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

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.

showa endeavor: After that, Japan plunged headfirst into the Showa endeavor known as the k do seich keizai, rapid growth economy convinced that the only way out of the mire of defeat was to work like crazy and never stop, according to The Japan Times. Thanks to that ethos, the tail end of Showa spawned the baburu keizai, bubble economy . Amazing things happened In 1987 a Japanese insurance company bought Vincent Van Gogh's Sunflowers for 39.9 million. The nation then mourned the passing of a beloved but controversial icon who symbolized both Japan's ill-fated entry into World War II in 1939 and its exit in 1945. Two years lager, the Nikkei Stock Average hit 38,915. Three years after Showa ended, crowds flooded the floors of Juliana Tokyo, now fondly remembered as the city's definitive nightclub. It all came crashing down once Showa was replaced by the Heisei Era, but the embers from that fire still smouldered well into Heisei. (news.financializer.com). As reported in the news.

stimulus program: More regional banks should consolidate not only to cut costs, but also to restructure their businesses and boost profitability, he said, according to The Japan Times. Consolidation is inevitable and a good thing, Ohgo said. The Bank of Japan's radical stimulus program, which has pushed interest rates to near or below zero, is severely cutting into bank profits and could destabilize the sector in the not so distant future, said FSA adviser Naoki Ohgo. ; There are only a handful of regional banks successfully making money in niche areas, while many others are struggling to find new business models, Ohgo said in an interview Friday. The remarks are one of the most blunt warnings among financial regulators of the dire prospects for Japan's crowded regional banking sector, underscoring the challenges smaller banks face in surviving a business environment made difficult by years of ultralow interest rates. Unless regional banks boost profitability, it might not take long for prolonged ultraeasy policy to destabilize the banking sector, he said. There's not much time left for regional banks to take steps to survive the graying of society and dwindling margins, said Ohgo, a private consultant who also advises several local governments. (news.financializer.com). As reported in the news.

trade: The RCEP is viewed as a major alternative to the TPP, the 12-nation trade pact agreed last year and then dealt a massive blow by the withdrawal in January of the United States as one of the first acts by newly elected President Donald Trump, according to The Japan Times. RCEP is the only game in town given the current negotiations of the TPP, said Philippine Trade Undersecretary Ceferino Rodolfo. Instead, the economic ministers involved in negotiating the Regional Comprehensive Economic Partnership RCEP agreement covering more than 3.5 billion people, or half the world's population, and 30 percent of global gross domestic product and trade said they will strive to make major progress by November when the leaders of the 16 nations meet in Manila. ; Those 16 nations are China, Japan, India, South Korea, Australia and New Zealand, as well as all 10 members of the Association of Southeast Asian Nations. Economic ministers from the 16 nations were meeting in Manila as part of the 49th ASEAN Economic Ministers' Meeting and Related Meetings. The RCEP participating countries abandoned the target of concluding the negotiations within this year due to differences in tariff reduction or elimination targets, as well as services to be opened up, according to Rodolfo. The gathering was also the fifth ministerial meeting for the RCEP, for which negotiations began in 2013. (news.financializer.com). As reported in the news.

places periods: The guidelines will encourage municipalities to set their own rules under ordinances designed to localize the suitability of minpaku services, according to The Japan Times. The draft guidelines gave examples of places and periods suitable for closure, such as areas near schools and nurseries on weekdays, and mountain settlements during the viewing season for autumn leaves and other periods of heavy traffic. Municipalities would be free to set their own minpaku business holidays, according to the agency's draft guidelines on the new type of lodging. ; The agency plans to finalize the guidelines, seen Friday, by the end of March. In June, Japan enacted a law to spell out the rules for operating minpaku services. It also allows prefectural and other governments to shorten that period in selected areas to prevent their environments from deteriorating. Under the law, to be implemented by next June, minpaku owners will only be allowed to do business up to 180 days per year. (news.financializer.com). As reported in the news.

bond purchases: On Thursday, the key market gauge rose 38.55 points. ; The Topix, including all first-section issues, ended down 4.70 points, or 0.29 percent, at 1,593.54, after gaining 6.24 points the previous day, according to The Japan Times. Selling outpaced buying as the dollar weakened against the yen in response to a plunge in U.S. long-term interest rates, brokers said. The benchmark Nikkei 225 average fell 121.70 points, or 0.63 percent, to close at 19,274.82. The key 10-year U.S. Treasury yield took a blow partly from long-term interest rate falls in Europe prompted by European Central Bank President Mario Draghi's remarks after the ECB's policy-setting meeting suggesting that the bank will next month start discussing tapering of its bond purchases, market sources said. Before sinking deeper in negative territory around midafternoon, stocks did not drop as much as expected despite the negative effects from the yen's rise and U.S. equities' overnight weakness, said Yutaka Miura, senior technical analyst at Mizuho Securities Co. The Tokyo market accelerated its downswing in the afternoon, dragged further down by the dollar's fall below 108. (news.financializer.com). As reported in the news.

morgan stanley: The Soft Bank Vision Fund has also kicked off investments, with deals ranging from ride-sharing, co-working and robotics to agriculture, cancer detection and autonomous driving. ; Soft Bank will hold investor calls on Sept. 8 for potential U.S. dollar, euro note sales, according to a person familiar with this offering, who is not authorized to speak publicly and asked not to be identified, according to The Japan Times. The Japanese internet giant has mandated Deutsche Bank AG, Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley for the deal. The Tokyo-based company headed by billionaire founder Masayoshi Son is accelerating deal-making around the world, and has been in discussions to combine its U.S. wireless operator Sprint Corp. with a potential partner. Soft Bank's bond issuance swelled since 2013, when it bought Sprint, and the company had net debt of 13.6 trillion 125.4 billion at the end of June. Operating profit at Soft Bank was 479.3 billion in the fiscal quarter ended June 30, topping analysts' projections, as Sprint returned to profit for the first time in three years. That debt is offset by the company's unrealized profits in a plethora of companies, led by Alibaba Group Holding Ltd. (news.financializer.com). As reported in the news.

tokyo olympics: Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute, said that strong growth is likely to continue, although concerns over North Korea will linger, according to The Japan Times. Looking ahead of course we have the North Korean issue which is hard to predict but otherwise no urgent worries or risks so the economy will likely continue picking up, he said. But the latest data still marks the longest period of expansion in more than a decade for the world's third-largest economy, with analysts saying the economy still shows strong performance. ; The economy has been picking up steam, mainly on the back of surging exports including smartphone parts and memory chips, with investments linked to the Tokyo 2020 Olympics also giving growth a boost. Marcel Thieliant, senior Japan economist at Capital Economic, said there are early indications pointing to a possible slowdown in the third quarter. On an annualized basis, the economy grew 2.5 percent, driven by robust domestic demand and corporate investment, which offset a quarterly decline in exports. But the bigger picture is that the economy is experiencing one of the longest recoveries in recent history, said Thieliant. (news.financializer.com). As reported in the news.

areas aquaculture: Abe and Putin met for the third time this year and 19th overall, at a time of heightened tensions over North Korea, which conducted its sixth nuclear test Sunday following recent missile launches in defiance of U.N. Security Council resolutions, according to The Japan Times. We had deep exchanges over the imminent threat posed by North Korea. Abe and Putin also agreed in talks on the sidelines of the Eastern Economic Forum in the Russian Far East city of Vladivostok to conduct joint economic activities on disputed islands off Hokkaido in five areas aquaculture, greenhouse farming, tourism, wind power and waste reduction. ; Tokyo sees the initiative as paving the way toward resolving the long-standing territorial dispute over the islands and signing of a post-World War II peace treaty, while Russia hopes to attract investments to the underdeveloped region. We agreed that the nuclear test is a threat to the Korean Peninsula and the region and is a challenge to a nonproliferation regime, Abe told a joint news conference. Putin, while condemning North Korea's missile and nuclear development as posing a threat to international and regional peace and safety, said, There are only political and diplomatic means to resolve the nuclear problem on the Korean Peninsula. We will cooperate closely. (news.financializer.com). As reported in the news.

dozen occasions: But the Bareun party's own leader, Lee Hye-hoon, has been under increasing pressure since prosecutors last month opened an investigation into allegations that a businesswoman gave her cash and gifts worth about 60 million won 50,000 over nearly a dozen occasions, according to The Japan Times. She denies the accusations but stepped down Thursday, telling her party lawmakers, I apologize for causing concern because of my lack of virtue. Dozens of members of the Bareun Justic party splintered from the main conservative group, then known as Saenuri, as accusations mounted against Park and joined forces with then opposition lawmakers to vote for her impeachment. ; The ousted president is now on trial for corruption and other offenses. She insisted she would clear her name and the truth will come out sooner or later. She vowed to make Bareun the main base of conservatism rather than Park's party, now renamed Liberty Korea, but the allegations undermined those efforts. Lee took the helm of Bareun in June after the government changed hands with the election of liberal President Moon Jae-in. (news.financializer.com). As reported in the news.

issue nikkei: On Wednesday, the key market gauge fell 27.84 points. ; The Topix index of all first-section issues ended up 6.24 points, or 0.39 percent, at 1,598.24, after gaining 1.29 points the previous day, according to The Japan Times. Stocks were firmer after U.S. equities rebounded Wednesday thanks to rising crude oil prices and higher interest rates, brokers said. The 225-issue Nikkei average rose 38.55 points, or 0.20 percent, to close at 19,396.52. Oil prices rose after U.S. refineries started to resume operations after weathering Hurricane Harvey. A drop in the yen amid the growing appetite for risk also supported firmness in Tokyo stocks, brokers said. U.S. President Donald Trump's deal with congressional leaders on the debt limit reduced the risk of default, sending interest rates higher and supporting Wall Street's financial issues. (news.financializer.com). As reported in the news.

shopping sites: Reports related to unauthorized computer access and viruses stood at 6,848, followed by those linked to email spam at 6,483, including scams in which recipients were told they would inherit large sums of money, according to The Japan Times. A total of 23 cases involving theft of bitcoin and other virtual currency accounts were reported to police, with close to 59.2 million confirmed as having been stolen. The police say they received 69,977 reports in the January to June period, up 4.9 percent from a year earlier and the highest since 2001 when comparable data became available. ; The leading category of reports, which account for 36,729 cases, involved fraud and other malicious businesses practices to swindle customers of online shopping sites, the police data showed. In such cases, virtual currencies are believed to have first been transferred to different accounts before being converted to cash. Meanwhile, reports of illicit money transfer involving internet banks drastically fell by 645 cases from a year earlier to 214 cases. Reports of such crimes have surged since May and the police fear an increase due to the more widespread use of virtual currencies. (news.financializer.com). As reported in the news.

treasury bonds: Deposits came to 122.694 billion, the ministry said. ; Gold reserves amounted to 32.272 billion, and the International Monetary Fund's special drawing rights totaled 19.100 billion, according to The Japan Times. The appraisal value of U.S. Treasury bonds and other securities held by the Japanese government rose as interest rates fell, while the dollar-converted value of euro-denominated assets rose on the European single currency's strengthening versus the U.S. unit. Of total external reserves, foreign currency-denominated securities accounted for 1.081 trillion. (news.financializer.com). As reported in the news.

institutions hints: Individuals were net buyers in July for the first time since November 2011, according to TSE data, according to The Japan Times. They invested a combined 52 million 476,000 a turnaround that strategists say is likely to have continued in August. ; While the size of investment is dwarfed by the 8.7 billion in net purchases by other financial institutions, the increased presence of retail investors in a 10.4 trillion market that has traditionally been a place for institutions hints at a growing appetite for alternative investment vehicles among Japanese citizens whose world-beating longevity means decades of retirement. Encouraged by the relatively lucrative returns, an increasing number of retail investors are putting their money in some of 58 publicly traded REITs tracked by the Tokyo Stock Exchange's gauge. Seniors in their 70s accounted for 17 percent of total J-REIT investments by individuals for fiscal 2016, according to a survey conducted by IB Research & Consulting Inc. People 60 years old or more accounted for 45 percent in total, according to the company. That's the highest proportion since it started compiling the data in 2012. (news.financializer.com). As reported in the news.

russian city: Abe is visiting the Russian port city to attend a two-day Eastern Economic Forum that started Wednesday, according to The Japan Times. Tokyo sees the joint projects on the Russian-held islands, also claimed by Japan, as a pathway to resolving the territorial dispute and the signing a postwar peace treaty. In their talks in the eastern Russian city of Vladivostok, the leaders are likely to sign off on joint projects in five areas aquaculture, greenhouse farming, tourism, wind power and waste reduction, the source said Wednesday. ; I hope to make progress on the peace treaty issue by realizing joint economic activities that have been promoted and free visits by former Japanese residents to the islands, Abe said before he left Tokyo. Moscow, for its part, hopes to attract Japanese investments in promoting the underdeveloped regions. An intergovernmental working group will also be set up to promote the projects, with officials from foreign, trade, health and environment ministries taking part from Japan, according to the source. With a view to realizing the projects, a group of Japanese government officials and experts from the public and private sectors will conduct a second round of studies on the islands as early as October, the source said. (news.financializer.com). As reported in the news.

test sunday: Mongolia has diplomatic ties with North Korea, while Japan does not. ; Abe told Battulga that North Korea's nuclear test Sunday, which followed the launch last week of a ballistic missile that flew over northern Japan, poses an unprecedentedly grave and imminent threat and is totally unacceptable, according to the Foreign Ministry, according to The Japan Times. Prime Minister Abe underlined the need to strengthen pressure on North Korea, the ministry said. The meeting, held on the sidelines of an economic forum in the Russian port city of Vladivostok, is the leaders' first since Battulga was elected president in July. The leaders reaffirmed the importance of strictly and fully implementing U.N. Security Council resolutions, it said. They also agreed to seek early resolution of the issue of past abductions of Japanese nationals by North Korean agents. The resolutions impose sanctions on North Korea and ban the reclusive state from conducting nuclear tests and launching ballistic missiles. (news.financializer.com). As reported in the news.