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Last week the yen saw a 15-year high against the dollar of 84.72. Japan is heavily dependant on the yen because of the significance of exports to Japan. The poor growth numbers in America and worries about China’s growth are concerning for Japan. Slowing growth in main export destinations such as the United States and China clouds the outlook. In the first quarter Japan showed a revised 4.4 percent annualized growth. In the first quarter the yen was weaker and exports were strong. Domestically Japan had the effects of economic stimulus flowing through.

Rising Yen concerns

The high yen concerns Prime Minister Naoto Kan and he will meet with Bank of Japan Governor Masaaki Shirakawa later in the week. The BOJ have said earlier they do not target the Yen rate but are concerned. Kan told reporters after the numbers 'We need to look at this closely, and that includes the currency problem.' He added 'I have asked cabinet ministers involved to report to me about the economic situation.']]> billyaustindillon@nospam.com (billyaustindill) Mon, 16 Aug 2010 06:49:02 -0700 http://www.traderscommunity.com/news.php?item.34781.14 http://www.traderscommunity.com/news.php?item.34735.14
Sentiment in the service sector improved for the first time in three months, although service companies are still much more pessimistic than manufacturers due to weak consumption at home.

Many manufacturers have been helped by brisk demand from China and other fast-growing Asian economies. China's economy booked its fastest quarterly growth in two years, data showed last week, and Japanese exporters have been keen to target that rapid expansion.

But not all manufacturers were upbeat. Some leading exporters, such as automakers, became more pessimistic due to the strong yen, which eats into the value of overseas earnings.

'The Japanese economy is on a recovery trend but there are worries about impact from deflation and the yen's rise,' said one respondent, an executive at a transport equipment maker.]]> melanie@nospam.com (traders) Sun, 24 Jan 2010 16:20:48 -0800 http://www.traderscommunity.com/news.php?item.34735.14 http://www.traderscommunity.com/news.php?item.34732.14
'I believe it can happen already earlier (than 2011). Maybe already in the middle of this year,' O'Neill told German Sunday newspaper Welt am Sonntag, who forecast that China's economy would triple by 2020 due to 8.3 percent annual growth. 'The big story in the post-crisis global economy is: China imports!'

This nevertheless means that the problems in Europe will grow, the Goldman economist warned.

'Germany will continue to export too much and consume too little, and will push the ailing eurozone states against the wall with its competitiveness,' he explained.

O'Neill expects the euro weakness to continue, reaching $1.35 by the end of 2010, despite his prediction that the U.S. Federal Reserve would not raise interest rates for the next two years.]]> melanie@nospam.com (traders) Sun, 24 Jan 2010 13:07:42 -0800 http://www.traderscommunity.com/news.php?item.34732.14 http://www.traderscommunity.com/news.php?item.34610.14
Electronic card transactions, which include debit, credit and charge cards used at the point of sale, showed retail spending rose a seasonally adjusted 0.7 percent last month, following an upwardly revised 0.9 percent rise in November, Statistics New Zealand said.

The data covers around two-thirds of retail sales, but the government agency has said it should not be used as an indicator of the whole retail sector, because it does not include cash and cheque transactions.

Analysts see electronic transactions as an indicator of consumer spending.

Electronic transactions for core retail groups, which excludes motor vehicle-related industries, rose a seasonally adjusted 0.4 percent, after a 0.3 percent rise the month before.]]> melanie@nospam.com (traders) Thu, 14 Jan 2010 14:05:58 -0800 http://www.traderscommunity.com/news.php?item.34610.14 http://www.traderscommunity.com/news.php?item.34572.14
The Australian dollar jumped half a cent and bill futures slid as the market priced in a 75 percent chance of another rate hike at the Reserve Bank of Australia's (RBA) next policy meeting on Feb. 2.

'It's an extraordinary result,' said Brian Redican, senior economist at Macquarie. 'I think even the sceptics will have to concede that unemployment has probably peaked now.'

'For the RBA, it means there's less spare capacity in the economy than anyone expected and that puts a lot more pressure on for a hike in February,' he added.

Thursday's report from the government showed a net 35,200 new jobs were created in December, over three times the market forecast. The jobless rate dropped to 5.5 percent, the lowest since April, from a downwardly revised 5.6 percent in November.]]> melanie@nospam.com (traders) Wed, 13 Jan 2010 18:38:35 -0800 http://www.traderscommunity.com/news.php?item.34572.14 http://www.traderscommunity.com/news.php?item.34571.14
The surprise 11.3 percent fall in core orders raises concern that a recovery in capital spending will be delayed, creating a headache for the Democratic Party-led government, which wants to avoid Japan slipping back into recession ahead of upper house elections in mid-2010.

If that were to happen, Finance Minister Naoto Kan, who has been more pessimistic about the economic outlook than other cabinet ministers, may start leaning on the Bank of Japan again for it to support the fragile recovery.

'Although exports and industrial output have been recovering, companies are not so positive about capital spending because the level of exports and output is still low,' said Takumi Tsunoda, senior economist at Shinkin Central Bank Research.]]> melanie@nospam.com (traders) Wed, 13 Jan 2010 18:36:34 -0800 http://www.traderscommunity.com/news.php?item.34571.14 http://www.traderscommunity.com/news.php?item.34537.14
While BOJ officials don't expect Naoto Kan to make explicit demands for action, they do view him as a tough negotiator who will pressure the central bank for more steps if the economy falters.

Among the options being floated within the central bank are more BOJ buying of government debt or increasing the easy money it could make available via an expansion of the fund-supply operation put in place in December.

'If the economy worsens, it's hard to think the BOJ can get away with doing nothing,' said a source with direct knowledge of the BOJ's thinking.

Two other sources expressed a similar view. All declined to be identified because of the sensitivity of the matter.

Kan, a fiery 63-year-old heavyweight of the ruling Democratic Party, has been one of the most vocal cabinet critics of the BOJ, blasting it for taking too rosy a view on the economy when it upgraded its assessment in November.

He is seen as more interventionist and vocal on monetary policy than his predecessor Hirohisa Fujii, who mostly took a hands-off approach. Fujii stepped down last week for health problems.]]> melanie@nospam.com (traders) Wed, 13 Jan 2010 02:42:42 -0800 http://www.traderscommunity.com/news.php?item.34537.14 http://www.traderscommunity.com/news.php?item.34510.14
'The revolving door for leadership at the ministry of finance does not engender confidence that Japan will put together a credible fiscal strategy to reduce deficits and stabilize the massive government debt overhang in the medium term,' the ratings agency said.

Prime Minister Yukio Hatoyama named Naoto Kan to replace 77-year-old Hirohisa Fujii, who stepped down last week for health reasons. Analysts see Kan as less of a fiscal hawk than Fujii.

Moody's said Hatoyama's government, in power for a little less than four months, may opt for stimulus spending amid a lack of self-sustaining growth momentum ahead of upper house elections in the middle of the year.

'Reading the fiscal strategy of the Hatoyama administration has become more difficult,' Tom Byrne, senior vice president and regional credit officer at Moody's, said in the report.]]> melanie@nospam.com (traders) Tue, 12 Jan 2010 20:01:54 -0800 http://www.traderscommunity.com/news.php?item.34510.14 http://www.traderscommunity.com/news.php?item.34507.14
The ANZ Bank's commodity price index rose 2.6 percent from the previous month, driven by a 12 percent rise in aluminium prices, a 4.1 percent increase for wood pulp and 3 percent rise in dairy prices.

Over calendar 2009, the index climbed 30 percent. It is only 6 percent off the record high reached in July 2008.

Translated into New Zealand dollar earnings, the index was 4.3 percent higher than in November and 1.7 percent higher than a year ago.

The index covers price movements in commodities that together account for around 60 percent of New Zealand's NZ$42 billion ($31 billion) in annual export earnings.

($1=NZ$1.35)]]> melanie@nospam.com (traders) Tue, 12 Jan 2010 19:56:44 -0800 http://www.traderscommunity.com/news.php?item.34507.14