnal activity that may stem from yen.gth in the end -- the which assetsanna: are complacent? the markets are asking this question. stocks arethat the pretty rigid at current valuations. we are looking at in earning deal of about 3.5%, where that has not been historically a sustainable level. treasuries, as well, elongated treasuries are rich after this week's curve flattening. that stasis may continue for the reasons annmarie mentioned just now, for maybe a couple more weeks until the uncertainty plays out. after that, i think investors will come back, probably in the new year, and will look at valuations in stocks and long dated treasuries. anna: thanks very much. vin ram joining us. that's it for bloomberg markets. stay with us for the european open. we look at results as they come in, particularly from georgia. 264 for biden, including arizona. 214 for president trump. we will see how this continues. president trump's lead narrowing. also watching pennsylvania. we have live pictures

it took the boj three years to get to that level. the rbnz has charged ahead.ight player like that depresses volatility and curbs -- deters foreign investors and bank earnings as well. volatility is much greater than japan's, but it is declining. raisevernment agreed to -- purchases to 60% of the market as well. this is an interesting situation for the rbnz. it continues to grow. >> paul allen in sydney with the latest on the rbnz. malaysia's record budget may face a tough path to approval in parliament. opposition parties are urging the finance to allocate more andy to a covid-19 fund improved social initiatives. >> the announcement has been -- and recognize the issues we face .oday it is the largest budget ever in malaysia's history. people,support not just but also the economy. it will allow us to fight the pandemic. it is highly focused on sectors that will give the highest impact. the other point i want to talk his own health care. we are spending a lot of money to ensure the government is willing to pay. >> an aggressive budget requires rigorous spending.

not the boj where the these institutions have constraints in how much they can deliver.ly about misjudging the seriousness of what is needed. foralso having the capacity well over 100 countries to deliver that kind of shot in the arm. reinhart speaking to tom keene. coming up next, the latest on the u.k. proposal to institute a ban on quality equipment. the government is proposing a hefty fine to carriers that will reach their goal. ♪ >> the u.k. has proposed a fine of 10% of sales are 100,000 pounds a day for companies that break security rules. the till communications security bill is supposed to oversee 5g mobile and fiber networks but ultimately it will empower the government to implement and enforce the ban on huawei's 5g equipment. how significant with this legislation be? is it feasible for the telecom companies? difficult forvery the telecom companies, forcing them to do something that was already in motion. before, they had until the 27th to replace 5g equipment before a blanket ban took place. what this proposal would do is essentially bring that up to septembe

what the boj taught us is they won't let the rates move higher. ie, they bought every bond in the market look, i think that's where we are all headed i don't think we can -- given the amount of debt we have laid on to sovereign balance sheet including here in the u.s. i don't think we can allow rates to move higher we are never going to let rates move much higher from here ever again, because we can't. >> i get, kyle, the bullish view on the divided government, which we have seen in the past, on the fact we could be on the precipice of a economic recovery thanks to a vaccine. but in the near term it doesn't look that certain. first of all the stimulus factor is a giant wild card, whether we will get any, how much, and whether it will come in time to prevent a wave of bankruptcies and small business failures and long term unemployment, which is already happening by the millions to me, the bearish case is that there is more permanent damage to be done here as a result this covid-19, which is still very much not under control in this country. and it'

. -- a top boj official left his post.tice department official who was slated to aid in the voter fraud investigation stepped down from the post is a career. he prosecutor who oversaw voter fraud related investigations and told colleagues he would move to a nonsupervisory role on corruption prosecutions." a call from ralph in the nation's capital on the independent line. hello, i used to be a democrat, i voted for obama twice. i have been watching the politics going on, and i truly believe that the democrats [indiscernible] because they thought it was to get rid of the demon. i do believe that the republicans cheated during the bush junior administration. [indiscernible] a prison sentence for five years. on the others, this animosity -- the democrats, i'm kind of a left-leaning, the democrats threatening to burn down cities and they have boarded up stores and if trump won they were going to burn down cities. that's not democracy, anarchy and that smacks of fascism and communism. mirror to look in the and look at this insan