18 Burst results for "Bank Of Japan"
"bank japan" Discussed on Bloomberg Radio New York
"Power to continue yield curve control or do they fall to a market pushing against them? Yes, they do have the power to continue yield curve control. Let's be very clear about this. Any JGB trader will tell you trying to short the JGB market against the BOJ that's lost you money could probably like three and a half decades right now. That will continue to be the case. But at what cost to the underlying Japanese economy. Now coretta, that's what apologized to the Japanese public for inflation. You can not buy a meal with a ¥500 coin anymore. People will feel bad, but ultimately it's not going to be outside as quote unquote. People are trying to go against the annual JP market. It's going to be domestic and domestic politics. How important is the shift in their flows of trade and the idea that the stereotype is Toyota's abroad and the reality is there's been a change in their import dynamics, their flow dynamics. How critical is that multi decade shift? I think that is very, very critical, but does Japan want to rebalance. If there is a plan to increase domestic demand, I'm sure that always has been bring down your current account surpluses, then there's going to be no less to recycle in any way. And then the bank of Japan's role will actually be much, much easier. But again, going back to governor corunna is he will is actually by the bullet and identified domestically driven inflation right now. He's saying wrong kind of inflation don't want to push it back. But the problem is, you find out you're wrong when it's too late. Jeff, I want to get you in trouble with the general counsel of Bank of New York Mellon. Real simple here to two decimal points on yeah, and where does corrode a break? Well, coretta bray, I will be very cautious in my language that by saying, if let's say with those ¥500 coins, you can barely buy half a bowl of ramen and then there's going to be a problem for the higher it goes right now, the more problems that you will face within the public, the domestic public. That is constituencies need to be aware of. Jeff you skirting general counsel debate there as well at BNY Mellon this one. I mean, Lisa, Jeffrey, thank you so much. Greatly appreciate it. Lisa, this is a huge, huge deal. And that when you go out there is an investment house, particularly the Japanese investment houses, and you start pontificating about yen one 40 or yen one 50, there's some real internal pressures on that. Especially at a time when they have to import so many goods. They can't really do that for the same kind of price. And this is not exactly the Japanese economy that they saw 20 years ago. What are they going to do though in terms of allowing this to happen without giving traders a payday? Without saying you were right. We couldn't do it. How do they save face? Because they want to do it on their own terms. And the history of this is simple going back to the rationalizing of industrial and particularly banking Japan, it took forever and ever to get to that rationalization. I'm going to say off the top of my head it took 12 years. But it was difficult to say the least. We've really worked into a stasis market. Yearly is a 20 minutes away from claims. 21 it's away from claims and perhaps a little bit less than two hours from fed chair Jay Powell, not saying anything that he didn't say yesterday, but I think it's all countdown to July 27th. And Tom, that's what I'm looking at, especially with all of the uncertainty about oil prices. And I'm looking forward to hearing some of the guests in the commentary coming up for that perspective. Kaylee survey, the survey rather of claims two 29 down to a better statistic two 26 as well. I guess that's still better than good. That's the strong economy, Jay Powell was talking about. Yeah, exactly. He thinks the labor market is good enough to hold in there at least to a certain degree while the fed hikes. The question is for how long and at what point do we start to see that unemployment rate taking higher into what height are we talking? An important data point this morning with claims. There's some other ideas coming on S&P Global PMI as well, but really tomorrow you'll have to be with us on a Friday for the University of Michigan statistic that's a 10 a.m. tomorrow. The view forward 5 and then out another 5 years, ten years, as well, stay with us claims here in 19 minutes. Fish is up 22. Down futures up one 18, the vix 29.11 this is Bloomberg
"bank japan" Discussed on Bloomberg Radio New York
"If young keeps on falling, he's going to fall more given the divergence within BOJ policy and other central banks. At some point, inflation is going to become a problem for the BOJ and they're going to give up on their zero policy rate. If you go well above one, 40, BOJ will have to change policy and the first change is going to be to change the yield control curve policy and go above the 0.5 on the GPG. It is what we try to do each and every day at Bloomberg surveillance when news breaks. We can go worldwide with Bloomberg from Doha and the cutter economic forum, nor were being this morning modeling out one 40 as weak yen is a point of breaking for the bank of Japan of course with rubini macro associates and someone who has helped us out so much over the years, helping out as well with a visual here perfect for radio, critic Gupta on weekend. Yeah, well, if an oil were being called for one 40, Tom, well, we're already at one 36. Of course, it's the highest levels that you've seen for dollar yen, going all the way back to 1998. When remember, we did have that coordinated currency intervention. When I say coordinated, I mean the United States was on in on it, Europe was in on it as well. Do we see that coordinated reaction again? Here's the problem with that two things. One, you're looking at a $4 trillion daily turnover market. And two, you're also looking at a race to a strong currency. What's the incentive for currency intervention, which really brings me to my chart of the day here, that's what's making her traders extremely nervous. We're looking at implied volatility one week implied volatility for dollar yen for our radio audience where you need to know is it is a straight shot up when you look at the regression from that December low to where we are now and once again, Tom says this all the time, it really is that rate of change that matters. But Lisa actually talks about bond auctions so much in the United States and got to bring the bond auction from Japan here, seeing their worst bond auction for their 5 year since get this march of 2020. If the fear is that the bond market or the JGB market is going to break how much further can the currency really handle time. Pretty good to thank you so much. He is with brun brothers harriman is head of global currency strategy, but far more his definitive on the international relations is work at brandeis and on to Columbia as well. Winston joins us now in the span of the Pacific Rim in what it means for Tokyo. When thin, I'm going to go back to a September of 1992. Where George Soros made history with a breaking of the Bank of England. Who right now is trying to break the bank of Japan. At first of all, thanks again for having me. It's always a pleasure. I do admit that I love this 8 45 slot more than 6 30 FYI. She's awake by now continue. Call me, call me any time, honestly. Anyway, here's the interesting thing. The markets are testing the bank of Japan yield curve control as opposed to the currency. I mean, the currency is obviously a byproduct of this whole system. But we've been hearing reports, obviously, covered by Bloomberg and other financial reporters that a lot of hedge funds are going short JDB on the assumption that the bank of Japan can not hold the yield curve control. To me, I think they can sustain this. I think they're in my last appearance, a week or so ago, is that there's dislocations in the JGB market, some arbitrages and speculators get dislocated. I think the bank of Japan is going to accept that. The bank Japan right now is getting two things that they've been trying to for decades and that's a weekend and higher inflation. And I think if you look at the official comments, especially from governor road, they don't want to pull the plug early. Any sort of reversal on this easy monetary policy, easy Dolly and fall ten, 15, 20 big figures. It's anyone's guess. But that is the real fear from the Japanese policymakers why they are maintaining the current policy. Okay, so if we don't see a policy shift from the bank of Japan or other sorts of intervention, is there a path to a stronger yen and alternate scenario? Unless they until and unless they change their monetary policy stance, I think it's a one way bet. You know, again, I keep bringing this up, but I admire a professor Robert mindell so much, but his work back in the 60s. This is during the era of fixed exchange rates, but basically set forth what he called the impossible Trinity. That is a country can not have open capital flows independent monetary policy and target the exchange rate. And as long as the bank of Japan continues to run ultimately policy, this monetary policy divergence is doing the major driver costs most FX markets are particularly here for Dali yen. And that's the thing they had a chance last Friday to make a statement and perhaps step back from this, but they want double down pretty much and went full in on this. And they can't be surprised at dalian is up here. This is, again, a natural byproduct of their easy money policy. Okay, so if we widen it out and look at Asia more broadly, how for example is Beijing likely to look at this week again. Well, that's just funny. You bring that up. Interesting because if you talk about my past divergence, I think that's another story with people's bank of Japan. They are actually an easy mode. Japan bank Japan is in easy mode, but staying steady. But people's bankers plans actually easing. So to me, that's another signal for dollar yen to go higher as well. This is, again, a natural byproduct of and that's something I think will continue to see. When we're out of time, we've got to get you back here to discuss this and of course we do it with many on the street looking for continued weakness in yen. Doctor thin is with Brown brothers harriman in New York Caylee. I got 18 things to talk about, but I got a pitch to crypto show. Tuesday today is Matt Miller in the building. Is he going to be with you on this game? Of course he is 1 p.m. Eastern Time. He'll be joining me. We have a lot to discuss today, talk. Do we have a why it went down this weekend? I mean, it's not like Kellogg's where it goes down or goes up because they have a press release. Was there a press release that moved bit dog down this weekend? It's always hard to understand the drivers in this asset class in particular because it is historically so volatile and clearly that isn't something that has changed recently. It's actually become more so, but a lot of the conversation was that this was forced selling, taking place that you saw one event happening in May with the collapse of Tara USD, then you saw Celsius freezing holdings add on the broader or withdraws rather add on the broader macroeconomic environment of tightening policy of money no longer being freed, liquidity being less abundant. All of that caused a lot of selling pressure. The question is, is the rebound we're seeing over the last couple of days, one that's going to stick around, that's something we'll be digging into later on. How are the beautiful people rationalizing this, the gazillionaires that are like three weeks out of school and they've made more money than any of your soul may combine in her lifetime and their wallets a little lighter this morning, isn't it? Oh yeah, the crypto billionaires the likes of Mike novogratz are steezy over at binance. She's easy. Does he know Jay-Z? Good question. I bet he does. Jay-Z's in on crypto as well. No, he and Jack Dorsey actually are bringing financial education about Bitcoin to certain housing projects, so that financial literacy conversation obviously something entirely different. But yes, Tom, to your point, there's a lot of big names in evangelists in this space by and large the faithful angelus. Stay faithful. Tell me Ed Sheeran's not into crypto. That I don't know, Tom. You should ask him. See if we'll come on the show to talk about it. I crypto. This is what an hour program or do you go out two hours and extended crypto. It's only 30 minutes, but if you'd like to talk to management about extending it and be an advocate, be my guest. Seriously, it was really interesting to see I watched the move to 17 ish. This weekend, like I watched the end of Lehman Brothers or bear Stearns every tick was absolutely fascinating on the Bloomberg crypto right now. Bit dog rather, I call it tulip coin. I'm sorry. 21,084 on
"bank japan" Discussed on Bloomberg Radio New York
"Pandemic break Crazy that after two years life is coming back again and I feel everyone is excited to be back And possibly excited the conglomerate finally found something to spend its money on Berkshire made $41 billion in net purchases last quarter including a massive investment in Chevron vaulting it to a top four holding It also boosted its stake in Activision Blizzard a nudged its Apple holdings higher Buybacks slowed though a Berkshire squeezed out a three tenths of a percent gain in operating profit compared to the quarter a year ago Denise Pellegrini Bloomberg Debra Keisha Qantas airways has revived the plan for the world's longest direct flights Here's Bloomberg's Paul Allen This would connect Australia's east coast directly with New York and London the flight time 20 hours the planes would include well-being zones for passengers to a combat the physical toll quantities of buying 12 a three 50s that can fly nonstop from Australia to any city in the world and the airline said commercial services will start from Sydney in late 2025 That Bloomberg's Paul Allen By the way Qantas had planned to begin the 20 hour flight in 2023 internally the project was called project sunrise however it was derailed by the pandemic and with today's news we're looking at quanta shares up by 2.4% That's exciting move Well let's move on to China again China's banking and insurance regulator has ordered an investigation into problems and hint on province local media had reported three rural banks in the area suspended withdrawal services in a WeChat post China's regulator said it will defend the rights and interests of financial consumers at present cash deposit and withdrawal business at those banks are said to be back to normal Gaming revenue in Macau plunged 68% during April compared to last year total revenue $331 million That is the lowest level in 18 months Macau is the world's largest gambling hub and it goes without saying it suffered through a drought of tourists even though Macau did ease some border restrictions as a result of the pandemic and the near term outlook really not looking so bright China's 5 day Labor Day break is normally a peak season Macau has relaxed quarantine policies as it struggled to improve visitation however this recovery is going to depend squarely on China's outbreaks and its lockdown measures since visitors to Macau face onerous curbs in trying to reenter the mainland Okay we got you up to date on some of the latest business news Let's take a closer look at market action trading getting underway Bloomberg's Brian Curtis is back Brian a lot of markets closed but the three that are open are in the red They are and let's start with Australia the 200 down 1.5% Interestingly we had some interesting data there The S&P Global Australian PMI was 58.9 that was higher than the 57.9 in the prior Sydney house prices did slide in April as that rate rise looms Policymakers in Australia do have this challenge of sort of political challenge whether or not to get into the mix and raise rates in the middle of a highly charged election campaign In Japan PMI data as well the Al jamun bank Japan April a p.m. I was at 53.5 That was weaker than the 54.1 in March And it was the lowest reading since February of 2022 We also got the PMI in South Korea 52.1 stronger than the 51.2 the prior month in South Korea's April semiconductor exports advanced 15.8% year on year And if you look at the way that the Cosby's trading right now it's actually down by two thirds of a percent dropping 17 points and the nikkei is trading down about a half a percent So definitely investors very much selling stocks here with the idea that a lot of these issues that are out there having to do with the COVID situation in China the slowing economy inflation pretty much in some of the biggest markets in the world just to maybe lighten up a little bit All in one 30.10 And the offshore Chinese currency 6.6686 weaker by four tenths of a percent against the greenback And the time is 35 minutes past the hour Kathleen back to you Time for global news then Head Baxter's in the San Francisco 9 60 newsroom looking at COVID cases in China decreasing but restrictions remaining in that still looks problematic for the economy Ed Oh absolutely Beijing will close Jim's and sinema's Kathleen over the Labor Day weekend holiday Beijing reporting a 41 new cases day to today just a few minutes ago meanwhile Shanghai will keep virus measures in place despite falling cases and continued effect on the economy And this says no new cases were reported for the first time outside the lockdown areas since the recent outbreak started health officials say they are at a crucial stage U.S. House speaker Nancy Pelosi has led a congressional delegation on a surprise visit to Ukraine pledging continued support To say thank you for your fight for freedom And says a U.S. will be there until the fighting ends Ukraine's president volodymyr zelensky A.
"bank japan" Discussed on Marketplace Minute
"Do you own or rent your home? Sure you do. Fortunately, Geico makes it easy to bundle your home and car insurance. It's a good thing too because having a home is hard work. Go to Geico dot com, get a quote and see how much you could save. Geico dot com, easy. The fed signals rate hikes, reaction this morning. I'm nova safa with the marketplace minute. The Federal Reserve yesterday gave notice that rate hikes will come soon. They're expected in March, the change would make consumer credit more expensive, interest earning savings accounts would pay out more market rates could also rise further. This morning, some early response from overseas banks, Japan's namura is now predicting a strong start with a half point rate hike in March there usually a quarter point at a time. In France, BMP parabolic expects as many as 6 rate hikes this year for a total of a one and a half percent increase. Markets in Asia and Europe are almost uniformly lower this morning on Wall Street, futures are lacking direction close to flat. Oil prices are flat as well. Later today, the commerce department is scheduled to release its initial tally of the nation's economic output for the final months of last year. Economists expect the strongest annual growth in gross product since 1984. Ambassador with a marketplace minute. Do you own or rent your home? Sure you do. Fortunately, Geico makes it easy to bundle your home and car insurance. It's a good thing too because having a home is hard work. Go to Geico dot com, get a quote and see how much you could save. Geico dot com. Easy..
"bank japan" Discussed on Power 106 FM
"Everyone that I say is coming shape, so trying to leave the Mama, leave that. Get your feeling The feeling a woman. Tell me that you come true girl. Make your baby I got to see I'm a bank, Japan the wealth feeling your woman love you too long. Tell me just, uh, daily dose on power mornings, right? If you're heading into the office If.
"bank japan" Discussed on We Study Billionaires - The Investors Podcast
"Noise. The range in ten years is higher because of credit risk but not because of inflation expectations. The fed will control the inflation narrative. They will not be able to control the credit narrative. Stand saying that the proper rate is three point five percent if central banks aren't involved but they are they are involved and not only. Are they involved here in the us. But they're involved at the ecb their bank japan over in china. So you have these major central banks that are at play. Let me run this idea. Pasha so i just tweeted out this picture that you're dini I think we talked about this last time. I was on with where they plot out. All the total assets of major central banks. They compare them side by side with different colors on the chart. This one was on the x. Axis time and on the y axis it's denominated in trillions of dollars and that it's these various colors for each central belt on this one in particular. It does a good job of keeping the seam y axis. I don't. I don't like the ones are. The y axis has different on each side. This one here you can really kinda see because it redenominate all the currencies into the same. Us dollar currency in. It's an apples to apples comparison of how much they're adding to their balancing when we look at this and we look at what's happened in the last six months. The ecb has absolutely gone bananas on the amount of burning in the basement that they've done with the euro and so when we think about kind of the last time that greg and i were talking the ecb hadn't basically kicked on ludicrous speed with their debasement relative to what the and i think this is really important. Relative to what the fed was doing they were they. Were kind of moving at the same pace but ever since probably i'd say when the second quarter started of this calendar year that we're in right now the has just taken off in. The fed has has gone a much slower pace so this means the dollar is going to get stronger. Relative to the biggest fiat currency competitor out there. Which is the fed. Right is that appreciation in the dollar relative to the euro. The thing that's making the treasury market kind of perform. In the way that it's performed witches it's been bidding. I i would say one should never lose sight of the fact that all these systems look like emergent systems to me where they can make sense right up until that moment when they don't when ltm went to helena handbasket you've got these super super level correlated behavior and it's it's like trying to predict thunderstorms or something. It just does not make sense druckenmiller optimist. In my opinion. I've tweeted this several times. I should imagine you had the by thirty obamacare about the ten thirty s us. The thirty and i said imagine you had the by thirty. But you had to hang onto it for thirty years and you couldn't have and you're guaranteed to be paid bought. The futures complete unknown the one to do is say. What am i willing to accept this interest rate for thirty years and the collective wisdom of the social media as well over seven percent and i would say that if i had more spaces in the in the poll there would have been people shooting up the twelve or fifteen. The bottom line is i wouldn't accept sri percent return on a tenure by that model so idea. Rockin miller's model is not correct either and again he's smarter than me but lacy hunt smarter than the two of us combined potentially and he he would put the ten year one point one or something and i do paycheck lacey and i. I don't push back because he's too smart. I don't buy that i agree. He's really smart. But at the end of the day i think the people that are participating in this market are people that aren't thinking in thirty year terms at one hundred of them in the room ninety nine of them maybe more than ninety nine of them are not there for thirty years. They're there to put the trade on and directionally try to be on the right side of it as it bids or sells off in fifteen minutes. That's right or for whatever duration they're trying to time the market. So they're just speculate so you could make the argument. The entire bond market is a speculative place these days. So this is the cool thing you guys are hitting on. There's actually no such thing as capital gains in banzer or eight. Everyone says i own bonds. Because i'm going to be the world's greatest trader. And i'm going to buy it at one point seven five and sell it down to one point two five and the reality is never happens because all you're doing is cashing out a coupon on your trading prowess the greatest thing that you just mentioned day from a former bond trader is that you said you wouldn't buy it at three percent and it's currently trading at two percent in the thirty year that hundred basis points in the thirty year is worth twenty bond points. Isn't that remarkable twenty bond points because of duration And so what. I love about the the analysis that you just laid out is that you would buy it down twenty percent and let's go to an extreme and say if the ten years at three and a half and let's just say the five years therefore it five percents that's three hundred basis points. It doesn't even compete. You lost fifty percent of your value a long-term treasury that supposed to be risk free. People haven't lived this for their entire lives because when i started trading. Us ten year rates were at fourteen percent and they went down to one percent and below so bonds misunderstood contract by most money managers in today's day and age. You're not a boomer. That's correct and the crazy thing is even ray dallaglio so brilliant on this and made so much money on a risk parody trade and risk parity hedging. He understands the bond math. He's just not calling out people on the bond math right. He understands it for the ludicrous nature that it is used to be when equity sold off bonds would get bid because interest rates would go down but we've reached our floor in interest rates and that correlation doesn't work anymore rain needs another non correlated asset. I wonder what that could be. Let's just sit back and can understand. I wanna quit one more thing. You're so right because what you have not even brought into the analysis you lend a. Us treasury a hundred bucks today for ten years. It's almost certain you're gonna get your hundred bucks back in ten years. Not one hundred percent probably very high probability which you the purchasing power that one hundred dollars that you lent them today is going to be like sixty five dollars in today's right. That is why you need to head yourself against the certainty of fee contract debasing best thing. I could advise anybody out there. Do your math understand that. You should have a lower exposure to bonds than you've ever had in your career over the last thirty years. It's pure mathematics today. You mentioned lacey. So i listened to the interview. Lacy did with.
"bank japan" Discussed on Bloomberg Radio New York
"Kong, 12 30 Friday afternoon here in Sydney. I'm Paul Allen. And I, Brian Curtis and yes, indeedy. We are seeing a little bit more positivity in the markets in Asia, with the advent sor the events of some tech shares in Hong Kong and also in Taiwan and Singapore, and we'll run through all the markets with Doug in a moment. But suffice it to say that the hang Sang tech index has just opened in the local market up about 6/10 of 1%. You have some losses, but everything here is compressed into fairly tight ranges. We'll get to that in a moment. But for now, the top stories of the hour Treasury Secretary Steve Mnuchin has sought the return of unused funds from the feds emergency landing facilities, but the central bank pushed back, They said the program served a vital role pollution and a little too. Fed chair Jerome Powell sort a 90 Day extension for just four of the central bank's emergency landing programs. Also said the Fed should return $455 billion to the Treasury so Congress can spend the money elsewhere. Bloomberg's Chris Condon says that doesn't make sense. This money was never scored against the U. S by the Congressional Budget Office because it is always expected that this money will revert back to the Treasury. In fact, to the budget, it's not money to be spent out its support lending. The fits of the emergency facility should continue to serve their important role as a backstop for the economy. All emergency programs created by the cares act will expire at the end of the year. And we just want to mention this flash across the Bloomberg terminal that China's loan prime rates kept unchanged in November Well, the University of Oxford confirmed that the covert 19 vaccine it's developing with AstraZeneca did produce strong immune responses in older adults. Emory Healthcare reporter Drew Armstrong says This is very good news for those most at risk for severe disease. I think the good news in these kind of this interim look that we're seeing right now is that you know there's some you can run past in the blood, basically, to see our people producing the kind of immune response that you want out of these We could do that. Yes, they are. And in addition to that you're older population is producing the same type of immune response with the vaccine. There would help people fight off the virus. Theoretically, that a younger group is and so you know, your folks who are really, really vulnerable. This it looks like they might have the same level of protection as a zoo. Other people Well. Today's news is based on key findings from preliminary data of late stage trial results. The data will show whether the vaccine can meet the high bar set by front runners. Fizer And Moderna. Oxford says that its data should be released in the coming weeks. China's central bank is expected to reduce the scale of stimulus. In the coming months. Bloomberg's were shot Selamat has more China's economic bands back is giving the central bank more breathing room on more scope to withdraw some of the support it had been giving the climate is even allowed policy makers to let a string of government linked companies default on debt. Investors, on the other hand, did not so relaxed. They've sold off corporate bonds and shunned government assets. It means now that 10 year yields have climbed to levels not seen for 18 months. The moves may be dramatic, but economists say the situation will not push the PBOC off its policy course. In fact, they argue, Beijing is trying to instill discipline in the credit market by allowing these types of default in Hong Kong. I'm Rashard Salama, the Bloomberg Daybreak Asia. All right, let's get a look at the markets with Doug Prisoner. So I just want to circle back very quickly to the comments from Secretary Mnuchin asking the Fed to return on used money from the feds, emergency lending facilities. Yeah, these were established under the care Zach. They're set to expire at the end of the year, and any extension would need to be approved. By the Treasury. So this presents its seemingly another challenge for the incoming Biden administration. And the news has helped to weaken the many futures contracts for the American market with the Dow, the S and P 500 Down about the 7/10 of 1% right now. NASDAQ 100 contract out, But it's only about 2/10 of 1%. Brian. You spoke earlier of the loan prime rate in China being kept on changed in the month of November that five year prime loan rate. Is it 4.65% If you look at some of the price action right now in the foreign exchange, the offshore Chinese currency stronger against the dollar at six spot 57 11 and in the equity market right now, Shanghai composite is down, but it's less than 1/10 of 1%. Meantime, in Hong Kong, hang sang weaker by about 1/10 of 1% as well. Japan's October core consumer prices down 7/10 of 1% That's a year over year reading smack in line with estimates the end right now weaker at 103 84. And in the equity market, the Nikkei is down just about 4/10 of 1%, by the way, they G. Boone Bank, Japan, November Flash manufacturing P M My little weaker now relative to the October reading. Uh, November reading of 48.3 right now and sold. The Cosby is virtually unchanged and in Sydney The asx 200 higher by about 1/10 of 1%. 10 Year Treasury now in the Tokyo session, with the yield of 82 basis points. I'm dead prisoner at the Bloomberg Interactive Brokers Studio in New York, Paul Thanks, Doug. Well, Donald Trump's gonna make Ken appearance today at a pick it Baxter's got global news it, but we probably won't get to see him. At least that's the way it looks right now. Mr Trump hasn't been seen much in public since Losing the election of this doesn't appear to be much in public senior administration tells belong where he will not be making a formal address and we'll deliver comments. In a slot not open to the public, where leaders get about three minutes to speak to each other. Hey, hasn't participated in a pack since 2017 dueling messages from the incoming Biden administration, the outgoing Trump administration regarding covert 19. Today, the Trump Administration focused on talking about the job. It is done, and Vice President Mike Pence and I just want to assure the American people is Trust that you will Have a sense today that we're going to continue to work around the clock. To meet this moment. Help is on the way way. Have every confidence that enough. In a short period of time, we could have one or more safe and effective vaccines. For the American people. And look who showed up Dr Deborah Burkes, making an appearance talking Thanksgiving but really, in this moment of bringing people together to really limit On interactions indoors to immediate households when we see this level of community spread, meanwhile, Joe Biden meeting with governor saying there is a vacuum at the top, he says money needs to go out to cities and states and that there needs to be cooperation. He says he feels if the current trend continues, possibly 150,000 more lives will be lost. And he says he needs to have information now when asked about the trump approach to disrupting the transition. I think they're witnessing incredible irresponsibility. Incredibly damaging message is being sent to the rest of the world about how democracy functions and Bill Gates is speaking out on the Bloomberg New economy for I'm saying the way the U. S has handled this with the exception of R and D His mind blowingly bad. And you know that was a good thing that was Ah, favorite to the world. The rest of it. The U. S is sort of it. The back of the pack the diagnostic work. We did the messaging. Even today, the messaging is reaching a new level of incoherence. And he says Asia caught the numbers early and has done a much, much better job of managing it. Georgia has now come out to say that it's recount shows that Joe Biden has won the electors there and is heading towards certification in San Francisco. I'm Ed Baxter, This is Bloomberg, right, Brian. All right. Thanks very much, Ed. Let's get to sporting News with Dan sportsmen. And Dan is Manchester United looking to improve their defense, You know, Brian, the daily starting when does report that man used looking improved their defense during the January transfer window They've identified RB Light six diets Obama, Kano and Real Madrid, Raphael Varane as targets..
"bank japan" Discussed on Bloomberg Radio New York
"Used Bloomberg radio. This'll is Bloomberg Daybreak Asia case that 119 arriving around the world with their not rising in China. Just having that vaccine available doesn't necessarily mean it's back. All clear path ahead. You've been countries Val Way ahead off the agent, developing countries in terms of finance, technology and capacity. They're part of the world really have missed of a double dip Recession. Bloomberg Daybreak Asia. Why, from Hong Kong and New York on Bloomberg Radio. Everybody Good morning from Hong Kong. I'm Brian Curtis. And I'm Paul Allen in Sydney, where it's just gone midday on the Friday and we got a kind of flat looking at six right now for a closer look at what's going on Doug Prisoners joining us now Duck? Yeah, just a little bit of positivity right now in Australia. Paula's sex 200 better by about 1/10 of 1%. We had mild positivity here in the states. Equity markets seemed to struggle through most of the day with the various issues surrounding the virus on the negative side, obviously the drag on growth resulting from tougher restrictions on the positive side. The expectation that will have widespread vaccine distribution within months. At the end of the day, the Dow was up 2/10 of 1% S and P 500 higher by about 4/10 of 1% NASDAQ, comprising about 9/10 of 1% on the day. A lot of that move higher came late in the day when CNBC reported that Senator Chuck Schumer was saying that he and Republican minority leader Mitch McConnell have agreed to resume talks on covert 19 relief. Couple of quick data points for Japan. Let's begin with October core consumer prices. You're over your reading of negative 7/10 of 1%. That was right in line with the estimate and the G Bohn Bank Japan, November Flash P m I. This is the man of manufacturing P m I a reading of 48.3. That's down from the October reading of 48.7 the end weakening ever so slightly at 103 83. You've got the Nikkei Weaker now by about 6/10 of 1% meantime, and sold the cost Be down about 1/10 of 1% wt I crude oil 41 65. So we're a little weaker here in the electronic session. 10 year Treasury down a full basis point and yield. 81 basis points. Brian All right, let's take a closer look at what we heard from the Fed today, Doug thanks very much for that, too. Fed officials declining to endorse boosting monetary stimulus. Cleveland Fed President Loretta Mester said fiscal policy support not additional monetary policy action. Is what the U. S needs the most at the moment. Virus case increase is very concerning and the fact that we don't have a fiscal package is very concerning the despaired impact of this pandemic. That's where fiscal policy plays a role because fiscal policy can be really targeted two households and small businesses that really need the aid. Misters remarks were echoed by Dallas Fit President Rob Caplan. Caplan wouldn't rule out the possibility that the economy slips back into recession given the spike and US virus cases. It is possible we could have negative growth. If this resurgence gets bad enough, and mobility falls off enough so that local officials even though they they don't want to do more restrictions. They don't have a choice, so the next couple of quarters is going to be very challenging. Kaplan said the feds emergency facility should be allowed to continue into 2021. He said he doesn't support increasing the central bank's asset purchase program right now. Donald Trump gonna make an appearance that a pick today? It Baxter's got global. All right. Thank you very much, boy. Yeah. Mr. Trump hasn't seen much of public since losing election, and this doesn't appear to be Whole lot in public. A senior administration official tells Bloomberg. He will not be making a formal address and will deliver comments and a slot not open to the public, where leaders get about three minutes to speak to each other. He has not participated in a pack since 2017. So it doesn't look like we're going to be seeing him today. There. Literally back to co back to back over 19 media conferences today in the U. S Vice President Mike Pence, says Donald Trump ordered the task force presentation today to ensure the American public that it is in control..
"bank japan" Discussed on Bloomberg Radio New York
"Thiss is Bloomberg Daybreak Asia case that 19 arriving around the world where they're not surprising in China. Just having that vaccine available doesn't necessarily mean it's all clear path ahead. Countries they're way ahead ofthe agent. Developing countries in terms of finance technology on capacity is part of the world. Really a double dip recession numbered daybreak Asian live from Hong Kong and New York on Bloomberg Radio. Good morning. I'm Kathleen Hays hear Bloomberg World headquarters in New York City. Boy quite a day in stocks. This election that is going down to the wire with Joe Biden looking like he may be just about ready to pick up that that victory. Or ring that victory bell. I guess I'm trying to say Doug is really affecting the markets. I wanna get right back to you to talk about stocks today and we're seeing now is this carries over to Asia right? And the fact that this blue wave that everybody was talking about last week failed to materialize, and it looks as though it least at this point that we're going to get A Democrat, Republican controlled Senate. And if you're right, Kathleen, and at this point, you're probably close to being right. If you look at what the data is saying so far on a Biden presidency It yields divided government right and that's a good scenario for the market is one thing that it does. It's reduces the chance that we're going to get any rollback in corporate taxes. At the same time, it kind of reduces the bet for a massive stimulus program. And if you're a fiscal hawk, this is good for you. And if you're the bond market than you have to take out that reflation trade, which is what we saw today, the yield on the 10 year falling 12 basis points and if you go back to, I think where we were in the last 24 hours on the 10 year. A 20 basis point moved from the high to the low. That's like the Fed cutting rates by a quarter point nearly right now in the Tokyo session where it's 75 basis points, we had a rally in US equities today, the S and P up 2.2%. Let's pivot to Asia very quickly. The Nikkei higher by 1%. Right now, we are also seeing much stronger. Japanese CNET 10 for 30 against the dollar The G bone bank Japan, October Services. PM I above the number that we saw in September. The current reading 47.7 and you look at the composite PM I also up from the September reading. The current reading at 48 W T I crude oil showing some weakness here at 38 70. So Kathleen, There is a lot going on my favorite phrase. I think I've read today about how the Congress is shaping up was the title on Yelena should let give his peace previewing the Federal Reserve meeting, which is first day today. Saying the blue wave turned into a blue ripple. I I think that's a good one. Yeah, like that. Well, in fact, now, though, we want to get back to this question of where? Where the presidential races Now, how close is Joe Biden Toe winning the presidency? Six states yet to be called every hour or even every half our There's some kind of headline that seems to affect this. So add master. You pick up that force now from our San Francisco newsroom Yeah, Kathleen Associated Press is saying with a flip of Wisconsin, Michigan today, Mr Biden needs six more electors He's leading in Nevada, which has six electoral votes. Now they have said that they are not going to report any more returns today this evening. Pennsylvania, Arizona, Georgia in play as well, They're all Arizona's counted into that count of that AP count. Mr Biden says they'll get over the top, but that he will not claim victory until the votes are counted. He says he is working for inclusion with the harsh rhetoric. Of the campaign behind US. Lower the temperature. To see each other again. Listen to one another. Sweet to hear each other again. Respecting care. For one another. To unite. To hell. Come together as a nation. He says. It is about we. The people where the president will speak today is not known. The campaign has now filed for legal actions. We do know to stop the vote in Georgia and Michigan recount in Wisconsin and Pennsylvania to the Supreme Court regarding a late vote counting Pennsylvania governor Tom Wolfe calls a trump lawsuits. Simply wrong. End quote, says it will oppose any effort to shut vote down their vote counting down. Pennsylvania also still sees a days before ballots are fully counted in the state of Bloomberg's chief content manager, Marty Schechner. Ah Shankar, I should say, says the back and forth is definitely not over. Well, I think in the next few days you're going to hear a lot of back and forth between the campaign Joe Biden taking a measured Quote unquote presidential approach Well, Donald Trump is huddling with his advisors on the next legal steps. Ultimately, I bunch rather be Joe Biden in the current situation and Donald Trump Democrats hopes of controlling the Senate withered after Joni Ernst, Steve Daines, Susan Collins. Were held their seats today and Democratic caucus in the House has also shrunk at this point by about four seats. We have a head up on the Bloomberg Terminal. China to temporarily suspend Entry by UK nationals with visas covert. Meanwhile, New Jersey case has reached five month high hospitalizations also jumped of the most since June. 23rd Governor Murphy holds off on reopening Maura the economy. UK Prime Minister Boris Johnson has won his parliamentary approval for his new lock down, He says that he had absolutely hates it. But we have to face the reality that in common with.
U.S. stocks close sharply higher as markets look beyond Election Day
"This election that is going down to the wire with Joe Biden looking like he may be just about ready to pick up that that victory. Or ring that victory bell. I guess I'm trying to say Doug is really affecting the markets. I wanna get right back to you to talk about stocks today and we're seeing now is this carries over to Asia right? And the fact that this blue wave that everybody was talking about last week failed to materialize, and it looks as though it least at this point that we're going to get A Democrat, Republican controlled Senate. And if you're right, Kathleen, and at this point, you're probably close to being right. If you look at what the data is saying so far on a Biden presidency It yields divided government right and that's a good scenario for the market is one thing that it does. It's reduces the chance that we're going to get any rollback in corporate taxes. At the same time, it kind of reduces the bet for a massive stimulus program. And if you're a fiscal hawk, this is good for you. And if you're the bond market than you have to take out that reflation trade, which is what we saw today, the yield on the 10 year falling 12 basis points and if you go back to, I think where we were in the last 24 hours on the 10 year. A 20 basis point moved from the high to the low. That's like the Fed cutting rates by a quarter point nearly right now in the Tokyo session where it's 75 basis points, we had a rally in US equities today, the S and P up 2.2%. Let's pivot to Asia very quickly. The Nikkei higher by 1%. Right now, we are also seeing much stronger. Japanese CNET 10 for 30 against the dollar The G bone bank Japan, October Services. PM I above the number that we saw in September. The current reading 47.7 and you look at the composite PM I also up from the September reading. The current reading at 48 W T I crude oil showing some weakness here at 38 70. So Kathleen, There is a lot going on my favorite
"bank japan" Discussed on Bloomberg Radio New York
"The price of roughly $2.2 billion Evergrande is the world's most indebted developer, and it's been working to generate funds to manage debt payments. As of the end of September, Evergrande owed $88 billion to banks, lenders and individual investors on DH. It's borrowed $35 billion from bond holders. Last month, Evergrande raised more than $500 million through a share placement in Hong Kong. Rosalyn Chin in Hong Kong. Bloomberg Daybreak Asia. Cows. Declines in gaming revenue narrowed in October this after a plunged at least 90% for six straight months. Gross gaming revenue fell about 73% from a year earlier to $910 million. It was better than the median analysts estimate of a 74% drop. It sends a positive signal that China's relaxation of travel and visa curbs is starting to attract mainland visitors. Although it is still far away from Macau's normal levels. Well in a little while from now we're going to get China's private manufacturing. PM I data from Sacheen over the weekend. We had the official PM I numbers and they indicate steady mo mentum. In the recovery in China. We have more from Bloomberg's Tom Mackenzie. China's manufacturing PM I eased marginally in October 2 51.4, according to data released on Saturday that Wass largely in line with estimates, It was also the eighth consecutive month of manufacturing. PM I above 50. Nonmanufacturing gauge, which includes services and construction climbed to 56.2 coming in above forecasts. The data points to a continued economic recovery here, with industrial production stable and global demand and consumption continuing to pick up Economists warn and expanded pandemic outside China could eventually dampened demand for the country's exports if overseas consumers see their purchasing power squeezed in Beijing, Tom Mackenzie Bloomberg Daybreak Asia We're just getting a lot of pm eyes out in the region as well. The I H s market. Malaysia manufacturing PM I for October came in at 48.5 that was lower than 49 in September in South Korea. We saw it high at a reading of 51.2. This is 49.8 in September in Indonesia. It was a little higher 47.8 in October versus 47.2 in September and in Thailand as well. Also hire 50.8. This is 49 point, not in September. The J. Boone Bank Japan. October. Manufacturing PM I came in higher at 48.7 versus 47.7 in September, and Taiwan's was also a little higher elsewhere. We are seeing markets a bit mixed. The Nikkei is up 1% in early trade in South Korea's call speechwriting hired by half of 1%, but you've got weakness in New Zealand and the 6 200 in Sydney is flashed the Aussie dollar being hit by the slide in commodity currencies. Particularly as you say this big full in crude. The Canadian dollar is down a third of 1% and the Aussie dollar has also fallen by a third of 1%. Now it's 70 spot 10, but it did fall below 70 US sense for the first time since July earlier in the session, as I mentioned W T, I is falling on these renewed lockdowns, particularly in Europe, down 4.5% at $34.17 in the electronic trade. And when we look at some of the other commodities moves in the region, you're seeing gold. Just a little weaker. Doug 1875 us still was announced. Thanks, Jules. Well, the Philippines has been ripped by Super Typhoon Goni. Let's get global news. Now. Baxter's in the Bloomberg 9 60 news from San Francisco. And, Yeah, this is really horrible Dug this year's strongest storm. Typhoon Goni has ripped through the Philippines, killing at least Seven people forcing 390,000 more to evacuate. The storm is heading the South China Sea, where it's expected to gather strength again before hitting Vietnam, the co founder of the weather Underground by the way, it goes further, saying Goni is the strongest landfall tropical cycle in history. U S Election Day is in two days with a coarse, early voting going on for a couple of weeks. Now, polls nationally still have Biden up by 7 to 10 points..
"bank japan" Discussed on Bloomberg Radio New York
"Companies have felt the pressure to keep up Infosys CEO So little Park spoke to blow make about the impact of the coronavirus on business and where he says growth returning post pandemic. Having seen what is going on the last day. We know that there was sort of numbers were awesome in back, and we know that we looked at our business is taking into account some scenarios off a second. Obviously not consider extreme scenarios at this time. We'll have to see how this plays out. What we also notice isn't in many. John Harvey's business is a learned to work with some of this many prizes, and nothing is going to be possible within extreme sets of numbers. But there are things that are going on. People are using Therapeutics. People are using masking and then people are finally do work on divine the economy, even on a president. So wait and watch how this plays out Now we sort of acted in some C tires, but not extreme. Do you think you will have to factor in extreme scenarios and what you're seeing right now? On this stage? We don't see that. Right, just getting bank Japan coming out, and it's downgraded his view on inflation is also downgraded view on the full year. 2020 growth target Terry as well. But the 10 year yield talk it is still in about 0%. So what we do have is an overall, more pessimistic economic assessment, just coming through risk a tilted according to the Bank of Grand to the downside for economic and price outlooks. The central bank did vote 8 to 1 on this rate decision and they were unanimous on the asset purchases here to the bank of Japan going on to say that they're becoming will they followed and improving trend is that the virus does Wayne Globally speaking, this is just generally what we have just coming through at the moment. Course CPS likely to be what 7/10 of 1% down minus 0.7% down. Through the whole year. They had a figure of minus 0.6% really GDP like to re plus 3.6% growth in 2021. So they upgraded their forecast looking ahead to next year because they will again 3.3% growth for 2021. Now they're looking at 3.6% there as well. So there we go the better forecast for next year but certainly more pessimistic. For this year as a whole has Cinda Well, let's try the downgrade in GDP and CP I pretty much expected looking at the reaction. Little reaction not surprising. The Nikkei stock futures holding down holding at 0.8% losses, BOJ stance pad Dollar Sorry, Dalian also standing pat so pretty much in line with what the market was expecting, though we heard earlier from Bank of America, Jimmy Chevalier, though she says that it was pretty clear that economy did bottom out back in May. She doesn't see that there's much to worry about the BOJ. Not like to do anything. And there we see it. The DOJ not doing very much today. Actually, we're looking to the future that also seeing more positive growth for 2022 as well. Therefore, cause 1.6% expansionism busy 1.5% that they had before seeing CP. I said exactly the same as before 0.7% in 2022. They also going on to say here, the bankers abandoned they need to pay close attention to the financial systems risks, which they were quite sanguine about when that report came out on the 22nd of October, But one key thing is that they are saying that economic activity is resuming private consumption is picking up supported by steps from the government. On in that vein, the Japanese Prime Minister Yoshida's So if Sudo was talking in Parliament is saying he's going to be monitoring the domestic and international situation and take steps on the economy. Including in terms of the budget as to what is needed on without hesitation here as well. This is as 1st and 2nd extra budget will be properly carried out. That's all according to the new prime minister, Yoshihito Sudha on the Bank of John just going back to the Bank of Japan, saying that business investment will continue to decline for the time being, but the outlook for the economy On prices is extremely unclear. Has Linda Interesting to know that the blog says that whatever it's saying right now is assumes that Cove it won't spread on a large scale basis again. Of course, we're talking about that. Ah, against a backdrop of surgeon cases in Europe as well as the U. S. The BOJ also says only modern pays of improvement expected In the economy that the business investment will continue to decline for the time being. The outlook for the economy prices extremely unclear again. The overall sentiment here is that more warnings a downside risks. Another assurance of the BOJ can act if needed. But of course, when you speak to a lot Of those tracking developments in Japan. They say there's very little to be O. J can do. It is pretty much running thin in terms of its ammunition wish Yeah, absolutely. And I'm just saying them making a few comments as they give this everyone assessment is to what's likely to happen in the economy, saying exports, mainly auto related will increase for the time being said. We've seen a bit of a boost in that because we had rubber prices in Turkey hitting highs that we haven't seen for 45 years, and much of that was done to you. The anticipation that China's recovery would also engender further vehicle demand. Certainly vehicle demand also expected to increases the BOJ's alluding to hear they're in Japan and the outlook assumes and no large scale spread of the virus here. So certainly this could all change depending on what happens next with the global pandemic on also saying that we've got nervous markets out there is well and blanket repenting the tensions. So in terms of nose of ease in markets as well said that's what we have only modern pace of improvement expected when it comes to the economy, But at least they're saying that things are improving. Here is well on that business investment, which Ready, of course, is the mainstay of what happens to an economy that doesn't bode very well as they say, Yes, it will be continuing, declining for the time being there as well. And of course you can also have a look at all these headlines as you wish. If you want to turn to your Bloomberg for commentary on this policy meeting by the Japanese Central bank, you could go to T L Ivy go. And get analysis from Bloomberg's expert, and it is That's a language A man standing pat on DH, but they've been doing is putting a more pessimistic view on what's happened in 2020. What will happen in 2020 in terms of inflation and also growth, but they're a bit more positive, in essence for next year. And the year after that. All right. So that's a bank of Japan. We've got a lot more coming up on the program. Keep it right here. This.
"bank japan" Discussed on The Peter Schiff Show Podcast
"To have the type of revenues in the future that has now when everybody is locked down and worried about Covid, then you have to assume that everybody's GonNa stay lockdown and they're always gonNA worry about covert but that's not what the market is assuming. Everybody's assuming that we're GONNA have a cure that we're going to have a vaccine. The market is booming because the belief is that all the economy is GonNa get better well then why are they also assuming that it's never gonna get better because that's what you? Have to believe to assume that everybody is going to stay in zoom and they're not going to resume their in person meetings. But all this insanity is because of the Fed and we've seen examples of this kind of hysteria in the past I mean, it's not new. What's new is the extent to which the Fed is engaging in this reckless monetary policy. But you know you go back to the bubble in Japan that we had in the nineteen eighties, the twin bubble in stocks and real estate that happened back then. And that bubble like all these bubbles was caused by a central bank. In this case, the Bank of Japan which was co creating much too much money print a lot of money mainly to prop up the dollar and to maintain Japanese exports to the United States. But in the process all that liquidity. Into the financial markets and we had this huge mania in stocks and real estate and the markets today still have not recovered to the one thousand, nine, hundred, eighty s peaks the stock market and the real estate market are lower today than they were in my eighty nine I forget exactly when the bubble. Copped out but the Japanese economy is still suffering the consequences of that bad monetary policy not just the bad policy that inflated the bubble but the bad policy that has existed ever since the bubble popped because the Japanese government and the bank Japan has not been willing to allow the markets to fully the fi the enormity of the mistakes that took place during that bubble and so as a result, Japan did not have nearly as healthy. An economic recovery as might otherwise have been the case in fact just recently. A Prime Minister Abi. The. Founder of. Who a lot of people think is a very successful prime minister. Again, he came in and as far as he was concerned, the problem was we didn't have enough inflation we need even more inflation we need the central bank and print even more money I mean what he should have done said you know what the problem is. We already have too much inflation. We've printed too much money. We've kept interest rates too low, but instead he came to the opposite. Conclusion that we needed him lower for longer that that was the problem that rates weren't low enough long enough. We need even more inflation and that was their whole policy. We'll see if they get a different approach with different prime minister, but talk about the definition of insanity and repeating the same mistake over and over again and expecting a different result..
"bank japan" Discussed on Bloomberg Radio New York
"Our best friend great rated terrorists we have corporate credit facilities and then there's a large group of very important companies very diverse different sectors different needs just very different and and those are for them we have the main street facility in our intention is that if there are credit worthy company to accept their credit worthy companies in that space we're not able to get credit from the banking system because of the epidemic we want to be there to provide so that's we've been working on it so it's the significantly different from any other undertaking we have been working on here particularly because that that space is by definition it's a space where commercial banks really are the key form of liquidity and landing and the you know the the bank credit agreements are always negotiated so there isn't there isn't really high level of standardization each one's a little bit different so we've got to find a way to get to those borrowers get through their credit agreements and get them funding and we were working through the banking system do that we have now registered lenders who were were so that that the facility is effectively open now the lenders are registering in we can now begin to make loans one person to do so and those loans will soon be transferred ninety five percent interest in the will be transferred to a to the facility so where they are and you know work as well I think we've shown as we go with all these facilities we are learning were no one's ever done this exactly so we're we're we've been constantly taking feedback from lenders and borrowers and we'll keep doing that and that's true for all of our facilities center we feel we've got facility that can do the best job okay so that's an unconventional set of monetary policy that you're you're you're you're utilizing given unconventional nature of this health and therefore economic challenge kept crisis that we're facing we also see other banks Japan in Europe it is trying to control inflation targets using unconventional means such as your yield curve control and negative rates do we have empirical evidence to support deploying these tools in the United States as you see it there's a there's a split I see the evidence is mixed on negative rates there are those who believe negative rates are quite effective and there are those who see the embedded in India the results are somewhat ambiguous I think here in the United States we've looked at it carefully we looked at it during the you know the the long expansion that ended in February and chose not to well in the United States lately the FOMC has looked carefully at negative race and finished the season pretty broadly across the committee that negative rates are not something that we think is appropriate for the for the US economy at least at this time and and it's not something that we see ourselves resorting to instead we look at ourselves using asset purchases and forward guidance in terms of yield curve control as you pointed out it was it's currently being used by a couple of central banks around the world it's just rather than buying assets what you're doing is you're saying we won't let the treasury curve at a certain level move above something starts to move above that level the rating was above it then we'll buy treasuries to drive the rate back down yeah he did that for me please if these I just finished sorry but we're really just educating ourselves when it's not something in all the sensitive thank you for I also appreciate the fact that you said when the crisis passes we will put them away these new tools I think that is a very sober assessment into a return to normalcy once this crisis passed thank you for your leadership thank you your warm water correct hello again thank you for being here I started out with my opening comments talking about the situation we find ourselves in this country and I believe that this is a moment unlike any other that I have seen in in terms of the country's willingness to finally have your son these long lasting issues of race and putting them aside spoke to a group of five thousand demonstrators and I was almost brought to tears when I stood up to speak because of the problem was probably sixty five percent white the rest maybe brown and and and I've been American people so I think this is a different situation I believe that the federal reserve as a place in this particular moment I think the you can roll and and and one of the things I'm thinking about you know the the justice department used to do and probably still should do what they consider patterns and practices where there's a problem in a regular city the the sum of police department or the fire department arm or maybe just the third city I am a they go in and they they do a study and enter into a consent decree to drought and able the changes that happened in Ferguson Missouri Ferguson has changed dramatically but what I'm wondering how you would feel about patterns and practices with on some of our financial agencies where you know that there is an obvious lack of inclusion and maybe even a history of of of problems do you think that would work in the financial services world well we do well as you know we do supervise son thanks for fair lending practices in down here where we see that kind of pattern and practice we we I engage in strong enforcement measures so there is.
"bank japan" Discussed on Odd Lots
"So your point about small banks in the. Us is a really interesting one. And I remember writing stories after the financial crisis about How there were no new banks created or I think it was three or four years after that and then the one that was created was The first one host financial crisis was an Amish Bank in Pennsylvania called Bank of bird in hand with a very specific business model so definitely an issue in the states. What are you seeing in terms of other countries and specifically Germany? Where you've been doing some work. Yes it's I mean. It's it's sad that we don't get many new banks being set up particularly these local community banks which we need. They've been driven out of business. So we need to do to work in the opposite direction. I'm working to setup not for profit community banks Leading the project in the UK. We've got the Hampshire Community Bank coming up and other community banks And I mean think about this his Germany which has been a successful economy for the last two hundred years despite wars and disasters inbetween and this at the core of the success has been the small and medium-sized enterprises that a disproportionately strong. In Germany Expose Joan exposes still as large Chinese exports. You know the biggest in the world and many of from small films. How can this small phones be so strong? It's because of the banking sector. It consists mainly of not for profit community banks eighty percent of German banks a not for profit local community banks says like the public savings banks and also a cooperative banks and because they're small they they want to lend to small companies a very simple principle in banking big banks to do big deal you know and that's that's true who wants to lend to small firms it is only small banks only for them. Does it make sense but small firms are the biggest employer in the US? Seventy percent of employment and the same is true for Germany. Japan eighty percent of employment is small firms. So if you have many small banks Japan also has a lot of them. Then you economy's going to be strong and resilient also on the crisis so we need to set them up and That's what policymakers should focus on. So they should help the movement to set up. New Banks delighted that few in the US. Like the Amish Bank at but we need much more than that. I want to before we wrap up sort of get back at some of the core principles here because I keep going back to this idea and I think it's really important one in probably a not fully appreciated one. This idea that you know banks aren't intermediaries. They create money the money parked when you post collateral in a boom where collateral is strong and expected to rise like Land prices it can really accelerate credit creation create new money. Why is it that is particularly important for the Central Bank to get non-performing loans or weekly performing loans off of bank balance sheets when there's no like hard limit on the amount of new money that banks can create? How does that? How does that create space? I guess another words or the creation of new money well you could structure banks in in such a way and also a such a that That that he wouldn't become a problem but the regulations we do have and the accounting rules. We do have mean that. Well banks have to stick to the rules. And therefore when you have non-performing acids you essentially Disabled you can't do your job. Well you can't lend and because I mean think about it this way. So let's say a bank has lots of non performing assets which means that on the ass inside the balance sheet the loans given out there on the acid side Let's say a You had a hundred before now turns out oops that non-performing belt worth hundred anymore. They're worth twenty. So you've got a gap there and of course you liabilities. Side is still there on the balance sheet. That means I mean H- How do you fund this gap? Where does the money come from? You WanNA GET RID OF THIS GAP. The only place it can come from is equity and equity and as you know. Stein a double entry accounting. The equity is very small and banks. It's less than ten percent. Usually the smaller banks have stronger. Equi actually the international banks when two thousand eight the crisis hit. They only had two to three percent equity am and that means they were they insolvent so banks very quickly insolvent then. Of course when you're insolvent you don't want to add new risk you become super risk averse and you're not lending and that's the connection but of course there's ways regulators could help they just suspend certain rules certain capital adequacy rules. The Basel regime could be suspended. Basel regime has been very counterproductive. Because it's encouraged the acid lending since it was introduced in nineteen eighty eight Basel Basel to Basel Three And they don't want to learn from the lessons of history so that definitely needs reforming. Actually you question is is a good way to point to this problem because really. We don't need to have this problem. It's an artificial problem. Which is why this question. Well Richard we're going to have to leave it there. I'm sure we could go on for much much longer. But we'll have to have you back on with together with Richard. Koo and you guys insert hashing out to do that. Thank you so much for being on. Thank you very.
"bank japan" Discussed on KQED Radio
"In Los Angeles on Monday today the second of March it is always a long everybody so look we should be clear here right nothing is changed for the better coronavirus wise since last we spoke on Friday in fact there have been fatalities in this country there's more testing being done so there are more reported cases in conferences and companies are canceling travel and meetings by the day busts some big central banks Japan the European central bank in the U. S. fed in particular have all come out and said in essence we got it we're watching we're ready and if push comes to shove we will jump in to keep things from getting too terribly much worse than that in a nutshell is what you need to know about the markets today the major indices up for five percent reclaim a chunk of what they lost last week but the macro economic reality which in case I need to remind you is not the stock market is still kind of up in the air both here and globally in China where we have gotten marketplace Jennifer pak on the phone things are only just now getting back to normal and barely at that's a big economic numbers came out to the downside over the weekend Hey Jennifer Hey guy so first of all I guess what's the mood what's it like in Shanghai to well life is slowly coming back to the streets of Shanghai you see a lot more people a lot more cars a lot of bikes and at restaurants you do see a lot more of them offering sit down dining services but only if you could sit very far away from each other and there are some restaurants the last order still at six thirty if you come out at about eight PM sometimes ten PM you think it's midnight or overnight you know as the streets are pretty empty so if you go anywhere now in public spaces you essentially everyone record is required to wear a facemask which are very uncomfortable to wear it's hard to breathe and of course there's a shortage of them so for all intents and purposes people are still pretty much forced to stay at home which is the last place you can breathe freely right and so I guess the coral or question is what's the mood like given all those restrictions and given that's the way you have to sit far away from people restaurants well I mean what's the mood where people where people think I think there's a lot of anxiety still you know people are pretty fearful and there's still a lot of unknowns about how this virus is being spread out so people are very cautious and you know almost every day we're being bombarded with text messages from the government saying a cancel your social gatherings stay at home wear a mask if you have to go outside eat apart from your colleagues you know sit in separate gas if you know it makes people very paranoid and so there's only a handful of people that I've seen over the last month were willing to come out and take the risk our city economic nuts and bolts then the the manufacturing and service sector numbers that came out late Friday U. S. time over the weekend for you they were not great both in in non manufacturing and and also in manufacturing actually getting things made yeah they're not great they both fell below fifty which shows a contraction but for businesses especially for January and February these are really slow months because of the lunar new year holiday and because they were close to three hundred million workers working hundreds of miles away from their home towns some of them take extended holidays so for all intents and purposes marches when companies really have to make their quarter one targets and so this is going to be the crucial month and the key question for a lot of these businesses is whether they can resume their operations and at the moment a lot of businesses say it's becoming very chaotic the two key things that are preventing them from restarting our travel restrictions between provinces and also this self quarantine measure for fourteen days there are lots of places they're requiring anyone coming in not just from the epicenter of the virus outbreak of who they province but anyone coming in no matter where you are and that takes you away from businesses last thing and then I'll let you go in your personal life for they still you know checking your temperature when you walk in the building are you still you know doing carry out food because nobody else wants to go out is that is that still happening constantly I'm getting my temperatures check when I go into the shopping malls into a residential area if I go into the office building inside the office we have to take measure our own temperatures for sure how accurate that is I I don't really know because the difference is so vast in terms of take out there are more places to eat of course but I have to make sure that I make the cut off because as I said a lot of them are closing quite early so I have to eat dinner by about six o'clock Jennifer back in Shanghai thank you Jennifer thanks hi on Wall Street today there are a couple options for what happened traders truly believe the worst is passed that's one this was a balance of the dead cat riding is another people saw the losses last week and decided today was a good day to get and that's the third which one's rights who knows but I know this even though I don't get to pick it's gonna be the happy music when we do the numbers as I said a minute ago companies are scrambling.
"bank japan" Discussed on 90.3 KAZU
"In Los Angeles on Monday today the second of March is always to have you along everybody so look we should be clear here right nothing is changed for the better coronavirus wise since last we spoke on Friday in fact there have been fatalities in this country there's more testing being done so there are more reported cases in conferences and companies are canceling travel and meetings by the day busts some big central banks Japan the European central bank in the U. S. fed in particular have all come out and said in essence we got it we're watching we're ready and if push comes to shove we will jump in to keep things from getting too terribly much worse than that in a nutshell is what you need to know about the markets today the major indices up for five percent reclaiming a chunk of what they lost last week but the macro economic reality which in case I need to remind you is not the stock market is still kind of up in the air both here and globally in China where we have gotten marketplace Jennifer pak on the phone things are only just now getting back to normal and barely had that some big economic numbers came out to the downside over the weekend Hey Jennifer Hey guy so first of all I guess what's the mood what's it like in Shanghai today well life is slowly coming back to the streets of Shanghai you see a lot more people a lot more cars a lot of bikes and at restaurants you do see a lot more of them offering sit down dining services but only if you could sit very far away from each other and there are some restaurants the last order still at six thirty if you come out at about eight PM sometimes ten PM you'd think it's midnight or overnight you know as the streets are pretty empty so if you go anywhere now in public spaces you essentially everyone record is required to wear a facemask which are very uncomfortable to wear it's hard to breathe and of course there's a shortage of them so for all intents and purposes people are still pretty much forced to stay at home which is the last place you can breathe freely right and so I guess the coral or question is what's the mood like given all those restrictions and given the way you have to sit far away from people restaurants well I mean what's the mood where people where people think I think there's a lot of anxiety still you know people are pretty fearful and there's still a lot of unknowns about how this virus is being spread out so people are very cautious and you know almost every day were being bombarded with text messages from the government saying a cancel your social gatherings stay at home where a massive you have to go outside eat apart from your colleagues you know sit in separate gas if you know it makes people very paranoid and so there's only a handful of people that I've seen over the last month were willing to come out and take the risk our city economic nuts and bolts then the the manufacturing and service sector numbers that came out late Friday U. S. time over the weekend for you they were not great both in in non manufacturing and and also in manufacturing actually getting things made yeah they're not great they both fell below fifty which shows a contraction but for businesses especially for January and February these are really slow months because of the lunar new year holiday and because they were close to three hundred million workers working hundreds of miles away from their home towns some of them take extended holidays so for all intents and purposes marches when companies really have to make their quarter one targets and so this is going to be the crucial month and the key question for a lot of these businesses is whether they can resume their operations and at the moment a lot of businesses say it's becoming very chaotic the two key things that are preventing them from restarting our travel restrictions between provinces and also this self quarantine measure for fourteen days there are lots of places they're requiring anyone coming and not just from the epicenter of the virus outbreak of who they province but anyone coming in no matter where you are and that takes you away from businesses last thing and then I'll let you go in your personal life for they still you know checking your temperature when you walk in the building are you still you know doing carry out food because nobody else wants to go out is that is that still happening constantly I'm getting my temperatures check when I go into the shopping malls into a residential area if I go into the office building inside the office we have to take measure our own temperatures for sure how accurate that is I I don't really know because the difference is so vast in terms of take out there are more places to eat of course but I have to make sure that I make the cut off because as I said a lot of them are closing quite early so I have to eat dinner by about six o'clock Jennifer back in Shanghai thank you Jennifer thanks guy on Wall Street today there are a couple options for what happened traders truly believe the worst is passed that's one this was a balance of the dead cat riding is another people saw the losses last week and decided today was a good day to get and that's the third which one's rights who knows but I know this even though I don't get to pick it's gonna be the happy music when we do the numbers as I said a minute ago companies are scrambling to.
"bank japan" Discussed on Marketplace with Kai Ryssdal
"One Thousand Two hundred and ninety three points. What a difference a weekend and some implied promises from central banks can make from American public media. This is marketplace in Los Angeles. I'm Kai Rozelle Monday today. The second of March could has always have your long everybody so look. We should be clear here right. Nothing has changed for the better corona virus wise since last we spoke on Friday in fact there have been fatalities in this country. There's more testing being done so there are more reported. Cases and conferences and companies are canceling travel and meetings by the day but some big central banks Japan the European Central Bank in the US Fed in particular have all come out and said in essence. We got it. We're watching we're ready. If push comes to shove we will jump into keep things from getting too terribly much worse and that in a nutshell is what you need to know about the markets today. The major indices up four five percent. Reclaiming a chunk of what they lost last week but the macro economic reality which in case. I need to remind you is not the stock market is still kind of up in the air. Both here and globally in China where we have gotten marketplace's Jennifer pack on the phone. Things are only just now getting back to normal and barely that some big economic numbers came out to the downside over the weekend. Hey Jennifer Hey so first of all I guess what's the Moon. What's it like In Shanghai today well life is slowly coming back to the streets Shanghai. You see a lot. More PEOPLE. More cars a lot of bikes and at restaurants. Ucla Lot more of them offering sit down dining services. But only if you could sit very far away from each other And there are some restaurants to last orders still at six thirty if you come out at about eight. Pm Sometimes ten. Pm You'd think it's midnight or overnight you know has streets are pretty empty so if you go anywhere now in public spaces you essentially everyone is required to wear a face mask Which are very uncomfortable to wear. It's hard to breathe and of course there's a shortage of them so for all intents and purposes people are still pretty much forced to stay at home which is the last place you can breathe freely right and so. I guess the corollary question is what's the mood like given all those restrictions and given The way you have to sit far away from people restaurants. I mean. What's the mood? What are people? What are people thinking? I think there's a lot of anxiety still it. Oh people are pretty fearful and there's still a lot of unknowns about How this virus is being spread out. So people are very cautious. And you know almost every day we're being bombarded with text messages from the government saying a. Cancel your social gatherings. Stay at home. Where mass if you have to go outside eat apart from your colleagues sit in separate deaths you know. It makes people very paranoid and so. There's only a handful of people that I've seen over the last month. Who are willing to come out and take the risks All right so the economic nuts and bolts then The the manufacturing and service sector numbers that came out late Friday. Us Time over the weekend for you. they were not great both in in non-manufacturing and and also in manufacturing actually getting things made. Yeah they're not great. They both fell below fifty which shows a contraction but for businesses especially for January and February. These are really slow months because of the New Year holiday And because there are close to three hundred million workers working hundreds of miles away from Their hometowns some of them take extended holidays so for all intents and purposes march is when companies really have to make their quarter one targets And so this is going to be the crucial month and the key question for a lot of these businesses is whether they can resume their operations and at the moment a lot of businesses say. It's becoming very chaotic. And the two key things that are preventing them from restarting our travel restrictions between provinces and also This self quarantine measure for fourteen days. There are lots of places. They're requiring anyone coming in. Not just from the epicenter of the virus outbreak of Kobe province. But anyone coming in no matter where you are and that takes away from businesses Less than then. I'll let you go in your personal life. Are they still You know checking your temperature when you walk in the building or are you still doing. Carry out food because nobody else wants to go out is it. Is that still happening constantly? I'm getting my temperatures check when I go into the shopping malls into my Residential area If I go into the office building inside the office we have to measure temperatures for sure. How accurate that is. I don't really know because the difference is so vast in terms of takeout There are more places to eat of course but I have to make sure that I make the cut off because as I said a lot of them are closing quite early so I have to eat dinner by about six o'clock Jennifer back In Shanghai thank you Jennifer. Thanks on Wall Street. Today there are a couple of options for what happened. Traders truly believed the worst is past. That's one this was a bounce of the dead cat. Variety is another people saw the losses last week and decided. Today was a good day to get in. That's third which ones right. Who knows but I know this even though I don't get to pick it's going to be the happy music when we.