Front Page

  • 2020-01-28 20:56


    --BOJ Publishes Summary Opinions from Jan 20/21 Meeting

    TOKYO (MNI) - A review of the Bank of Japan's monetary policy was becoming a necessity as muted growth and stubbornly low inflation continued, one board member emphasized at the Jan.

  • 2020-01-28 00:25


    TOKYO (MNI) - Japan's government on Tuesday nominated Seiji Adachi, 54, chief economist at Marusan Securities, as a successor to BOJ board member Yutaka Harada, Diet officials confirmed to MNI.

    A series of nominations to a key parliamentary committee for candidates to replace officials in major positions expiring by April included that for the replacement BOJ board position, the official said.

    Pending parliamentary approval, Adachi will replace Harada, whose five-year term on the nine-member BOJ board ends Mar. 25.

  • 2020-01-27 11:50


    --Statistics Canada Makes Annual Revision to Labour Force Survey

    OTTAWA (MNI) - Canada's job market wasn't as bad as thought late last year with revisions Monday showing the November decline is no longer the steepest in a decade, a potential relief to a central bank that signaled it may cut rates because of persistent weakness.

    Statistics Canada published annual revisions paring the November drop in jobs to 54,400 from the original report of 71,200, which was the largest since the last recession in 2009. The revised figure is now the largest job decline since January 2018, according to MNI calculations using StatsCan's data.

    The December job gain was marked down to 27,300 from 35,200, Statistics Canada said.

  • 2020-01-27 01:11


    TOKYO (MNI) - Japan's government will submit the names of candidates to take major government posts to the Diet on Jan. 27, a Diet official said Monday.

    The official didn't elaborate on what positions would be among the nominations, but the lists will likely include candidate of Yutaka Harada, Bank of Japan board member and whose five-year term ends on Mar.

  • 2020-01-24 10:45


    --Ex-Kansas Fed President Sees Steady Rates This Year

    WASHINGTON (MNI) - The Federal Reserve won't be able to reverse ultra-easy monetary policies for at least a decade, adding risk to the financial system, former Kansas City Fed President Thomas Hoenig told MNI.

    The Fed is getting stuck in a world of ample bank reserves and extensive bond purchases in a financial system already characterized by excess leverage, Hoenig said in an interview. Hoenig also saw little chance the Fed will move its policy rate this year.

    "Now QE is the policy tool -- they're trapped and I don't see how they're getting out of it anytime soon," he said.

  • 2020-01-23 20:01


    --Japan Dec Core CPI +0.7% Y/Y; MNI Median +0.7%; Nov +0.5%
    --Japan Dec Core-Core CPI +0.9% Y/Y; Nov +0.8%
    --Japan Dec CPI Energy Costs -0.6% Y/Y; Nov -2.1%

    TOKYO (MNI) - Japan's December annual core consumer inflation rate accelerated from the previous month's level on the back of higher certain food prices, household durable goods and service prices, data from the Ministry of International Affairs and Communication released Friday showed.

    The key points from the latest CPI data:

    -- The national average core consumer price index (excluding fresh food) rose for a 36th straight month in December, rising 0.7% y/y, accelerating from a gain of 0.5% in November and in line with the MNI median forecast of a 0.7% gain.

    -- Accelerating inflation rate was expected, as it

  • 2020-01-23 19:44


    TOKYO (MNI) - The Bank of Japan must consider possible pre-emptive policy options to cope with greater downside risks to economic activity and prices, a few Board members suggested at the December 18-19 policy-setting meeting, according to the minutes released Friday.

    However, many board members were prepared to stick with the current easy policy, while closely watching developments.

    One member voiced concern over side-effects from the Bank's easy policy, citing the deceleration in lending by regional financial institutions.

    The BOJ voted 7-2 to left monetary policy unchanged at the meeting, as widely expected, repeating that "downside risks concerning overseas economies seem to remain significant, and it also is necessary to pay close attention to their impact on firms'

  • 2020-01-23 13:10


    --Canadian Finance Minister Says He Has More Firepower For Downturn

    OTTAWA (MNI) - Canada's finance minister said Thursday deficit spending is taking pressure off the central bank to drive growth with ultra low interest rates, and he has plenty of firepower to deal with any future downturn.

    Bill Morneau said the current deficit of roughly 1% of GDP helps make sure the central bank isn't alone in supporting growth. The government introduced a family tax cut after being re-elected late last year and before that moved to mirror U.S. tax cuts on new business investment.

  • 2020-01-22 20:38


    TOKYO (MNI) - Financing demand by Japanese corporates through bank loans fell in January from the previous three months, according to the Bank of Japan's latest quarterly survey of senior loan officers at 50 banks released on Thursday.

    The index for corporate fund demand -- calculated by subtracting the number of banks reporting a decline in lending from the number of those reporting an increase -- stood at +2 in January, down from +3 in October, as demand was hit by the drop in sales and capital investment.

    The latest survey period was from December 10 to January 14.

    Other key points from the survey:

    --The index for demand from large companies rose to +1 from -4 and the index for small businesses fell to +1 from +4.

    --The index for fund demand expected

  • 2020-01-22 11:43


    By Greg Quinn

    OTTAWA (MNI) - Following is the text of Wednesday's press conference from BOC Governor Stephen Poloz and Senior Deputy Carolyn Wilkins:

    "Good morning. Senior Deputy Governor Wilkins and I are glad to be here to answer your questions about today's interest rate announcement and our Monetary Policy Report (MPR). Before turning to your questions, let me briefly summarize the substance of Governing Council's deliberations.

    You will recall that in October we were most occupied with the deteriorating global outlook. We could see clearly that this was affecting Canada's economy too -- not only through exports and the manufacturing sector, but also through the effects of heightened uncertainty on firms' investment decisions.