Japan and China account for over two-thirds of Asia-Pacific's wealthy population, according to a new report. David Wilson, Head of Strategic Analysis at Capgemini Financial Services, discusses.» Read More
Japanese machinery orders rose less than expected in April from March, doing little to dispel worries that corporate capital spending may be losing steam.
The dollar strengthened broadly as a rise in U.S. Treasury yields above 5% boosted demand for the U.S. currency, while news that North Korea fired short-range missiles off its coast hurt the yen.
Big business is on the back burner at the Group of Eight summit. Instead of focusing on concerns about hedge funds, fluctuating currencies and better transparency in financial dealings, the world's eight wealthiest nations are putting their full focus on climate change and watching to see if a new spat between the U.S. and Russia could develop into another cold war.
Fading prospects of a rate cut by the Fed and no signs from the European Central Bank that it would continue to tighten monetary policy beyond 2007 lifted the dollar against the euro.
The dollar fell against the euro and yen on Tuesday, dipping below key technical levels after Federal Reserve Chairman Ben Bernanke said the ailing U.S. housing sector may remain a drag on economic growth.
The dollar declined broadly as the U.S. currency failed to extend gains after last week's robust jobs data, while demand for currencies linked to rising interest rates strengthened.
Japanese firms' capital spending in January-March rose slightly more than expected from a year earlier to a record high, a sign that corporate-sector strength continues to underpin a steady economic recovery.
The dollar rose to a seven-week high against the euro, on track for a fifth consecutive week of gains, as strong U.S. jobs and manufacturing data damped expectations of a Federal Reserve interest rate cut this year.
Japanese Prime Minister Shinzo Abe named a new farm minister on Friday, four days after a scandal-tainted predecessor committed suicide, as opposition parties turned the heat up over mismanaged pensions and scandals.
The dollar touched a three-month peak against the yen after a strong report on business activity in the U.S. Midwest, but it failed to sustain gains before key payrolls data due on Friday.
The dollar rose to a seven-week high against the euro as minutes from the Federal Reserve's last meeting reiterated policy-makers' view that inflation remains a top concern.
Japan's industrial production unexpectedly fell in April from the previous month, adding to concern that output growth may be losing momentum on a slowdown in U.S.-bound exports, and nudging up euroyen futures.
The dollar edged lower against the yen after China said it would raise a stamp duty on stocks in an attempt to cool its equity markets, prompting concerns about risky trades financed by borrowing in the Japanese currency.
Japan's jobless rate fell to a nine-year low in April while the availability of jobs improved for the first time in nine months, signaling a tight labor market and boosting the Bank of Japan's case for a rate increase.
Japanese consumer prices fell in April, making this the third straight month of declines and doing nothing to change the view that the Bank of Japan will wait until August to raise interest rates.
The International Monetary Fund said on Thursday that a rate hike by the Bank of Japan should be delayed until inflation expectations have recovered and the consumer price trend is firmly rising.
Japan Airlines is asking its main lenders to boost its capital by $1.7 - $3.3 billion to help it restructure without further damage to its financial standing, the Nikkei business daily reported on Thursday.
Japanese exports to the United States in April fell from a year earlier for the first time in 27 months, but strong shipments to Asia offset the drop, helping push Japan's trade surplus up more than 50%.
Swatch Group, the world's biggest watchmaker, is betting on a luxury goods boom in the United States and a recovering Japan as its sales continue to show double-digit growth, its chief executive said on Wednesday.
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