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Statement by Secretary of the Treasury Janet L. Yellen
Secretary of the Treasury Janet L. Yellen issued the following statement on the recent decision by Fitch Ratings. “I strongly disagree with Fitch Ratings’ decision. The change by Fitch Ratings announced today is arbitrary and based on outdated data. Fitch’s quantitative ratings model declined markedly between 2018 and 2020 – and yet Fitch is announcing its change now, despite the progress that we see in many of the indicators that Fitch relies on for its decision. Many of these measures, including those related to governance, have shown improvement over the course of this Administration, with the passage of ... (full story)
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Eurozone CPI continued its three-month downtrend in July, while quarterly GDP recorded a surprise uptick. After a year of gloomy data, has the EU turned the page on its inflation ...
New Zealand unemployment rose in the second quarter and wage inflation showed signs of slowing, indicating the labor market is finally starting to weaken after relentless ...
In accordance with the short-term policy interest rate of minus 0.1 percent and the target level of the long-term interest rate, both of which were decided at the previous meeting on April 27 and 28, 2023, the Bank had been conducting purchases of Japanese government bonds (JGBs).6 Under the guideline for conduct of yield curve control decided at that meeting, it had also conducted outright purchases of 10-year JGBs at 0.5 percent through the fixedrate method every business day. Moreover, the Bank had carried out fixed-rate purchase operations of the cheapest-to-deliver (CTD) issues every business day. With these market operations, 10-year JGB yields had been at around 0 percent. The shape of the JGB yield curve since the previous meeting continued to be generally smooth. The Bank had conducted operations to purchase exchange-traded funds (ETFs), Japan real estate investment trusts (J-REITs), CP, and corporate bonds in accordance with the guideline for asset purchases decided at the previous meeting. post: *BoJ Releases Minutes of June Policy Meeting *BoJ Members: It’s Important to Continue with Current Easing *One BoJ Member: Treatment of YCC Should Be Discussed Early *One Member: Must Avoid Surge in Rates From Exit Speculation
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It is my pleasure to have the opportunity today to exchange views with leaders in administrative, economic, and financial areas in Chiba Prefecture. I would like to take this chance to express my sincere gratitude for your cooperation with the activities of the Bank of Japan. Today, I will explain Japan's economic activity and prices, as well as the Bank's conduct of monetary policy. Current Situation of and Outlook for Economic Activity: I will start by talking about Japan's economic developments. Japan's economy has recovered moderately. Economic activity in both the household and corporate sectors has improved steadily, as pent-up demand, i.e., demand that had been suppressed during the pandemic, has materialized. Japan's economy is likely to continue recovering moderately, supported for the time being by pent-up demand and subsequently by increases in wages and corporate profits. In the Bank's Outlook for Economic Activity and Prices (Outlook Report) released last week, it is projected that the economic growth rates will be in the range of 1.0-1.5 percent for fiscal 2023 and 2024 and around 1 percent for fiscal 2025 (Chart 1). In what follows, I will explain developments in the household and corporate sectors. First, regarding the household sector, private consumption has increased steadily at a moderate pace, mainly for services such as accommodations as well as eating and drinking, as pent-up demand has materialized due in part to the reclassification of COVID-19 under the Infectious Disease Control Law (Chart 2). Recovery in inbound tourism demand has also been a tailwind for the face-to-face post: ?*BOJ'S UCHIDA: GOAL OF SUSTAINABLE INFLATION NOT IN SIGHT YET *BOJ'S UCHIDA: BOJ A LONG WAY FROM RAISING NEGATIVE RATE post: <JPY=>:*BOJ'S UCHIDA: WILL CONTINUE WITH EASING PATIENTLY post: BOJ'S UCHIDA: BOJ WILL OFFER TO BUY UNLIMITED AMOUNT OF BONDS AT 1.0% IN FIXED-RATE OPERATION TO CONTAIN INTEREST RATE RISES
New Zealand’s rate of unemployment nudged higher—to 3.6% from 3.4%—in the June quarter, while total employment increased 4% in the past year and has hit an all-time high of 69.8%. ...
The ASX 200 is set to open lower on Wednesday following a mixed session on Wall Street. At 8am AEST this morning, the ASX 200 index futures was pointing down by -0.55%. Overnight, ...
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- Posted: Aug 1, 2023 9:28pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 4,956