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The Coates family, owners of Bet365, are considering a potential sale of their online gambling empire, which could be valued at £9 billion. Discussions with Wall Street banks and private equity groups have taken place regarding a full or partial sale, with options including a pre-float stake and a future listing on a US stock exchange.
The Bank of Japan is expected to maintain its current interest rate of 0.50% at the upcoming monetary policy meeting, amid mixed economic signals and ongoing tariff uncertainties. While inflation remains above the 2% target, wage growth is crucial for any future tightening. The USD/JPY pair is under pressure, reflecting broader global trade dynamics, while the Japan 225 index faces challenges in overcoming key technical resistance levels.
The Japanese yen has strengthened against the US dollar, nearing 140, primarily due to USD weakness rather than significant changes in Japan's economic indicators or Bank of Japan comments. Inflation remains above 3%, driven largely by food prices, yet the BoJ is poised to raise interest rates if economic conditions allow. Despite a 13% gain against the USD since January, the yen's performance against the euro has been modest, rising just under 1%.
The Bank of Japan is expected to lower its economic growth forecasts at the upcoming policy meeting due to the impact of U.S. tariffs on Japan's fragile recovery. While the central bank aims to maintain a moderate recovery and achieve its 2% inflation target, uncertainty remains regarding the extent of damage from these tariffs. Governor Kazuo Ueda indicated that a policy response may be necessary depending on the economic fallout.
Japan's ruling party's policy chief, Itsunori Onodera, emphasized the need to strengthen the yen to combat rising living costs, rejecting suggestions to sell U.S. Treasury holdings as a negotiating tactic in trade talks with the U.S. He highlighted that the weak yen contributes to inflation and stressed the importance of enhancing Japan's industrial competitiveness. As trade negotiations approach, currency policy is expected to be a contentious issue, especially with the Bank of Japan's slow interest rate adjustments amid a declining yen.
Japanese Prime Minister Ishiba Shigeru is set to nominate Economy Minister Akazawa Ryosei as the lead negotiator for trade talks with the U.S., following a recent agreement with President Trump to discuss tariffs. Akazawa expressed uncertainty about the nomination, while U.S. Treasury Secretary Scott Bessent's involvement has raised concerns about potential pressure on Japan to weaken the yen to facilitate U.S. exports. The Bank of Japan's interest rate policies may also be influenced by these developments as they aim to achieve a stable inflation target.
Japan is on track to sustainably meet the central bank's 2% inflation target, supported by strong consumption and capital expenditure, according to the IMF. While inflation risks are balanced, growth faces potential downside threats, including a global economic slowdown. The BOJ is urged to gradually withdraw monetary support as the economy aligns with forecasts, with expectations of 1.2% growth in 2025 and a slight inflation decrease to 2.4%.
Deutsche Bank warns that the Federal Reserve's potential withdrawal of its liquidity backstop could jeopardize the dollar's status as a reserve currency, marking the most significant risk since World War II. Concerns about the reliability of Fed swap lines may prompt global de-dollarization, especially among Western allies, as countries like China and Russia continue to reduce their reliance on the US financial system. The Fed's role as the world's lender of last resort is crucial, and any hesitation to provide liquidity could lead to increased demand for dollars and destabilize US asset markets.
Deutsche Bank warns that the Federal Reserve's potential withdrawal of its liquidity backstop could jeopardize the dollar's status as a reserve currency, marking a significant risk since World War II. Informal discussions among European officials suggest concerns over the reliability of Fed swap lines, which allow global institutions to borrow dollars during financial stress. Such fears could drive a shift towards de-dollarisation among America's Western allies, especially if the Trump administration influences the Fed's actions.
Japanese companies have agreed to a 5.4% wage increase this year, according to the latest figures from the country's largest union group, Rengo. This marks the highest pay hike in 34 years, although slightly lower than the preliminary estimate of 5.46%. Rengo aims to extend this momentum to smaller firms as negotiations continue.
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