financializer news A weblog highlighting financial topics making news in the international media.

media users: One of the missions Motegi has been tasked with spearheading is a vague but apparently key policy pledge of Abe's new Cabinet called hitozukuri kakumei a term that can be literally translated as human development revolution, according to The Japan Times. The bizarre term has puzzled Japanese social media users, who wondered what the government means by revolution and what exactly Motegi has been asked to do. So far, we all have been on a one-track career of getting an education, graduating from school, getting a job at one company and then retiring, said Toshimitsu Motegi, who was appointed to his post in the Aug. 3 Cabinet reshuffle. ; Now, we need to change, Motegi told a joint interview with media outlets including The Japan Times. The official English translation of the term human resources development, however, is humbler and somewhat easier to grasp. This happens against the aforementioned one-track background, where most workers continue with a single company for decades, since Japan's labor market has less liquidity than many other countries, until their eventual retirement at around 65 years old. Currently, most major firms hire a number of graduates fresh out of university each spring, while also employing far fewer midcareer workers. (news.financializer.com). As reported in the news.

news agency: On Tuesday, the key market gauge lost 59.88 points. ; The TOPIX index of all first-section issues ended down 17.42 points, or 1.07 percent, at 1,617.90, after falling 3.95 points the previous day, according to The Japan Times. Stocks stayed in negative territory from the outset of Wednesday's trading, after the yen's strengthening against the dollar and the overnight fall on Wall Street, triggered by U.S. President Donald Trump's warning against provocative actions by North Korea. The 225-issue Nikkei average dived 257.30 points, or 1.29 percent, to close at 19,738.71, hitting its lowest finish since May 31. The yen rose further after the reclusive nation's state-run Korean Central News Agency said the country is considering striking areas around the U.S. Pacific territory of Guam, dealing an additional blow to sentiment in the Tokyo stock market, brokers said. Although concerns over North Korea-related news weighed on stock markets at home and abroad, it was only a cue for investors to rush to sell stocks, said Masayuki Otani, chief market analyst at Securities Japan Inc. A broad range of stocks met with selling, but some including nonferrous metal makers and energy-related firms jumped as investors welcomed their brisk earnings, supporting the market's downside to some extent, brokers said. (news.financializer.com). As reported in the news.

bank: Now, after years of trying almost every trick in the book to reflate the economy, the Bank of Japan is finally bowing to the inevitable, according to The Japan Times. The BOJ's dot plot shows that almost none of the central bank's nine Policy Board members believe that the country will reach its 2 percent inflation target. The country has had ultra-low interest rates and run huge government deficits for decades, with no sign of the inflation that many economists assume would be the natural result. Accordingly, the bank has pushed back the date at which it expects to hit its 2 percent target. If some outside force intervenes to raise inflation to 2 percent, the BOJ will declare that it hit the target, but it's pretty clear it has absolutely no idea how to engineer a deliberate rise in inflation. That's a little comical, since by now it should be fairly obvious that the date will only get pushed back again and again. (news.financializer.com). As reported in the news.

chaos dysfunction: This is the last desperate act of a dictator and will plunge a troubled country further into chaos and dysfunction, according to The Japan Times. The Venezuelan economy has imploded in recent years, with the International Monetary Fund reporting that GDP this year will be 35 percent below that of 2013, a drop of 40 percent in per capita terms. Rather than take constructive action to remedy a worsening humanitarian situation, President Nicolas Maduro has instead instituted a power grab, convening a constitutional assembly to eliminate the vestiges of opposition to his rule. This is a greater contraction than that experienced by Russia at the end of the Cold War and the United States during the Great Depression of the 1930s. The government has used its oil revenues for profligate social spending needed to some extent, but used primarily for the purpose of waging class war. Only countries ravaged by war, such as Libya, Rwanda and South Sudan, have fared worse. ; The decline reflects the free fall in the price of oil, the mainstay of the Venezuelan economy, but mismanagement has contributed as well. (news.financializer.com). As reported in the news.

dow jones: On Friday, it lost 76.93 points to close below the 20,000 line. ; The Topix, which covers all first-section issues on the Tokyo Stock Exchange, finished 7.82 points, or 0.48 percent, higher at 1,639.27 after falling 2.37 points Friday, according to The Japan Times. The market got off to a strong start after the Dow Jones industrial average rewrote an all-time closing high for the eighth straight session Friday. The benchmark index rose 103.56 points, or 0.52 percent, to end at 20,055.89. The TSE maintained its strength for the rest of the day, also aided by the yen's easing against the dollar. The market was supported by brisk purchases of Toyota in the morning and contractors with robust earnings, notably Kajima, in the afternoon, said Tsuyoshi Horota, general manager for investment research and investor services at SMBC Nikko Securities Inc. Behind the continued Wall Street rally was better than expected job data for July released by the U.S. government Friday, brokers said. (news.financializer.com). As reported in the news.

myanmar cambodia: Between 1984 and 1999, five other nations Brunei, Vietnam, Laos, Myanmar and Cambodia joined to make it an association of 10 states, according to The Japan Times. It may be recalled that following the turn of the century, ASEAN, with strong support from Japan, set for itself the goal of becoming an ASEAN Community by 2015, a program that was launched with three specific pillars political-security, economic and social-cultural and promised a comprehensive umbrella of functions. This regional grouping came into being with a membership of five countries Indonesia, Malaysia, Philippines, Singapore and Thailand. The member governments have all agreed on a road map that promises to take them to their common destination. ASEAN's success was the story of leaving behind mutual suspicion, venturing into a wilderness and creating a new promising future for its citizens. ASEAN has always been a divided, sprawling culture, but for most of the past 50 years, it was held together by a unifying story of accelerated economic growth, social progress and cultural development to provide regional peace and stability. (news.financializer.com). As reported in the news.

time friday: The euro was at 1.1809-1810, down from 1.1881-1882, and at 130.83-83, up from 130.80-80. ; The dollar attracted buying in early trading, carrying over its strength from overseas trading Friday, in which the greenback briefly topped 111 after the employment report showed improvements in the number of nonfarm payrolls, the jobless rate and average hourly earnings, according to The Japan Times. The dollar firmed on growing hopes for another interest rate hike by the U.S. Federal Reserve by the end of this year, an official at a foreign exchange margin trading service firm said. At 5 p.m., the dollar stood at 110.77-79, up from 110.08-08 at the same time Friday. After topping 110.80 in early trading in Tokyo, however, the dollar lost steam, pressured by position-adjustment selling, market sources said. Players retreated to the sidelines to wait for U.S. economic indicators to be released later this week, including the consumer price index, market sources said. The U.S. currency was stuck in a narrow range around 110.70-80 in the late afternoon in the absence of fresh trading incentives. (news.financializer.com). As reported in the news.

asian nations: He also held talks with Lim Jock Seng, Brunei's second minister of foreign affairs and trade. ; Kono and Lim shared the view that it is important to strengthen pressure on North Korea the Foreign Ministry in Tokyo said, according to The Japan Times. Kono's debut on the world stage came after the U.N. Security Council on Saturday imposed fresh sanctions on North Korea that will slash the nation's 3 billion of annual export revenue by a third in response to Pyongyang's two long-range missile tests in July. After arriving in the Philippine capital, Kono, who assumed his post Thursday in a Cabinet reshuffle, met with the foreign ministers of the Association of Southeast Asian Nations. The sanctions resolution was the seventh the Security Council has imposed on North Korea since 2006, when the country carried out its first nuclear test. During their first meeting since Kono assumed his post, the two ministers are expected to exchange views on how to tackle North Korea's nuclear and ballistic missile programs, two days after the U.N. Security Council piled fresh sanctions on Pyongyang. On Monday, Kono is set to hold talks with his Chinese counterpart, Wang Yi, on the sidelines of the ASEAN-related gatherings, a Japanese government official said. (news.financializer.com). As reported in the news.

taste smell: When the whipped-cream canister exploded in December 2013 it cracked Lada's skull, prompted intracranial bleeding and tore off part of her face, according to The Japan Times. But the surgeons' work was quite astonishing and the disfigurement is now barely visible, Petitgirard told AFP. However Lada can no longer work and has lost her sense of taste and smell, she added. The woman's attorney, Emeline Petitgirard, said the sum was unusually large for France, where civil courts are generally skittish about big monetary awards in the absence of death. ; But the attorney said the case of Emilie Lada, who was 30 at the time, was particularly tragic the colossal 1.09 million 1.2 million sum is for a life snatched away. According to the judgment, made public Saturday, the court in the southern French town of Montauban found the canister's importer, F2J, and its insurance provider, AXA, liable for the incident. AXA has appealed the decision, saying supermarket chain Auchan should bear some responsibility as it sold the canister. The damage award included 10,000 each to Lada's husband and their two children, ages 3 and 6 as they were also in the kitchen with her. (news.financializer.com). As reported in the news.

u.s.-drafted resolution: The threat of an outlaw nuclearized North Korean dictatorship remains and is rapidly growing more dangerous, Haley told council members after the vote, according to The Japan Times. The U.S.-drafted resolution, negotiated with North Korea's neighbor and ally China, is aimed at increasing economic pressure on Pyongyang to return to negotiations on its nuclear and missile programs a point stressed by all 15 council members in speeches after the vote. U.S. Ambassador Nikki Haley called the resolution the single largest economic sanctions package ever leveled against the North Korean regime and the most stringent set of sanctions on any country in a generation. ; But she warned that it is not enough and we should not fool ourselves into thinking we have solved the problem not even close. U.S. President Donald Trump tweeted The United Nations Security Council just voted 15-0 to sanction North Korea. Very big financial impact! Prime Minister Shinzo Abe on Sunday hailed the sanctions, saying the resolution clearly shows the international community's intention to raise pressure on North Korea to a higher level. China and Russia voted with us. (news.financializer.com). As reported in the news.

hidekichi shimadzu: Hidekichi on the other hand lamented over the loss of the bank note, so much so that he at last killed himself by throwing himself into the Arakawa River on July 25, according to The Japan Times. When Miyo heard of this, she was tormented with keen remorse, which finally led to her rash act. ; 75 YEARS AGOTuesday, Aug. 18, 1942 Experts debate need of language for sphere The question of the language of the Greater East Asia Co-Prosperity Sphere demands an urgent solution as the great task of realizing the idea of the sphere progresses. The woman picked up the other day a 5 bank note lost by one Hidekichi Shimadzu in her village but did not report it to the police. Odoru Kenmochi, an expert in matters relating to language, has the following to say on this question It is plainly evident that no language has greater claim to be the language of the Co-Prosperity Sphere than the Japanese language. Moreover, it has been increasingly used in Manchoukuo since the Manchurian Affair, and in China since the China Affair. This is the language of the country which is leading the races and the people of Greater East Asia. (news.financializer.com). As reported in the news.

percent: As usual, he repeated claims that economic revival and fiscal rehabilitation are his government's main mission. ; Under the initial plan, the consumption tax was to be raised to 10 percent from the current 8 percent in October 2015, but Abe has already postponed it twice to try to ensure a solid economic recovery, according to The Japan Times. The levy was originally 5 percent when the two-stage tax hike was implemented. Abe made the remark on a TV program after reshuffling his Cabinet and key posts in the Liberal Democratic Party on Thursday in a bid to restore his plunging popularity. Japan's economy is on a moderate recovery track and expanded for a fifth straight quarter in the first quarter of 2017, the longest stretch since six consecutive quarters of growth were logged from January 2005 to June 2006. I would like to steer the economy toward those two goals, Abe said, indicating he will urge the business community to use retained earnings to raise wages so it will stimulate consumption and lead to a positive cycle in the economy. He also said on the program that he intends to achieve a primary balance surplus by fiscal 2020 and reduce the ratio of public debt to nominal gross domestic product. (news.financializer.com). As reported in the news.

resolution: And it would prohibit all new joint ventures with North Korean companies, and stop new foreign investment in existing joint ventures. ; Egypt, which holds the Security Council presidency, said a vote on the draft resolution has been scheduled at 3 p.m, according to The Japan Times. Saturday at U.N. headquarters in New York. The draft resolution, obtained by AP, will also ban countries from giving any additional permits to North Korean laborers another source of money for Kim Jong Un's regime. The proposed new sanctions follow North Korea's first successful tests of intercontinental ballistic missiles capable of reaching the United States on July 3 and July 27. The draft resolution condemns the launches in the strongest terms and reiterates previous calls for North Korea to suspend all ballistic missile launches and abandon its nuclear weapons and nuclear program in a complete, verifiable, and irreversible manner. The Security Council has already imposed six rounds of sanctions that have failed to halt North Korea's drive to improve its ballistic missile and nuclear weapons capabilities. (news.financializer.com). As reported in the news.

storage device: Mt, according to The Japan Times. Gox, which claimed it once hosted around 80 percent of bitcoin trading worldwide, closed in 2014 after admitting that 850,000 coins worth around 480 million at the time had disappeared from its vaults. Gox filed for bankruptcy in February 2014, investigators have been puzzled by the disappearance of virtual currency worth hundreds of millions of dollars from its digital vaults. Former CEO Mark Karpeles blamed the loss on hackers. ; Karpeles later claimed he had found some 200,000 of the lost coins in a cold wallet a storage device, such as a memory stick, that is not connected to computers. Police then arrested Karpeles in August 2015 over allegations of embezzlement and data manipulation. And yet investigators were never able to trace the remaining 650,000 missing coins. (news.financializer.com). As reported in the news.

market gauge: On Thursday, the key market gauge lost 50.78 points. ; The Topix index of all first-section issues finished down 2.37 points, or 0.15 percent, at 1,631.45, after falling 0.56 point the previous day, according to The Japan Times. Selling outpaced buying after the dollar briefly fell below 110. The Nikkei 225 fell 76.93 points, or 0.38 percent, to end at 19,952.33. The dollar's weakness mainly reflected weaker-than expected readings in the U.S. Institute for Supply Management's nonmanufacturing business index for July, which came out Thursday after the Tokyo market closed, brokers said. The dollar's weakness may also have stemmed from a news report that U.S. Special Counsel Robert Mueller has impaneled a grand jury to investigate possible ties between President Donald Trump's election campaign team and Russia, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. In addition, the market remained relatively quiet as investors retreated to the sidelines before U.S. government jobs data for July set to be released later on Friday, brokers said. (news.financializer.com). As reported in the news.

tax payment: It had been hanging off Kiloh's bumper ever since he nosed out of the parking lot behind his medical-marijuana dispensary with 40,131.88 in cash in the trunk of his hatchback. ; Kiloh was unarmed, on his way to City Hall to make a monthly tax payment, and managing only stop-and-start progress in the midday traffic, according to The Japan Times. He was afraid of one thing above all else getting robbed. The black Chevy SUV with tinted windows was still behind him. That fear is a constant part of doing business in California's flourishing medical cannabis industry, in which transactions are conducted mostly in cash, sometimes in stunningly large amounts. On Jan. 1, recreational pot will become legal in California, creating what could be the world's largest legitimate marijuana economy. The thing I need the least right now is to have to go through any sort of money disappearing, Kiloh said. (news.financializer.com). As reported in the news.

teams barcelona: I was never motivated by money, Neymar said at the PSG stadium, according to The Japan Times. What I think about is happiness. The Brazilian star flew in from Barcelona on a private jet for his official presentation, arriving in a city whose soccer fortunes he is expected to transform. ; At a packed Paris news conference, Neymar found it really sad to be asked whether the riches on offer were the reason for his decision to swap one of soccer's most illustrious teams Barcelona has won every major honor multiple times for a club yet to win the biggest competitions outside of France. If I was following the money I would maybe be in some other country. The fact I am the most expensive player is not a burden. The move more than doubled the previous transfer record. (news.financializer.com). As reported in the news.

estate bubble: While details are scarce, the person revealed one key recommendation that policymakers have since implemented the need to curtail a global buying spree by some of the nation's biggest private companies. ; Communist Party leaders discussed Japan's experience in a Politburo meeting on April 26, according to the person, who asked not to be identified as the discussions are private, according to The Japan Times. State media came alive afterward, with reports trumpeting Xi's warning that financial stability is crucial in economic growth. The report covered a wide range of topics, from the Plaza Accord on currency to a real estate bubble to the demographics that made Japan the oldest population in Asia, according to a person familiar with the matter who has seen the report. Then in June came a bombshell reports that the banking regulator had asked lenders to provide information on overseas loans made to Dalian Wanda Group Co., Anbang Insurance Group Co., HNA Group Co., Fosun International Ltd. and the owner of Italian soccer team AC Milan. Jim O'Neill, previously chief economist at Goldman Sachs Group Inc. and a former U.K. government minister, said Chinese policymakers are constantly looking to avoid the mistakes of other countries and Japan in particular. While the timing of those requests is unclear, other watchdogs soon issued directives to curb excessive borrowing, speculation on equities and high yields in wealth-management products. (news.financializer.com). As reported in the news.

nikkei futures: On Wednesday, the key market gauge rose 94.25 points. ; The TOPIX index of all first-section issues finished down 0.56 point, or 0.03 percent, at 1,633.82, after climbing 5.88 points the previous day, according to The Japan Times. Stocks stayed in negative territory from the outset of Thursday's trading, coming under pressure from selling to lock in profits, brokers said. The Nikkei 225 fell 50.78 points, or 0.25 percent, to close at 20,029.26. In addition, the topside of the market was limited by falls in export-oriented issues due to worries that the yen may rise further against the dollar, brokers said. A slight decline of the tech-heavy Nasdaq composite index and a fall in Nikkei futures on the Chicago Mercantile Exchange dragged down the Tokyo market, said Hideyuki Suzuki, head of the investment market research department at SBI Securities Co. The mixed overnight performances of major U.S. equity indexes did not provide fresh trading incentives for investors, leaving the Tokyo market in a wait-and-see mood. (news.financializer.com). As reported in the news.

spread benefits: The fight against deflation has been the toughest challenge for Abe since he became prime minister in December 2012, according to The Japan Times. The Bank of Japan has yet to achieve its 2 percent inflation target. He needs to redouble efforts to spread benefits from the economic recovery across the country, create new growth industries and boost productivity in order to overcome deflation. ; While favorable corporate earnings have contributed to improved employment conditions, personal spending still lacks strength, economists said. The central bank is expected to continue its accommodative monetary policy, but may face growing pressure to reverse course. On the back of the yen's weakening, major Japanese companies have been enjoying strong earnings. The BOJ should start normalizing its monetary policy, said Hisashi Yamada, chief economist at Japan Research Institute. (news.financializer.com). As reported in the news.

cash: One bitcoin cash traded at around 30,000 to 40,000 as of Wednesday morning, according to Btc Box officials, according to The Japan Times. In theory, the combined price of bitcoin and bitcoin cash is unchanged from the price of bitcoin before the split. The market price of bitcoin briefly showed wild fluctuations following the split, but no major loss of customer assets has been confirmed so far, market sources said. ; Tokyo-based bitcoin exchange operator Btc Box Co. started trading services for bitcoin cash on the day. Major Japanese virtual currency exchange operators are planning to take measures such as exchanging the bitcoin held by customers for the same amount of bitcoin cash. The real price of bitcoin cash is not certain yet, said Genki Oda, president of Tokyo-based virtual currency exchange operator Bitpoint Japan Co. But the price of bitcoin and that of bitcoin cash could start moving differently depending on their credibility, and trading volume and other factors at exchanges. (news.financializer.com). As reported in the news.

contract renewal: Just in case, Barcelona is making moves to protect 26 million 30.7 million that would be paid to Neymar if he stays in Spain, according to a club official. ; The official, who spoke on customary condition of anonymity, said given doubts concerning the future of the player and while the situation is resolved, the money is being held from Neymar, according to The Japan Times. What the club does with the money, it does not know yet, given the uncertainty of the future, the official told The Associated Press. The Brazil striker was expected to be at practice on Wednesday, but no one seems to know if he'll accept a world-record transfer or show up for training. The 25-year-old Neymar would be due the money now as per his contract renewal last year. Neymar arrived to Barcelona on Tuesday night after some publicity events in China both personal and for Barcelona. But the amount is tiny compared to the 222 million 262 million that PSG would have to pay Barcelona to trigger the release clause included in Neymar's contract. (news.financializer.com). As reported in the news.

economy: That partly reflects the fact that Russia has relatively few ways of hurting the United States, whose economy is 14 times larger, according to The Japan Times. It also reflects worries in the Kremlin about the health of the economy ahead of the presidential election next March. After U.S. lawmakers backed a new round of economic sanctions on Moscow, Russia last week ordered Washington to cut 755 of its 1,200 embassy and consular staffers and said it was seizing two diplomatic properties. ; Though an eye-catching gesture, Russia's response does not pack the same punch as the U.S. penalties, which target Russian energy projects, make it harder for U.S. President Donald Trump to ease earlier sanctions and could further restrict lending to Russia. In 2014, when the United States and the European Union imposed sanctions over Moscow's annexation of the Crimean Peninsula from Ukraine, the Kremlin's main response was to limit Western food imports, a comparatively soft measure. Putin has not said whether he will run for a fourth presidential term in 2018, but officials expect him to do so. It was a case of the head overruling the heart, and I expect exactly the same response this time something which will cause some discomfort for the U.S. but which will not derail the Kremlin's efforts to attract international investors and grow the economy, said Chris Weafer, senior partner at Macro-Advisory consultancy in Moscow, Weafer said Putin would probably take further retaliatory steps against Washington after Trump signs the new sanctions into law but he did not think the Kremlin would target U.S. firms with close ties to Russia. (news.financializer.com). As reported in the news.

agreement: He called it a historic day for Los Angeles, for the United States and the Olympic movement, according to The Japan Times. The agreement follows a vote earlier this month by the International Olympic Committee to seek an unusual deal to award the 2024 and 2028 Games simultaneously. The deal would make LA a three-time Olympic city, after hosting the 1932 and 1984 Games. ; With the agreement, the city is taking a major step toward bringing the Games back to our city for the first time in a generation, Mayor Eric Garcetti said in a statement. Paris is the only city left to host the 2024 Games. If approved, the IOC, LA and Paris could enter a three-part agreement, clearing the way for the IOC to award the 2024 Games to Paris, and the 2028 Games to LA. The IOC vote is scheduled for September, in Lima. The Los Angeles City Council and U.S. Olympic Committee board of directors will consider the agreement in August. (news.financializer.com). As reported in the news.

listing standards: Its shares will be delisted automatically unless it eliminates its negative net worth by next March. ; The company is likely to face an uphill battle to remain listed, given delays to its plan to overcome its negative balance sheet by selling the company's profitable semiconductor unit, according to The Japan Times. The demotion of Toshiba follows a similar downgrading for fellow electronics giant Sharp Corp. last year. Toshiba failed to meet the bourse's listing standards because the conglomerate incurred a negative net worth due to huge losses from its U.S. nuclear business. At the TSE on Monday, Toshiba's last trading day on the first section, it ended at 246.00, up 6.80, or 2.8 percent, from Friday on speculative buying aimed at obtaining short-term profits. Toshiba's share price once topped 1,000 per share but tumbled in 2015 due to an accounting scandal. During the bubble economy from the late 1980s to the early 1990s, Toshiba was a major first section issue, ranking among the top 10 stocks in terms of market capitalization excluding financial shares. (news.financializer.com). As reported in the news.

imf: The IMF expects Japan's growth momentum to carry through this year but weaken next year if fiscal support fades as currently scheduled, the report said, according to The Japan Times. Recent growth, bolstered by fiscal support and firmness of the world economy, could be temporary, it said. In its assessment of the Japanese economy following annual consultations with the government, the IMF suggested advancing reforms to bolster investment as well as diversifying and enhancing labor supply to raise potential growth. ; To this end, full-time work, female and older labor market participation, and use of foreign labor, should be facilitated, the Washington-based institution said in a report released Monday. Measured by real gross domestic product, the IMF estimates that the world's third-largest economy will grow 1.3 percent in 2017, up from 1.0 percent in 2016. The possible expiration of fiscal support in 2018, together with a smaller expansion in foreign demand, would reduce the rate of growth, despite an anticipated Olympics-related boost in private investment, the report said. Growth, however, is projected to slow to 0.6 percent in 2018. (news.financializer.com). As reported in the news.