Free.$25
BCA.&.Mandiri
Thursday, August 30, 2007
Wednesday, August 29, 2007
Thursday, August 23, 2007
Thursday, August 16, 2007
Wednesday, August 15, 2007
Tuesday, August 7, 2007
Sunday, August 5, 2007
Saturday, August 4, 2007
Japan Reaffirms U.S. Alliance After Upper House Loss (Update2)
By Keiichi Yamamura and Stuart Biggs
Aug. 3 (Bloomberg) -- Japan reaffirmed its foreign policy and support for the alliance with the U.S. to Deputy Secretary of State John Negroponte, the Japanese government's top spokesman Yasuhisa Shiozaki said.
Shiozaki met Negroponte today and told him Japan's foreign policy wouldn't change, after the government lost control of the Upper House of Parliament in elections on July 29.
``In my meeting with Negroponte, I told him that the government of Shinzo Abe would continue to work to strengthen the U.S.-Japan alliance,'' Shiozaki said. ``I told him that the Upper House election notwithstanding, the foreign policies of the Abe administration would basically remain unchanged.''
The Democratic Party of Japan now has the most seats in the Upper House and will oppose Prime Minister Abe's plans to allow Japan's navy to continue to support the U.S. in the Indian Ocean for the war in Afghanistan, the party's leader Ichiro Ozawa said on July 31.
While the LDP continues to hold a two-thirds majority of the Lower House of Japan's Parliament, it will now have to negotiate on legislation with the DPJ-controlled Upper House. The anti- terrorism law that provides for the Japanese navy's operations comes up for renewal in November.
``To interrupt these operations probably would negatively affect our efforts to prevent terrorism and prevent the passage of undesirable products and people through that area,'' Negroponte said at a press conference in Tokyo today.
Seeking Understanding
Ozawa refused to meet U.S. Ambassador Thomas Schieffer to discuss the extension of the legislation, the Asahi News said yesterday, citing unidentified people familiar with the matter.
Schieffer denied the DPJ had refused a meeting. U.S. Embassy Spokesman Jeffrey Hill said Schieffer will meet Ozawa next week.
``Abe had said he would seek the understanding of the opposition parties with respect to the special anti-terrorism law, because it's a basis through which Japan responds to the expectations of the rest of the world,'' Shiozaki said.
Defense Minister Yuriko Koike asked Negroponte for the U.S. to help Japan in choosing its new fighter aircraft, the ministry said. She met Negroponte after Shiozaki.
Japan is expected to choose a replacement for its F-4 Phantom fighter next year.
The government is considering buying the F-22 Raptor, built by a Lockheed Martin Corp.-led consortium, Boeing Co.'s F-15 and F-18 and Eurofighter GmbH's Typhoon, the Financial Times reported on May 15.
A U.S. House committee last week decided to maintain a prohibition on exports of the Raptor.
To contact the reporters on this story: Keiichi Yamamura in Tokyo at kyamamura@bloomberg.net .
Last Updated: August 3, 2007 05:55 EDTFriday, August 3, 2007
Yen Falls Versus Euro on Increasing Demand for Riskier Assets
By Kim-Mai Cutler 
A woman arranges Japanese currency.
Aug. 2 (Bloomberg) -- The yen declined against the 16 most- actively traded currencies as demand for riskier assets funded by loans in Japan increased.
The Brazilian real gained 1.2 percent versus the yen, which declined for a second day versus the dollar and euro. Investors sold the Japanese currency to buy assets in countries with higher interest rates in a practice known as the carry trade. Japan's 0.5 percent borrowing costs are the lowest among major economies.
``There has been a pretty distinct appetite for putting back on high-yielding trades and selling low-yielding currencies like the yen,'' said Richard Franulovich, a senior currency strategist in New York at Westpac Banking Corp.
The yen declined 0.3 percent to 163.09 per euro at 2:38 p.m. in New York. The Japanese currency traded at 119.13 per dollar, from 118.96 yesterday.
The yen declined as most U.S. stocks gained after consumer and media companies' earnings beat analysts' estimates.
``The rise of U.S. stocks is somewhat supportive of risk appetite, and we've seen the yen come off its rally as risk aversion eases,'' said Omer Esiner, an analyst with currency- trading company Ruesch International Inc. in Washington.
The yen advanced 2.7 percent last month versus the euro, the most since February 2006, and 3.7 percent against the dollar, the biggest increase since October 2004.
Stocks Gain
The Dow Jones Industrial Average climbed 0.2 percent to 13,389.85.
The carry trade has weakened the yen 3.7 percent this year against the euro as investors took advantage of Japan's borrowing costs. Japan's benchmark interest rate compares with 5.75 percent in the U.K., 5.25 percent in the U.S. and 8.25 percent in New Zealand.
New Zealand's dollar has increased 28.2 percent against the yen over the past 12 months.
The dollar weakened 0.2 percent against the euro on speculation a government report tomorrow will show U.S. companies added fewer jobs in July. The Labor Department may say the number of non-farm jobs rose by 127,000, down from 132,000 a month earlier, a Bloomberg News survey of economists shows. The jobless rate is forecast to stay at 4.5 percent.
``If the number's a disaster for the U.S. economy, it would cause everything to rally against the dollar,'' said Greg Anderson, senior currency strategist at ABN Amro Bank NV in Chicago.
A private report based on payroll data yesterday showed companies in the U.S. added the smallest number of jobs in four years. ADP Employer Services said companies added 48,000 jobs in July, less than half the 100,000 gain forecast according to the median estimate of 20 economists surveyed by Bloomberg News.
ECB Holds Rates
European Central Bank President Jean-Claude Trichet signaled interest rates will rise in September from a six-year high.
Trichet said ``strong vigilance'' is needed to guard against inflation, indicating the benchmark will rise from 4 percent.
``This puts a floor on the euro-dollar,'' said Matthew Kassel, director of proprietary trading in New York at ING Financial Markets LLC. ``It puts September on for the next rate hike.''
The euro traded at $1.3688, from $1.3667 yesterday.
``Rising oil prices, emerging capacity constraints and the potential for stronger wage dynamics imply upside risks to price stability,'' Trichet said at a press briefing in Frankfurt today after the bank left interest rates unchanged, as forecast. He has used the term ``vigilance'' in past statements to indicate a rate increase is imminent.
The currency may extend this year's 3.7 percent advance against the dollar as interest-rate futures show investors are betting the ECB will lift rates at least once more this year.
The implied yield on the December Euribor futures contracts rose to 4.51 percent from 4.48 percent yesterday. The contract settles to the three-month interbank offered rate for the euro, which has averaged about 16 basis points above the ECB key rate since 1999.
To contact the reporter on this story: Kim-Mai Cutler in New York at kcutler@bloomberg.net
Last Updated: August 2, 2007 14:40 EDT
Subscribe to:
Posts (Atom)
