will give an example one of the greatest masters of verbal interventions is the head of the central bank of japanr dollar to 130 yen back and forth and, of course, causes delight, uh, then as without practically raising the rate. yes, because it will immediately kill the japanese economy, but let's not go deep , we manage to move the course. this is called verbal verbal or verbal intervention. i summarize this block of questions well, what course are you now see for the country. here is how the balance between importers and exporters, including for the state. yes, 75 is a rate, uh, which, well, about the average rate that we have observed over the past 7 years, which means that everyone is used to it. eh, the economy has adapted to this business, and the consumer channel has also adjusted to this. starts up a new project in every corner of our vast country and has its own innovators and genius. master engineer or designer and not only are you going to launch your startup. do you have business ready production or advanced technology project. you have come up with something bearing a unique compute

well, actually, returning to the examples, why the central bank of japan cannot raise the rate, becausehe debt is 2.5 gdp per annum, and exceeds the pyramid. just how good are the cards? ah, let's say we we talked about the topic, what's besides gold globally. no, some tools, how to deal with this. here i am, for example, in childhood i was very excited about this question and wondering your answers to it. but what about such an injustice that there are countries that mine gold, that is, in fact , they produce the equivalent of world wealth. and as far as it can be allowed there , well, let's say, there are the states of the european union, they are in the top five producing countries there in terms of gold, or no , it’s unlikely that we have five of south africa and the united states, of course. e, russia these are the main ones, but these companies are many, which have gold mining projects in different countries. that is, an american company can have projects there and in africa . there, and so on, such that there is some kind of injustice. here one digs digs out of himself to fold. y

federal reserve said they were opening swap lines with the bank of canada, european central bank, bank of japanl bank. those total $590 million, that is not much money. i never signed those swap lines, other correspondent central banks would take to backup dollar funding in their countries is not being called upon to a big extent. cross your fingers, it looks like there are good signals coming from a low point to may be a higher point, and did many ways quietly a big day for what some of the latest is on this banking crisis that may be is not so much a crisis now we hope. haidi: global economics and policy editor kathy nays. we are turning to tech, tiktok ceo has faced growing on capitol hill as lawmakers were to ban the i. he says there is no evidence china has access to data and says security and privacy concerns are just as much of an issue as for other blood worms. -- platforms. >> the potential privacy concerns raised about tiktok are not unique to us. the same issues apply to other companies. we believe what is needed are clear, transparent rules that apply broadly to all tech companies.

announcement should the five major central banks are widening, boosting the availability to the dollar swap lines. the fed with the bank of canada, bank of england, bank of japan, european central bank, they are going to do these swap operations every day. when there are times of financial distress sometimes the accessibility to dollars, to finance funding can get rather strained. that is what they are trying to avoid. it will help them have the dollars they need. reassuring everyone the fed is on top of that. the other central banks are on top of the and they're going to help everyone move forward. david: kathleen hays. our global economics and policy editor. what time is it? 10:00 a.m. on a monday. oh no. why does this feel familiar? other things happening in the world. rishaad: let's have a look and check in with the first word news. chinese president xi jinping starting a three-day visit to russia. in article he says it is important for relations to remain at a high level. that looks set to dent any hopes of support for beijing to broker an end to the war in ukraine. golden sex edging death -- goldman sachs reaching $94 billion a barrel. $97 in the second

central bank are a significant influx of client funds, the issuance of securities and the attraction of funds from the regulator. let me remind you that the central banks of the united states of europe, britain , japan, canada and australia, fearing a shortage of liquidity, launched daily dollar swaps instead of weekly ones in the entire history , such coordination was observed only twice after the 2008 financial crisis and during it. american motley republic bank becomes truly toxic sweden's largest pension fund has sold all of its shares. well, the bank itself has planned a large-scale staff reduction, i note that the swedes closed the deal with a loss of almost $ 730 million, but this is not the worst scenario. the swedish fund expects a complete write-off of investments in the silicon valley bank and signych bank in the amount of $ 1 billion 100 million. as it became known to reuters, pestry public not only planned a series of layoffs, but is also actively negotiating with jp morgan, their subject is not specified, but experts say that the troubled american bank now has only two ways, or sale for nothing with the transfer of all obligations to a new partner or bankruptcy. against this background

act against fed they're just not strong enough even largest ones the european central bank large, central bank, the bank of japan, the people's bank of china, the big ones are predominant only acting like the fed and the other are trying to act kind of in defense of the fed, sort of to just keep the currencies in what they call equilibrium i'm getting wonky stepping back what it means is that the fed is going to do what it's going to do and other central banks have to basically come along or, basically be hurt by the behavior of their policies is again, what's happening now. so we get to 2019, wall street's like, hey, wait a minute, we've got a problem. we have this little mini side bet market. it's called it's called the repo market. it doesn't matter what it's called is. this thing that happens every night, the wall street banks, they borrow and they lend money back and forth with their major corporate clients. it's like little bits of credit lines. it's like i get, i take i get i take it certain rates. but the whole reason that game works is there's a trust that each side is going to pay the money back at the

central bank digital currency. they will use findings from a technical study the bank of japan conducted the past two years.el coincides with the start of a digital yen pilot program involving the doj financial institutions, and other private- sector participants. doj officials said they have no concrete plans to issue currency. it is expected to take time to hammer out the legal and framework issues. the ministry plans to take into account the opinions of the panel and prepare for the possible introduction of a digital yen. >>> japan has come up with a plan to strengthen its power grid by significantly expanding the use of renewable energy. it envisions total investments of around $50 billion by 2050. japan is working toward a carbon free for society. they consider solar, wind, and other renewable major components. the plan has gone up by an industry body made up of large and small utility firms, energy- related companies, and different levels of government. it mandates to coordinate effective power transition across japan reasons. the plant will account for around 50% of the country's total energy mix by

the fed and five of the biggest central banks in the world, the bank of canada, bank of england, the bank of japanal bank and the swiss national bank are boosting their swap lines. swap lines are one central banks provide to provide dollar liquidity. clearly a coordinated effort which is a global funding market. they are saying they are going to -- they are conducting weekly operations. now you can open that swap line, call on it every day. countries where they fund -- they may have dollar-denominated debt and there is a dollar shortage, a squeeze on the clearly, how can they get it? this is how they can get it. this is a big thing they can do. it still does not answer the question what will happen in the u.s. with republic bank and the divvying up of the sbb but it is a big step. >> we are just hearing from the japanese finance ministers, they are speaking in tokyo saying they are carefully watching central bank liquidity in the -- enhancements. they will be examining how the credit suisse deal will impact japan. we know they have been having -- they have had their worst week since 2020 last week

under non-market collateral, let me remind you that the central banks of the united states of europe, britain, japannada and australia , fearing a lack of liquidity, launched daily dollars instead of weekly dollars in the entire history, such coordination was observed only twice after the financial crisis of 2008, and during avito the american motley public bank becomes truly toxic largest the swedish pension fund sold all its shares, but, and the bank itself planned a large-scale staff reduction, i note that the swedes closed the deal with an excess of almost $ 730 million, but this is not the worst scenario , the swedish fund expects a complete write-off of investments in silicon valley bank and signychi bank in the amount of one billion 100 million dollars. according to the agency. reuters motley-public not only planned a series of layoffs, but is also actively negotiating. with j.p. morgan, their subject is not specified, but experts say that the managed american bank. now there are only two ways, either selling for a pittance with the transfer of all obligations, well, to a partner, or bankrupt

big step in meeting president biden�*s stated aim of strengthening relations with the european union. to japan now — where the governor of the central bankm. as he prepares to leave the job, haruhiko kuroda defended the bank of japan's ultra—dovish monetary policy stance. japan's basic rate of interest has been negative — at minus 0.1% — for seven years now but growth has remained stagnant. joining me now is seijiro takeshita — dean professor of the school of management at the university of shizuoka. kuroda thinks he is right, but what is the balance of opinion on his legacy? is the balance of opinion on his lea ? ~ �* , . legacy? well, it's quite true that he has basically _ legacy? well, it's quite true that he has basically led _ legacy? well, it's quite true that he has basically led the - legacy? well, it's quite true that he has basically led the way - legacy? well, it's quite true that. he has basically led the way without japan getting into a turmoil, as we've seen before, for example in the case of one institution, but we have to seek the timing to get an exit point of this excessive monetary policy. 0bviously during his time, f

. >>> the foreign go knovernor of bank of japan says it is time for central banks around the world tohe foundation and framework of monetary policy. he says the limitations of inflation targeting has become clear. he was the boj governor until 2013. he shared his thoughts in the march issue of the international monetary fund's quarterly publication. he said the impact of the boj's ultra loose monetary policy implemented by his successor and current governor kuroda haruhiko was modest on the growth front. this was also the case in many other countries that adopted measures similar to japan's. he acknowledged that such unconventional monetary policy could be extremely effective, depending on the timing. but he said this is not necessarily the case when the economy is weak. he said japan's stagnant growth due to its rapidly aging and shrinking population required more radical reform, but that this had been misread as cyclical weakness. this resulted in decades of monetary easing. >>> a 28,000-ton cruise ship sailed into tokyo bay thursday to mark a new milestone in japan's post pandemic

central-bank landscape, we have seen tightening. the fed is certainly ahead of the curve compared to other central banks. when you look at the bank of japan, this friday, we are positioned with short duration. we think at some stage, the bank of japan will start to move away from its incredibly loose monetary policy. but they have a different economic situation. inflation is increasing but nowhere near as high as in the u.s. and elsewhere. it will also be the last meeting for the bank of japan before the current governor. when you look at other central banks -- you mentioned canada, we also have the ecb coming up next week. we are seeing a more hawkish tone even the data has been resilient. it is hard with the ecb at the moment to really look at where they might signal a pause. in terms of the ecb, that's incredibly important. we have seen the market revise where they think interest rates will be. the bank of england coming up. they are any different situation. inflation is incredibly high but are also facing a much weaker backdrop in terms of economic data. kriti: i'm glad you mentioned the bank of england. starting to see that more hawk

you're a genius, robert, takes a lot for me to catch up with you, bank of japan is not like chase or wells fargo or citigroup, it is their central bank and japan had actually combination of their treasury as well. if that goes belly-up, i mean that is a huge deal. now, they have been dealing with zero rates and virtually no inflation, that seems to be ending. they kobe reversing that, but why is this such a doomful call? >> well because the bank of japan has been financing derivatives, a quadrillion, that is a thousand trillion, quadrillion is a thousand trillion. we have not seen the crash coming yet. that is why -- neil: doing this more than a decade, deck decade 1/2 and it hasn't happened. >> going on since 1944. we were reserve currency of the world. neil: this going on there in japan, it would have evidenced itself earlier, wouldn't it? >> well, takes awhile for san an andreas fault sits there the california falls into the ocean. i would rather not live on the san andreas fault is what i'm saying. neil: spell this out. you're not buying comeback, what everyone calls it in the markets, stablizing bank things. you don't we're

banking sector sparks fears of broader economic distress. plus, the bank of japan maintains its easing stance as governor kuroda leads his final meeting at the central bank after a decade of stimulus. insolvency fears, that is what dominated markets yesterday. it continues today. silicon valley bank just potentially the latest domino to fall. first was the selloff in crypto, ftx, then silver gate. what you have are folks taking money out of this very vc and crypto exposed banks. we will get into the details more throughout the show of exactly why this happened. we will be talking about the maturity bonds that don't have the same value they once did since the fed has been raising rates. so, the collateral for these banks has fallen vastly. let me show you what the ramifications were. we saw peter thiel call for his clients to pull money out of silicon valley bank. falls 60.4%. it doesn't just stop there. it spreads into the entirety of the banking sector, specifically regional banks. the s&p -- s&p regional bank falls. folks are really starting to dig in to balance sheets. the collateral for the clients deposits in the bank that are potentially susce

states began to hysterically inject personal dollars into foreign central banks into the bank of england european central bank bank japan'snk has already channeled hundreds of billions of cash from the federal reserve. the goal of the united states, of course, was to support liquidity or simply to avoid a complete loss of investor confidence in the dollar, to try to prevent an impending collapse, one must understand that the us financial system has not seen such large-scale measures, for at least 10 years the americans' anxiety was provoked, of course, by the collapse of the swiss tradition. one of the thirty largest banks in the world collapsed on it was urgently swallowed up by show jumping ubies, and everything, as we remember, with the collapse of two large american banks. but these are the flowers of another 50 american banks under the threat of collapse. lawrence mcdonald, the former president of the laman financial corporation, brothers, told about this - this is a very alarming bell in the bankruptcy of banks. mcdonald's knows a lot about the ruin of the lemon brothers , the crisis of the eighth year began. well,

central bank and we ourselves would not have been able to, because after russia annexed crimea, the first sanctions appeared. moscow cut off the assets of its central bank from the united states and moved them to europe, japann, other countries, and moscow simply did not expect that these countries will also join the coalition led by z states and freeze this money, financial trade and personal sanctions for a year of full-scale war have already been introduced by more than 40 countries from south korea or switzerland to albania, so it is not only the eu the states found and arrested you and the real estate of many russians, the state banks of the russian federation were cut off from the global financial system in moscow, it was forbidden to sell equipment , technology and luxury items on its oil , they introduced new restrictions in modern history, there was no such serious impact and in washington, all these restrictions are considered a signal to others of the same china , what will happen if any country suddenly decides to play by the rules and go to aggression, as moscow has done in ukraine. what we are doing is to make it clear to every country that you cannot to violate the sovereignty of another stat

lost trust in the western banking system will be returned with the help of the printing press to stop the growing crisis avalanche us central banks canada ride. they japann of a single fire brigade, which opens unlimited credit for troubled banks. but so far it has not been possible to reassure depositors in prison near the headquarters of the bankrupt bank credit swiss today there are mass protests. yes indeed it is the reaction of the people on the streets is the reality. the bankers themselves and the swiss authorities have already found some bloggers responsible for their troubles. whose two tweets allegedly rocked financial situation in the country. although experts have been predicting for several months that the new global financial crisis will begin as soon as dis-visas, if urgent measures are not taken, while the bank's management promises to keep all bonuses for employees , the blow has already been dealt to the reputation of switzerland as the most reliable refuge in pigs for capital in europe, it was the crisis, by the way, that froze $19 billion of russian money investors from the persian gulf countries, who had already lost billions as a r

the uk and how there's a high correlation, our central bank seems to be the central bank of the world. but lots of eyes focused on the banking index in japanu overlay that with the kbw you can clearly see he that they moved right in sync. as a matter of fact, you could even argue that the japanese market was a little more aggressive on the downturn but what's very interesting here, tyler, is if you go back to 1989 when their stock market peaked you can clearly see the current event at least in japanese terms just gets dwarfed by some of the volatility from 89 over the next several years finally, this is a three-day chart of 2s versus 10s it's moved 21 basis points which means 2s are gaining on the comeback over 10s. that will figure prominently in the fed's decision, especially considering it's next week remember, 443's where it closed last year. my call they may do a quarter but it's got to be over that yield and higher in yield than it closed last year. back to you. >> thank you very much energy stocks meantime rising today even as oil prices are falling 4% pippa stevens can explain all this >> oil is down all day long but then this late

0 and the negative interest rate to the coast of the european central bank for an extended period of time, more than 10 years low. we've seen this in japan 0 interest rates actually don't work because a debit just savings. and it's really a tricks heaven on the quality of capital allocation. and though we've had 10 years now, suddenly inflation has surge the central banks about trying to catch up with inflation . because the way interest threats on we inflation is, this is a complete mismatch in the state. but of course, as we raise interest rates, the mel allocation of capital starts to get exposed to this. i think the, the, the california bank is the canary in the coal mine. we may, may, will see a succession of crises and distress in the financial system as we go forward with as we it's in 2006 based students group to be the 1st layman really was the comics that, that said, this may will prove to be the 1st just skating through as more and more losses and beller, bella mckesson of capital gates exposed. so let me just let me just jump in there for a 2nd. so you're saying that this could trigger a global financial crisis really very mu

another big difference is the fed itself is buying huge amounts of duration and central banks are as well. the bank of japanion, which was not the case in 2008. central banks only owed central bills. today, i think their biggest issue is where its growth going to come from into the future? lisa: i may want to believe that into the rest of the world, which is a important one. i want to talk the similarities and liquidity's mismatch? liquidity mismatch is not a credit crisis or credit crunch. back in 2008, the liquidity mismatch led to a credit crunch, how close is that sort of direct lead over into credit conditions? david: our interest rates were down, which were the case in 05 and 06. that causes asset prices to go up. there is a workoutper after that. i think that is what we are in nowiod. that is the challenge facing the market. how do you allocate your losses? i am hoping they do not go to the poor, developing countries and average taxpayers. if you created all of the asset price boom, can the losses be allocated back into the same markets. lisa: can you elaborate on the disproportionate holding of the

tom: bank of japan governor kuroda is leaving his final meeting which kicks off today. he is due to step down next month after the longest stint running the centraland its 140 year history. here's a look at how he spearheaded the most ambitious monetary stimulus program of modern times. >> he took over as governor of the bank of japan in march of 2013. two months before kuroda took over, the boj signed a landmark record with the former prime minister shinzo abe to reach 2% inflation in the shortest time possible. after being sworn in, he committed to a two-year deadline to reach that target and introduced his bold strategy called quantitative and qualitative easing, the first step in what soon became known as his "monetary bazooka." a year later, kuroda fired another shot, the infamous halloween surprise, shocking as the the boj nearly doubled its yearly bond purchase target from ¥50 to ¥80 trillion. in january of 2016, the boj narrowly voted to cut its key rate to -.1%. the public backlash was immediate and fierce. eight months later, the boj adopted its most innovative step of all, yield curve control, tying the 10 year japanese government bond

central banks? >> a fair amount of confidence of boj hitting the target. japan inflation will like what is going on in u.s. and europe. the key thing we are watching, at prices we have not seen in 20 years can have a big player and how the boj thinks about it but for them, steady is the most important thing. no drama. >> always steady. that is it. thank you for your insights. let's get to the headlines. china and russia have reached a deal to develop key nuclear technology as part of a series of agreements that was signed during xi jinping's visit to moscow. the u.s. has raised the alarm over what it says are major conditions to beef up atomic weapons arsenal and china has rejected the claims, saying they are focused on nuclear energy. antony blinken told senators the state department needs the full budget request to tackle threats from china and russia. senators said the 11% budget increase sought will be a tough sell in the republican house. lincoln cited acute threat from russia and highlighted long-term challenges from china. >> we are happy to talk about wh

the leaders of south korea and japan meet for the first time in 12 years, seeking to set aside historic differences. the european central bankiked interest rates by half of 1%, despite the impact of rising rates on the banking sector. it comes as central banks and governments around the world are nervously watching whether the crisis surrounding credit suisse will develop into a global banking crisis. shares in credit suisse have stabilised after the swiss national bank offered it a funding lifeline. so how did we get here? credit suisse was already in trouble before its biggest investor saudi national bank announced on wednesday that it could offer no more financial support. that lead to its share price plummetting by 30%. late wednesday the swiss central bank said it would provide financial support to the tune of $54 billion us dollars. that has reassured the markets for now but concerns remain about contagion from the collapse of the two us banks last week. it is all quite complex, it is all quite complex, this. with me is our business presenter ben thompson. european central bank has put rates up european central bank ha

snb, the snb will be growing its balance sheet and we are seeing central banks around the world and japan as well as the people's bank ofina growing their balance sheet. last time we saw an aggregate does happen, we got a rally going in through year end. so, that will end up being a near-term pill for risk assets here. tom: such a sharp turnaround of events in the space of a week. central banks expanding their balance sheets now. it wasn't a prospect 5-7 days ago. norman villamin, from ubp. we will get more in a moment on credit suisse and the ecb and the actions of the central bank. stay with bloomberg. we will take a deep dive into the hot water that credit suisse itself and in the ripple effects from silicon valley bank. tune into our special program banking breakdown today at 8.30 a.m. 11 time -- london time. taking a global look at what has been a week of turmoil for the banks and what may be next for this embattled sector. terminal users can had to ni bigtake for all of that to. coming up, the ecb delivers a half point hike amid the market turmoil but what is next for the central bank? this is bloomberg. ♪ >>

it really changes the impact when it comes to what the fed and other central banks might do from here. >> we have the open of japan the focus very much on where that material comes online above the 4% mark at the start of trading here. we did not see that biggest repricing yesterday, the biggest drop in treasuries since the paul volcker area -- era. the september 11 moves, black monday, a huge recalibration of expectations where the fed ends up. that inversion is continuing to narrow only last week. we are around that 107 mark of that inversion. some strategists saying this is an unwinding in a move that is typically marking the end of the post hiking fed pause. that is one to be washing there. in terms of the expectations, we are continuing to notice that essentially when you have this -- the fed on pause, it takes the pressure off the doj and the need to pivot there. still a little bit stronger in the early trading hours. that is sometimes positive for japanese stocks. very much worth focusing on those japanese banks because the troubles are drawing a lot of attention to the heavy investment in u.s. bonds by jap

if a new head comes in the near future - he has already come, the head, respectively, of the central bank in japanithdrawing from the us government bond due to the fact that they will change their policy japan is now the main holder of the us government bond is not china japan recalls at the moment largely due to what has happened over the past few years, let’s formulate such a system has developed and now there is a repulsion rollback. and withdrawing money from there. it is necessary to understand the dimension, and the state debt is 34.1. here they are now raise a trillion, respectively, and the budget deficit, respectively, several trillion. that is, their budget as a whole, respectively, it is not more than 10, that is, their total debt, respectively, is several budgets. they will never be paid in terms of profitability, even if the budget was not in deficit, and the deficit is all that they can pay to service it for a long time in the near future with current rates. if someone lowers, i will lower them, in fact, closer, as i understand it, by may, maybe by july, accordingly, it will already

central bank to manage their monetary policy. if the interest do go higher and higher, japan has a lot of fiscal spending.ight be some uncertainty in the market about that high level of debt the japanese government has. that has been the issue. >> you are here in new york but you have been following the news about the banking turmoil, a lot of steps being taken since friday, the u.s., credit suisse, california banks, etc., how is this affecting japan? >> it is part of the global market. because i think the backstops have come down an awful lot. given the positive yield curve in japan, it is basically back six months ago is what it is. in that respect, it looks ok. the japanese banks don't have to mark to market. their jgb holdings. in that respect, six months ago, with interest lower, maybe it gives the boj more freedom toward another policy then when it was higher. christlike yield curve control? >> yes. it is there so let's make sure that it did not go flat. now it is going up and so it was a ceiling. it was like 0.50%, the 10 year. you can tell he wanted to go higher. i am sure a lot of hedge funds are

of them is in europe. you can see it in east asia in japan. which exports a lot has a high, powerful money to rehabilitate the value of its own national currency, the central bankforced to accumulate its money in dollars in the market, which should maintain the balance in favor of its market, in favor of the american currency, for the elasticity of the american markets in the world trade , let us balance this it created a new challenge approach, very good, now that we have gone through these steps, today the dollar can be frozen, the dollar can be set aside , in a strange world dollar exchange period, 90% in one period to 70% in less than 10 years ago to about 62% the latest statistics i have now say that towards the northern season of january 2022 the exchange rate of the world dollar has reached 42%, but from these two other rates for world currencies, we have 56 to 4262 to 56.56 to 42.7 of the world. what money do i want to save with? this is an account that has the capacity of dollars. it is a debt between our country and your country. it is a debt account . see how it should be calculated. a country like china , which has about 4 trillion dollars in foreig

credit suisse chairs partially recover off to the swiss central bank for a lifeline. european stock market. the open higher of the news. japan and south korea agree to resume shuttle diplomacy and resolve trade dispute as the leaders of both countries made for the 1st time and 12 years. i'm trying to get charles, go with the sports is defending champions, rel, madrid reach the quarter finals of the chem, his late at italian leaders. napoli joined them qualifying for the last sites in the 1st time in the history of the club. ah, we begin in malawi, where the president has appealed for global support. after tropical cyclone freddy hit the east of southern africa on the weekend. for a 2nd time, malawi is commercial hub blan tire, has seen the most damage with flooding in the mud slides. at least 225 people have died. hundreds of missing rescuers scramble to reach survivors mostly around blan tire after us, a freddie smashed into the country and neighboring mozambique triggering floods and landslides. the government has promised $1500000.00 to assess the 10s of thousands of millenniums affected by the storm. but there is an ange

is after the central bank cut its rate to help the economy falling with the devastating earthquake in february. we will see how wages in japan are doing on friday. the real cash earnings oforkers fell in january at the fastest pace in nearly nine years. higher inflation was to blame, but it is also pushing major companies to raise wages during annual spring negotiations between labor and management. investors and analysts will also be watching u.s. employment data that same day. employers added fewer jobs in february, but the number was still stronger than expected. a still hot labor market in the u.s. was behund the federal reserve's decision last week. officials remain focused on inflation and opted for a quarter percentage point rate hike despite lingering uncertainty among the banking sector. jupen will soon have a new central bank governor for the first time in ten years. the term of the current chief expires april 8th. ueda then takes the helm for a five-year term. he's expected to continue the current easing monetary policy for the time being. however, he's faced with a daunting task. he'll have to deal with the side effects of a decade of extraordinary easing and

of q e d in japan. and it's when the banking system is, is shrinking credit creation, money supplies, shrinking deflation, economy shrinking. you get the central bank to purchase non performing assets for banks to bail out the banks, you know, clean up the balance sheets without cost to taxpayers. and secondly, you have the central bank purchasing performing assets from non bank that were pushing massive amounts of money into the economy. now that's what the fed reserve did in march 2020 at a completely unsuitable time to an historically unprecedented amount. so they created this inflation. i want at the time, maybe 2020, we're going to get significant place in 80 months down the road. that's what happened was the fed. and that means, you know, this, this whole process is being driven by the fed, including the banking crisis because why was a silicon valley bank actually in trouble? you know, it's paul mentioned we've got.

of q e in japan. and it's when the banking system is shrinking credit creation, money supplies, shrinking deflation, economy shrinking. you get the central bank to purchase non performing assets for banks to bail out the banks. you know, clean up the balance sheets without cost to taxpayers. and secondly, you have the central bank purchasing performing assets from non bank. they were pushing massive amounts of money into the economy. now that's what the fed reserve did in march 2020, at a completely unsuitable time to an historically unprecedented amount. so they created this inflation. i want, at the time, maybe 2020, we're going to get significant place and 18 months down the road. that's what happened was the fed and that means you know, this, this whole process is being driven by the fed, including the banking crisis. because why was a silicon valley bank actually in trouble? and you know, it's paul mentioned, we've got the, the book nominal losses on the bank portfolio, but that always happens when interest rates go up. whenever in history interest rates have gone up, but banks don't have to mark the market. and these are the most l

central bank heights interest rates. this despite turmoil in the banking sector will be live from wall street on that and the leaders of japan and south korea meeting for the 1st time in 12 years . also, a football veteran is called back into sweden spiders. they try to qualify for the euro's that's coming up with peter and sport at the bottom of the out. ah, the french government will force controversial pension reforms through without a vote in parliament. that's after failing to convince a majority of m. p. 's to back the bill. a flip of the live pictures right now. we're protesters have gathered outside parliament in central paris. now the changes in this reform will raise the retirement age from 62 to 64 to get a full pension president. demo mcenroe says it's essential to cover pension deficits, has been widespread opposition to this plan, as millions of people have taken part in protest, marches and strikes across france for many weeks now. natasha butler is with us now from paris in tash oak. when french governments used this measure to bypass a vote in parliament in parliament, it means they're desperate. it means th

japan. turmoil on the financial markets. credit suisse shares hit a record load, a bounce back as the swiss central bank office support. and flash floods can at least 14 people in areas of care devastated by last month's earthquakes. ah, there's growing disagreement between moscow and washington over us drone crushed in the black sea in a phone call. russia's defense minister told us u. s counterpart, but drone flights near crimea. we're provocative. well. busy the us said the aircraft was intentionally harassed by a russian fighter jet, but it wasn't sure if the collision was deliberate. she had returned c reports. for a 2nd day, us officials complained that their reaper drain crashed into the black sea as a result of what they say has become a patent of reckless and unsafe behavior by russian fight, a joke, pilots in international airspace this time resulting in collision. i just got off the phone with my russian counterpart minister showing as i said repeatedly, it's important that great powers be models of transparency. and communication in the united states will continue to fly and to operate wherever international law allows. this was the 1st phone call between th

we are fairly confident the european central bank has more work to do in terms of hiking interest rates at the moment. that is a very positive thing for the euro. japanng leadership. at some page -- states, they will change monetary policy. this is very much skewed against the u.s. dollar. if the fed does hint at pausing, that is a big negative for the u.s. dollar. >> the fbi see comes in, backstops and then questions of moral hazard come in but give us a sense of what you learned about all this. >> it has been a frantic weekend. they have been looking to sell the bank and they were actually expecting people to put in their beds. the question became about the timetable. how can you be prepared to come through with an offramp? then they turned to that emergency. it is a depression-era statute. it allows the central bank to make loans directly. snap came through. the question is what is next. we don't understand that option process. that could come through later in this evening in the u.s.. still, they considered options for selling all or parts of stp area -- >> who will back these? cross the concentration risk has become even more acute. it really ki

central bank decisions out of the u.s. and china, and have rates will go from there as well. canada, they are watching the april decision especially when it comes to japanes. alright, let's get back to our top story, the npc. chinese president xi jinping has are the country's's firms to play a bigger role in establishing technology independent, help overcome what he describes as "u.s.-led containment and suppression." let's bring in our next guest, from uc san diego. victor, always great to have you. we bring you back for npc. given what we heard from the president himself talking about promoting the private sector to deal with containment. it seemed like a very direct criticism on the u.s. we rarely hear that from the president himself. what signals do you get from that? victor: especially yesterday, xi jinping in his small group meeting with the democratic alliance, he directly said that the private sector is our own people. which is pretty strong message saying he will protect the private sector. of course, one has to bear in mind that even the private sector is treated as members of the chinese communist party. members of the party are arrested with

japan and south korea greater resume shuttle diplomacy and resolve trade dispute. as the leaders of both countries meet for the 1st time and 12 years credit swishes serge off the south central bank for the lifeline. european stock market opened high on the news. and the u. n's. nuclear watchdog says more than 2 tons of uranium has gone missing in libya. i'm trying to get raska with the sports is defending champions, rail madrid, reach the pool to find out that the champions lee and italian legally does not please join them, qualify to the last 8 to the 1st time in the history of the club. ah, we begin in malawi, where the president has appealed for global support after a tropical cyclone had the east of southern africa on the weekend for a 2nd time, mccullough is commercial hub, has seen the most damage with flooding and mud slides, at least 225 people have died. hundreds of missing rescuers scramble to reach survivors mostly around blan tire. after freddy smashed into the country and neighboring mozambique triggering floods and lance lives. the government has promised $1500000.00 to assist the 10s of thousands of millenniums affected by the storm. but there is a anger about the

we get bank of canada and japan in there somewhere >> it's going to be a big reset on what we're expecting with the global centralquity market story you were talking about before also applies overseas i think it's relevant that we kind of are absorbing this higher for longer notion, and europe, much stronger move, really, off the lows than we have had here. they're coming from a much lower base and they're in the -- those indexes are much more suited to this kind of value and cyclical move but yeah, it's not just what the fed's up to here >> guys, i wanted to take a quick departure to deal land as you guys both know, we haven't had a lot of m&a in the current quarter, but there are a few things that we have been following. one, including this sort of richie brothers attempt to buy iaa, a well-known auctioneer in the industrial sector. that's where it's sort of key expertise is iaa is a digital marketplace for vehicle buyers and sellers. there's been some opposition to the deal amongst some of richie brothers' shareholders they have to hold a vote on it on march 14th. it could be tough for them to get approval the

central bank governors saying the credit suisse effect on philippines are not likely to be significant. this as well coming on top of comments from the japanese finance minister about the financial stability in japan fears very high at the moment. let's get to vonnie quinn with first word headlines. vonnie: the u.s.'s biggest banks agreed to deposit $30 billion in an effort to stem the turmoil that sent depositors fleeing. jp morgan, bank of america, citigroup and wells fargo each contributing $5 billion of uninsured deposits. goldman sachs and morgan stanley will chip in $2.5 billion apiece. of the will also deposit smaller amounts. -- other banks will also deposit smaller amounts. bloomberg sources say ubs is reluctant to take on the risks related to its smaller rival and that credit suisse executives are focusing on turning the bank around. jp morgan analysts say the crisis at credit suisse will most likely end in a takeover. the ecb has gone ahead with a plan for a half-point rate hike. officials lifted the rate to 3% is expected, though there was no language in the statement about where borrowing costs are headed. it comes days after the market turmoil that rattled credit suisse, which raised

central bank in the 140 year history. let's look at how he spearheaded one of the most ambitious monetary policy stimulus programs in modern times. >> he took over as group -- governor in the bank of japanr 2013. two months, the boj signed a landmark a court to reach 2% inflation in the shortest time possible. after being sworn in, he committed to a two-year deadline to reach that target and introduced his bold strategy called quantitative and qualitative easing. the first step in what soon became known as his monetary bazooka. one year later, he fired another shot. the infamous halloween surprised shocking markets as the boj nearly doubled its yearly bond product -- purchase target from 50 to ¥80 trillion. january 2016, the boj narrowly voted to cut its key rate to -.1%. the public backlash was immediate and fierce. eight months later, the boj adopted its most innovative step of all, yield curve control tying the 10 year japanese government bond yield to zero and coming the first central bank in the world to take this radical monetary step to spur inflation. by the end he was reappointed, they did not reach the 2% target. he then fine tuned by allowing it to move around double the rate

central banks. looks like the rate hikes cycle is coming to her leg in australia. that puts it in a more defensive posture. we have some pretty aggressive wage hikes in japan, the biggest in a couple of decades and that is not factored into the urine, partly because the boj -- that is not factored into the yen. we have a new governor and he will clearly come in with a mallet to change monetary starts in april. put those things together, we could have a divergent monetary policy. it will take a while for the bank of japan to get into tightening mood. that skews aussie-yen towards the downside. yvonne: thank you, mark cranfield with what to watch. wall street leaders and u.s. officials are set to be discussing a potential intervention weight comes to first republic bank could include government backing to help pave the way for a private deal. let's bring in of a bloomberg finance editor joining us from sydney, adam haigh. what do we know about this rescue of first republic bank? adam: we know that it is an incredibly fluid situation still got to be a bit careful of the details, but clearly what is being considered is that you do get some kind of intervention from the government side in

central bank, government talk, discussions and data. we are looking at fed chair powell testifying on capitol hill tuesday and wednesday. wednesday, we get a bank of canada decision. friday, it is the last bank of japan overseen by governor kuroda. does he give a surprise before he leaves? does he say, i will throw you a bone or make your life miserable? president biden going to release his full year 2024 fiscal budget thursday. curious to see what he projects in terms of spending and how he bridges some gaps. also, what kind of support is provided to ukraine. he is hosting ursula von der leyen friday. we are expecting the jolts data friday. fried is daily -- fridays data point may be one of the most important, if not the most important. it is the report for the jobs of the month of february. do we see this confirm what we saw in february? if it does, how much does that change the market narrative? if it doesn't, do we see the whipsaw back to january's inflation? jonathan: how big does that need to be to put 50 on the table in the next meeting? this is backward looking data. some make forward looking assumptions of where the dot plot should be in the back end of 2023. lisa: you can start normalizing