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

investment trusts: By asset type, equities rose 22.5 percent to 191 trillion and investment trusts increased 15.6 percent to 100 trillion. ; Cash and deposits, which accounted for 51.6 percent of household assets, rose 2.6 percent to a record 945 trillion, according to The Japan Times. The data also showed that the BOJ's holdings of Japanese government bonds rose above 40 percent of the total for the first time, climbing 9.9 percent from a year earlier to 437 trillion. The growth was boosted by the increasing value of stocks and other assets amid a moderate global economic expansion. The central bank buys vast amounts of the debt as part of its aggressive monetary easing measures aimed at lifting the economy and spurring inflation toward 2 percent. Yields move inversely to debt prices. Meanwhile, the outstanding balance of government bonds fell 2.1 percent to 1.085 quadrillion, down for the first time in roughly eight years as debt yields rose from their lows a year earlier. (news.financializer.com). As reported in the news.

market gauge: On Tuesday, the key market gauge jumped 389.88 points. ; The Topix, including all first-section issues, ended up 0.04 point at 1,667.92, also the best finish since Aug. 18, 2015, according to The Japan Times. It gained 28.94 points the previous day. The benchmark Nikkei 225 average rose 11.08 points, or 0.05 percent, to close at 20,310.46, its highest finish since Aug. 18, 2015. Buying outpaced selling after all three major U.S. stock indexes the Dow Jones industrial average, the S&P 500 index and the tech-heavy Nasdaq composite index hit their closing highs on Tuesday. The Tokyo market was caught in a tug-of-war between profit-taking and buying by foreign investors, an official of a bank-linked securities firm said. But active purchases were held in check in the Tokyo market, with investors taking a wait-and-see stance prior to the U.S. Federal Reserve's announcement of a monetary policy decision at its two-day Federal Open Market Committee meeting through Wednesday, brokers said. (news.financializer.com). As reported in the news.

report: Rising corporate profits should help strengthen business investment through 2018, the OECD added, according to The Japan Times. In the report, the U.S. economic growth forecast was kept unchanged at 2.1 percent for 2017 and 2.4 percent for 2018. The OECD's latest Interim Economic Outlook report also said Japan's real gross domestic product is seen rising 1.6 percent in 2017, up 0.2 point from the June report. ; In Japan, growth increased in the first half of the year, supported by an upturn in public investment and stronger export growth to Asian markets, the latest report said. Consumer spending and business investment are strong, while wage growth has yet to take off, it said. The world economy is seen growing 3.7 percent in 2018, up 0.1 point from the previous projection, after a 3.5 percent increase in the previous year, unchanged, the OECD said. The OECD puts Britain's projected economic growth for 2018 at 1.0 percent, down 0.6 point from the previous year, due to uncertainties over its planned exit from the European Union. (news.financializer.com). As reported in the news.

stimulus measures: On Friday, the key market gauge climbed 102.06 points, according to The Japan Times. The market was closed Monday for a national holiday. The Tokyo Stock Exchange was also boosted by hopes for economic stimulus measures following news that Prime Minister Shinzo Abe is considering a snap general election next month, brokers said. ; The Nikkei average advanced 389.88 points, or 1.96 percent, to end at 20,299.38, topping the 20,000 threshold for the first time since Aug. 7 on a closing basis and hitting its highest finish since Aug. 18, 2015. The Topix, which covers all first-section issues, finished 28.94 points, or 1.77 percent, higher at 1,667.88, also the highest finish since Aug. 18, 2015. Stocks attracted hefty purchases from the outset Tuesday, thanks to the yen's drop and the Dow Jones industrial average's fifth straight rise Monday, brokers said. It rose 6.81 points Friday. (news.financializer.com). As reported in the news.

u.s: The euro was at 1.1993-1993, up from 1.1920-1921, and at 133.97-98, up from 131.97-97. ; The Tokyo market was closed Monday for Respect for the Ages Day, according to The Japan Times. The dollar was solid around 111.50 in early trading, carrying over its strength from overnight trading overseas, where the greenback drew demand thanks to rises in U.S. long-term interest rates and stock prices. After hitting its highest level since July 26, the dollar stood at 111.70-70 at 5 p.m., up from 110.70-71 at the same time Friday. The dollar also attracted buying as hopes for an interest rate increase by the U.S. Federal Reserve later this year grew following a strong reading in the U.S. consumer price index for August, released late last week, market sources said. As the dollar has risen about 2 after dropping to around 109.50 on Friday following a missile launch by North Korea over Japan, the dollar faced heavy selling to lock in profits, an official of a currency brokerage firm said. The dollar fell to around 111.40 in midmorning trading due to profit-taking and a decline in U.S. long-term interest rates. (news.financializer.com). As reported in the news.

vision fund: The Vision Fund is joined by Accel and other investors, Slack said Sunday, according to The Japan Times. Bloomberg reported on the latest funding in July. ; More than half of the new funding came from Soft Bank, Slack Chief Executive Officer Stewart Butterfield said in an interview in London on Monday. The financing round values the startup at 5.1 billion, up from 3.8 billion the last time. Butterfield was approached by Deep Nishar, managing director of investments at Soft Bank, about four or five months ago, he said. But Butterfield said the additional capital will also help give large clients, as well as existing and future employees, confidence that Slack is here to stay. San Francisco-based Slack said the money is for operational flexibility, not for a particular use, and added that it still has much of the 591 million it already raised. (news.financializer.com). As reported in the news.

cash offer: The combined company would be firmly positioned as one of the four largest U.S. defense contractors, with about half of roughly 29 billion in sales last year having come from Pentagon prime contracts. ; The cash offer represents a 22 percent premium over Orbital's closing price last week, and it ranks as the largest defense deal since Lockheed bought the Sikorsky helicopter division of United Technologies Corp. in 2015, according to The Japan Times. U.S. defense companies have soared this year on prospects for greater weapons spending under President Donald Trump and from governments overseas, amid rising perceived threats. The transaction cements a turnaround for Northrop, which had been the target of breakup speculation before it scored an upset win in 2015 to build the next U.S. stealth bomber. As we watch what's happening around our globe, the rather rapid advance of some of our potential adversaries is quite concerning, Northrop Chief Executive Officer Wesley Bush said Monday on a conference call with analysts to discuss the transaction. It's something that our customers are struggling with. This issue of technological superiority for the U.S. and our allies is a real issue. (news.financializer.com). As reported in the news.

june vote: Timothy resigned as May's co-chief of staff after the results, according to The Japan Times. Going into the election, May was more popular than any of her colleagues individually and the Conservative's brand overall, the research showed. ; Timothy's comments, in an interview for a forthcoming book on the June vote, emerged after Johnson, the former mayor of London, launched what some observers regarded as a direct attempt to undermine the prime minister. Nick Timothy said the Tories focused their election campaign on Theresa May because their private research showed nobody in the Cabinet is popular keep them away, even Boris. Johnson went out on a limb on Saturday with a 4,000-word essay about his glorious vision for post-Brexit Britain, in the Tory-supporting Daily Telegraph newspaper. In his Telegraph article, Johnson argued the U.K. shouldn't pay to access the single market for goods and services countering a plan floated by Chancellor of the Exchequer Philip Hammond and Brexit Secretary David Davis. On Sunday, Johnson's colleague, Home Secretary Amber Rudd, accused him of back seat driving with his rival plan for leaving the European Union, while Johnson became embroiled in a row with the U.K. statistics watchdog over his claim in the story that Britain pays 350 million 475 million a week to the EU. May will refresh her own Brexit vision with a major speech on Friday in Florence, Italy, amid speculation she'll offer to continue paying into the EU budget in exchange for access to the single market during a transition phase. (news.financializer.com). As reported in the news.

sea levels: Louis or Pittsburgh, according to The Japan Times. Every job-seeker, retiree or new birth, along with billions spent by tourists, helped fuel Florida's propulsive growth and economic gains. ; Yet Hurricane Irma's destructive floodwaters renewed fears about how to manage the state's population boom as the risks of climate change intensify. Until Irma struck this month, the state was adding nearly 1,000 residents a day 333,471 in the past year, akin to absorbing a city the size of St. Rising sea levels and spreading flood plains have magnified the vulnerabilities for the legions of people who continue to move to Florida and the state economy they have sustained. A lot is going to change in the next 30 years this is just the beginning, Keenan said. Florida faces an urgent need to adapt to the environmental changes, said Jesse Keenan, a lecturer at Harvard University who researches the effects of rising sea levels on cities. (news.financializer.com). As reported in the news.

tetsuo odajima: Saturday after losing consciousness, according to The Japan Times. He had suffered esophageal cancer and been treated at the detention facility, the ministry said. ; Odajima and an accomplice strangled the wife and daughter of Takaichi Mabuchi, who at the time was president of Mabuchi Motors, after breaking into their home in Matsudo, Chiba Prefecture, in August 2002. Tetsuo Odajima, 74, was pronounced dead at 10 30 p.m. After stealing hundreds of thousands of yen in cash and jewelry items, Odajima set fire to the house. According to the ministry, Odajima was diagnosed with esophageal cancer around January this year. Odajima and Katsumi Morita also killed a 71-year-old dentist in Meguro Ward, Tokyo, in September 2002, and the wife of a discount ticket shop operator in Abiko, Chiba Prefecture, in November of that year in murder-robbery cases. (news.financializer.com). As reported in the news.

wasn t: Its purpose, she'd assert then as now, was to colonize young black minds, undermine the development of healthy self-esteem, impair cultural awareness and hinder black ability to perceive ourselves in a global historical context, according to The Japan Times. The result gentrified souls, groomed to embrace white supremacy as a given, as the natural order, often without even being aware of it. ; The school I attended made heroic efforts to counteract this. To summarize, she believed the exclusively Euro-centric indoctrination that black minds are subjected to in American public schools was tantamount to brainwashing. I never even saw a white teacher until I was forced to finally attend public school in my mid-teens. It wasn't until university, when a white professor introduced me to the writings of Chester Himes and Zora Neale Hurston the two black writers who've had the greatest influence on my decision to become a writer that I began to question my resolve to judge an educator's ability to grasp blackness partly on the basis of skin color. By then, though, having been exposed for eight years to under-taught truths about the ruination of African civilizations, and the sanitization of the history about the birth of our nation truths that didn't make it anywhere near the NYC public school curriculum I took every smidgen of propaganda coming out of these teacher's mouths, or leaping off the pages of their sanctioned textbooks, with profound skepticism. (news.financializer.com). As reported in the news.

i ve: But he also has not delivered on most of his promises and pledges, and, as I've detailed in previous columns, has been a disaster on transparency, governance, womenomics, hatemongering, immigration, press freedom, nuclear energy and historical issues, according to The Japan Times. For most sentient beings in Japan, Abenomics is a bust. Overall, I give him a D because he has not been a total failure and he shows up for work. There are many good reasons why 83 percent of the public doesn't trust Abe, and even his crack team of spin doctors is finding it harder and harder to bamboozle the Japanese about the empty suit parading as a leader. ; Abe's stealthy revision of the Constitution by reinterpretation adds perspective to Finance Minister Taro Aso's praise for how the Nazis furtively revised theirs in the 1930s. Standing by Defense Minister Tomomi Inada way after it was obvious she had to go and protecting her from Diet scrutiny for her role in a cover-up is also inexcusable. Retaining Aso after two pro-Nazi gaffes most recently giving a shout-out to Adolf Hitler for his good intentions is despicable. (news.financializer.com). As reported in the news.

telegraph newspaper: His intervention, exactly one week before the prime minister makes a major speech on Brexit in Florence next Friday, raised more than a few eyebrows among politicians and commentators, according to The Japan Times. May's authority was weakened after she called a snap election in June, only to lose her Conservative party's majority in the House of Commons. In a 4,000-word article for the Daily Telegraph newspaper, Johnson argued for a clean break with the European Union, particularly on the fraught issue of budget payments. ; Johnson, who has long been tipped as a future prime minister, played a key role in the referendum vote to leave the bloc last year but since then has largely stayed out of domestic politics. Is this time to place our future in Boris's hands and prepare for new leadership Telegraph commentator Charles Moore wrote in an accompanying article. He wrote that the referendum was decisive and said Britain must leave the EU's customs union and single market, the jurisdiction of the European Court of Justice and impose controls on borders. As negotiations with the EU stall, Johnson sought to emphasis the benefits of Brexit against those who think we are going to bottle it. (news.financializer.com). As reported in the news.

chihiro ota: On Thursday, the key market gauge fell 58.38 points. ; The Topix index of all first-section issues ended up 6.81 points, or 0.42 percent, at 1,638.94, after shedding 5.20 points the previous day, according to The Japan Times. Stocks opened lower due to selling triggered by the missile launch, carried out hours before the opening bell, brokers said. The 225-issue Nikkei average rose 102.06 points, or 0.52 percent, to close at 19,909.50, its highest finish since Aug. 8. The missile traveled over Hokkaido and fell into the Pacific Ocean. Market players have become used to a North Korean missile launch, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. After the initial selling ran its course, however, stocks popped up into positive territory and expanded gains, with investors taking heart from the dollar's strength against the yen after the latest provocation of North Korea, brokers said. (news.financializer.com). As reported in the news.

lending margins: Some of the lenders don't appear to, the regulators say, according to The Japan Times. The FSA has told them to strengthen their risk management, for example by adding staff if needed, said the officials who asked not to be identified due to the agency's policy. ; Regional banks have struggled in recent years as a shrinking population and narrowed lending margins hurt their loan business, while investment in government bonds loses its appeal with yields below zero. The Financial Services Agency FSA has been talking to bankers to gauge whether the firms have the knowledge and structure to handle those products, which cover everything from stocks to real estate, according to its officials. To boost returns, so-called first-tier regional lenders poured a record 1.94 trillion 18 billion into a category of securities that includes investment trusts and other funds in the year ended in March, according to Regional Banks Association of Japan data, bringing the total outstanding amount to 7.02 trillion. It would be a problem from a credit perspective if banks lacking sufficient capital or solid profitability keep adding those investment trusts, he said. To put it simply, they are taking on more risk, said Ryoji Yoshizawa, an analyst at S&P Global Ratings in Tokyo. (news.financializer.com). As reported in the news.

hasn t: The nation's reflationary policy, dubbed Abenomics, drove the dollar-yen rate to more than 125 in 2015 from below 80 when Prime Minister Shinzo Abe unveiled his policy initiatives, according to The Japan Times. The currency pair touched its peak of 125.86 in June 2015, before slumping to below 100 last year. It hasn't happened, so why should the yen be cheap to fair value The Bank of Japan pushed back in July the projected timing for reaching its 2 percent inflation target for the sixth time as economic growth failed to drive price gains. It has traded from 107.32 to 118.60 this year, driven by bouts of risk aversion from North Korean tensions and a sell-down of the dollar as optimism over U.S. economic and tax reforms faded. Though Japan's economy is in its longest expansion for more than a decade, price pressures have refused to accelerate with core inflation up just 0.5 percent in July. HSBC made its call for the yen to reach 100 in the last quarter of the year in April, according to data compiled by Bloomberg. (news.financializer.com). As reported in the news.

jump ship: Strapped for cash, it is expected the firm will soon be forced to sell off part of the family silver its key memory chip business, which accounts for around a quarter of its total annual revenue, according to The Japan Times. Toshiba has been stuck in tortuous negotiations over the sale of the unit, which could raise as much as 20 billion. Do you work for that' electronics company If so, come and work for us! screams the ad for Toyota. ; The mere fact Toshiba staff are apparently being urged to jump ship by rivals underscores the difficulties faced by the former industrial titan. Three parties have been vying for the prize a U.S.-South Korean consortium led by investment fund Bain Capital, Toshiba's chip factory partner Western Digital of the U.S., and Taiwan's Hon Hai Precision, better known as Foxconn. Selling the profitable chip division is seen as key to Toshiba's survival, as one of Japan's best-known firms battles to recover from multibillion-dollar losses at its U.S. nuclear operations. On Wednesday, Toshiba said it had signed a memorandum of understanding with the Bain consortium but that this did not prevent them from talking to others. (news.financializer.com). As reported in the news.

market: On Wednesday, the key market gauge rose 89.20 points. ; The Topix index of all first-section issues edged down 5.20 points, or 0.32 percent, to close at 1,632.13, after gaining 9.88 points the previous day, according to The Japan Times. Stocks met with selling to lock in profits after the Nikkei gained nearly 600 points over the past three sessions through Wednesday, brokers said. The 225-issue Nikkei average fell 58.38 points, or 0.29 percent, to close at 19,807.44. But the market's downside was supported by buying from investors who took heart from the dollar's rise above 110 after hopes grew for U.S. tax reform, brokers said. The Tokyo market was also underpinned by brisk U.S. equities, brokers said. Expectations were boosted after U.S. House Speaker Paul Ryan said Wednesday that an outline of the much-awaited tax reform plan will be released in the week of Sept. 25, an official of a bank-affiliated securities firm said. (news.financializer.com). As reported in the news.

development bank: Toshiba Memory Corp. has an estimated worth of 2 trillion, according to The Japan Times. A Toshiba spokesman said it signed a memorandum of understanding on Wednesday with Bain Capital Private Equity LP, a U.S. investment fund whose consortium includes Innovation Network Corp. of Japan and the Development Bank of Japan both of which are state-backed bodies and SK Hynix Inc., a South Korean flash memory manufacturer. The Tokyo-based electronics conglomerate apparently flip-flopped on its plan to negotiate an agreement with a group that includes Toshiba's chip unit joint venture partner Western Digital Corp. ; But the ongoing tumult that has bedeviled the process is unlikely to end anytime soon, as Toshiba will have to deal with Western Digital, which has been taking aggressive legal moves to block the sale to other parties. Toshiba said the Bain group made a new proposal worth pursuing. A memorandum of understanding is not a legally binding agreement. The consortium raised its offer to 2.4 trillion up from its initial 2 trillion bid, and more than what the Western Digital team is offering. (news.financializer.com). As reported in the news.

economy today: It seems almost irrelevant to compare the duration of economic booms that took place at such different times, according to The Japan Times. Equating the current spell of expansion to the 1960s boom should not lead to an overly optimistic judgment of the economy. The picture of the economy today is in stark contrast to what was happening in the late 1960s, when Japan was still in the midst of the postwar rapid growth period. Among the several extended economic booms that the nation experienced in its post-World War II history, none may be more unlike the so-called Izanagi boom between November 1965 and July 1970 than the ongoing expansion under the watch of Prime Minister Shinzo Abe with his trademark Abenomics policies. The economy grew at a double-digit annual rate in many of the years during the expansion. ; In the current boom, the real-term growth in Japan's gross domestic product reached 2.6 percent in fiscal 2013, but the economy shrank 0.5 percent the following year due to the protracted slump in personal consumption following the April 2014 hike in the consumption tax from 5 percent to 8 percent although the Cabinet Office did not recognize that as a recession that interrupted the economy's upward trend. Named after a deity in Japanese mythology, the 1965-1970 boom was marked by robust demand for consumer durables such as cars, air conditioners and color televisions. (news.financializer.com). As reported in the news.

tokyo-based startup: By connecting dishes around the world to create a single network, everyone from meteorologists to farmers can link up with satellites anytime, anywhere without waiting for one to pass overhead. ; The Tokyo-based startup, which is assembling a global platform of antennae, just won its first funding round of 7.3 million 803 million led by Airbus SE's venture arm, according to The Japan Times. Infostellar's network is aimed at driving down the cost of communicating with satellites. Infostellar Inc. is aiming to change that by getting satellite operators to share their antennae. As a result, digital maps could be updated more frequently, to track people, cars and clouds in real time. People want to achieve many things with satellites, but right now they're all constrained by having just one antenna and a tiny window to communicate, said Infostellar co-founder Naomi Kurahara. Access to cheaper satellite imagery could also help investors like those tracking manufacturing activity or crop yields through satellite photos obtain information more regularly. (news.financializer.com). As reported in the news.

wall street: On Tuesday, the key market gauge surged 230.85 points. ; The Topix index ended up 9.88 points, or 0.61 percent, at 1,637.33, after gaining 15.19 points the previous day, according to The Japan Times. Sentiment improved after all three major U.S. stock indexes the Dow Jones industrial average, the S&P 500 index and the tech-heavy Nasdaq composite index hit new closing highs on Tuesday. The Nikkei rose 89.20 points, or 0.45 percent, to 19,865.82, its highest finish since Aug. 8. The advance on Wall Street reflected receding geopolitical risks linked to North Korea and easing concerns over the impact of Hurricane Irma on the United States, brokers said. The situation surrounding North Korea, which conducted its sixth and most powerful nuclear test on Sept. 3, will be in a lull for the time being, the official said. A risk-on mood began to spread in the Tokyo market, which was supported mainly by short covering on Monday and Tuesday, an official at a bank-linked securities firm said. (news.financializer.com). As reported in the news.

detonation sept: House Foreign Affairs Committee Chairman Ed Royce urged Secretary of State Rex Tillerson and Defense Secretary James Mattis last week to step up the imposition of U.S. sanctions on Chinese entities that help enable North Korea's illicit activities, according to a column carried in the Monday edition of The Washington Post, according to The Japan Times. In the wake of what Pyongyang claimed was the detonation Sept. 3 of a hydrogen bomb that could be delivered on a missile capable of reaching the United States, Royce told columnist Josh Rogin, I believe we have to come in full throttle with cutting off institutions, primarily financial institutions domiciled in China. While President Donald Trump's administration does not rule out military options in dealing with the threat posed by North Korea, a U.S. pre-emptive strike is an unlikely scenario in addressing the nuclear standoff, according to security experts. ; Given the faster-than-expected progress in North Korea's development of nuclear weapons and ballistic missiles, members of Congress and experts on North Korea have called for applying maximum pressure on Pyongyang without waiting for approval or cooperation from China and Russia two countries that blocked the U.S. bid to include an oil embargo on Pyongyang in the latest U.N. sanctions. Serving as the main economic lifeline for North Korea, China accounts for about 90 percent of Pyongyang's trade and is a major supplier of oil to the country. We have not had the resolve to put these sanctions on those major institutions, Royce was quoted as saying. Royce's committee has written a letter to the Trump administration listing large Chinese entities ripe for sanctions, including the Chinese Agricultural Bank and the China Merchant Bank, Rogin wrote. (news.financializer.com). As reported in the news.

market gauge: On Monday, the key market gauge surged 270.95 points. ; The Topix, which covers all first-section issues, ended up 15.19 points, or 0.94 percent, at 1,627.45 after gaining 18.72 points Monday, according to The Japan Times. Stocks attracted brisk purchases after U.S. equities gained sharply Monday on the back of receding geopolitical risks over North Korea and smaller than expected damage caused by Hurricane Irma on the United States, brokers said. The Nikkei jumped 230.85 points, or 1.18 percent, to close at 19,776.62, its best since Aug. 8. The dollar's strengthening above 109 also helped lift Tokyo stocks, brokers said. The official attributed the Tokyo market's surge Tuesday to buybacks by foreign investors who followed in the footsteps of domestic investors. U.S. stocks fared well as investors took heart from the absence of provocations by North Korea on the reclusive state's national foundation anniversary Saturday, an official of a bank-affiliated securities firm said. (news.financializer.com). As reported in the news.

fund: But it has been at the center of investigations in the U.S. and several countries amid allegations of a global embezzlement and money-laundering scheme, according to The Japan Times. The U.S. Justice Department says people close to Najib stole billions of dollars, and the federal government is working to seize 1.7 billion it says was taken from the fund to buy assets in the U.S. White House press secretary Sarah Huckabee Sanders said later Tuesday that she was not aware of the corruption accusation coming up during Trump's conversations with Najib. Left unsaid by either leader anything about the massive corruption scandal swirling around Najib's multibillion-dollar state fund. ; Malaysia's government has said it found no criminal wrongdoing at the fund, called 1MDB and founded by Najib. At their meeting, Trump and Najib instead focused on areas of agreement, such as economic development and counterterrorism measures when they spoke during a public appearance in the Cabinet room of the White House. Prime Minister, it's a great honor to have you in the United States and in the White House, Trump said. Mr. (news.financializer.com). As reported in the news.

benchmark nikkei: On Friday, the key market gauge fell 121.70 points. ; The Topix of all first-section issues ended up 18.72 points, or 1.17 percent, at 1,612.26, after shedding 4.70 points the previous trading day, according to The Japan Times. Tokyo stocks attracted hefty buybacks as there were no major provocative acts by North Korea over the weekend, including a ballistic missile launch on Saturday, the anniversary of the reclusive state's founding, brokers said. The benchmark Nikkei 225 average jumped 270.95 points, or 1.41 percent, to close at 19,545.77. Investors also took heart from the yen's weakening against the dollar against the backdrop of receding worries about the situation surrounding North Korea, brokers said. Ota noted a risk-averse mood did not spread in the market. Monday's surge stemmed from short covering by investors who had sold stocks due to concerns over possible provocations by North Korea on the national foundation day, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. (news.financializer.com). As reported in the news.

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financializer news

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