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Asian equities rose on renewed optimism for US-China trade talks, with officials describing previous discussions as "good" and "fruitful." European markets are poised for modest gains, supported by the autos sector, while the US dollar strengthens against most currencies.In commodities, crude oil prices are slightly higher amid improved risk sentiment, though gold faces pressure from dollar strength. UK employment data shows rising unemployment and slowing wage growth, raising concerns for the Bank of England as it considers potential interest rate cuts.
Japan is considering emergency rice imports and other measures to stabilize soaring rice prices, which have doubled in the past year, ahead of key elections. The government plans to release 600,000 metric tons from its emergency stockpile and may utilize its annual quota of 100,000 metric tons of tariff-free rice. Meanwhile, the U.S. Treasury has urged the Bank of Japan to continue tightening monetary policy to address the yen's weakness and support economic rebalancing.
The U.S. Treasury Department has urged the Bank of Japan (BOJ) to continue tightening its monetary policy to address the yen's weakness and promote a rebalancing of trade. The report highlights that Japan's ultra-low interest rates contribute to the yen's depreciation against the dollar, with the BOJ's gradual rate hikes being closely monitored. Despite recent increases, economists expect the BOJ to maintain steady rates through September, with a potential hike by year-end.
Japanese stocks rebounded on Wednesday, with the Nikkei 225 Index rising 0.8% amid hopes for a trade deal with China that could benefit the tech sector. The yen's decline supported exporters, while semiconductor stocks surged, driven by expectations of strong AI-related demand. However, Toyota Industries fell 12% after Toyota Motor announced plans to take it private for $33 billion, significantly less than earlier estimates.
[Source: Bloomberg]
Japan’s Metaplanet has acquired an additional 1,088 BTC, bringing its total holdings to 8,888 BTC valued at approximately $930 million. The purchase, costing 16.885 billion yen (US$117.5 million), is part of the firm's strategy to reach 10,000 BTC by the end of 2025.This acquisition highlights a broader trend of corporate bitcoin treasury strategies, with 147 companies collectively holding over 1 million BTC. Metaplanet's innovative funding methods, including zero-interest bonds, reflect a growing institutional acceptance of bitcoin in Asia, paralleling similar movements in Western markets.
Japan’s Nikkei share average fell 1.3% to 37,470.67 amid concerns over escalating U.S.-China trade tensions and a stronger yen, which negatively impacted automakers. The yen rose 0.6% against the dollar, further pressuring exporter stocks, while the auto sector and chip-related shares saw significant declines. T&D Holdings, however, gained 4% following news of an activist investor acquiring a stake in the company.
Japan plans to increase its foreign direct investment target to 150 trillion yen ($1.05 trillion) by the mid-2030s, a 20% rise from the previous goal of 100 trillion yen by 2030. This initiative aims to attract foreign firms to key sectors like decarbonisation, stimulate regional economies, and create jobs outside major urban areas. The new targets will be included in upcoming fiscal and economic policy guidelines.
[Bloomberg]
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