News

Sales of Nintendo’s Wii U console have been weaker than expected, leading to slashed profits

Japan trade hits record surplus

JAPAN'S trade surplus reached a record 15.2 trillion yen (pounds 76bn) in the last fiscal year. However, its 18 per cent increase compared with the previous year is a measure of the catastrophic weakness, not strength, of the economy.

TOKYO MARKET: Stronger yen eats away at export prospects

JAPANESE stocks may be mixed this week, as investors - wary of a strengthening yen - move away from exporters toward companies likely to benefit from government steps to lift the economy.

Olympic Games: Nagano residents sue Samaranch

RESIDENTS OF Nagano, Japan, sued the International Olympic Committee and its president, Juan Antonio Samaranch, demanding the return of 831m yen (pounds 4.2m) in taxpayers' money used in the bid for the 1998 Nagano Winter Games, a court official said yesterday.

Confident G7 pushes dollar to record high

The dollar hit a record high against the euro yesterday, and soared to a two-and-a-half month high against the yen, after Group of Seven ministers appeared unconcerned at the US currency's recent strength.

Dollar hits a high against the yen

THE DOLLAR hit a 10-week high against the yen yesterday after the Japanese government changed course on exchange rate and interest rate policy.

Outlook: Sterling poser

THE STABILITY of the pound against the euro and before that, its anchor currency, the Deutsche Mark, over the past six months has been remarkable, given that sterling has become a small boat tossed on turbulent seas between two supertanker currencies. Sadly, this stability has come a bit too early and at rather too high a level.

Bonds plunge on Japan debt fears

THERE WAS further upheaval in the Japanese financial markets yesterday as bonds plunged and the yen surged amid growing fears over government debt.

Tokyo Market: Rising yen clouds positive outlook

Japanese stocks may have mixed fortunes this week, with banks getting a boost from expectations that mergers will improve profits, while exporters worry that a rising yen will reduce their earnings.

Profits plummet at Japanese brokerages

JAPAN'S TWO largest brokerages yesterday reported sharp falls in profit, a result of both the Japanese recession and volatility on the world's financial markets.

Outlook: Why yen's revival should concern us

IT IS a touch ironic that the currency markets yesterday responded to calls from Keizo Obuchi, Japan's Prime Minister, for stability in exchange rates by delivering the biggest one-day rise in the dollar against the yen in five years. It was what the Bank of Japan wanted when it spent billions on intervention in an attempt to halt the painful rise in the yen since last summer. But is this really what is meant by stability? Hardly.

Japan buys dollars to curb yen

THE DOLLAR soared against the yen yesterday, recording its largest one-day gain in five years, after the Bank of Japan spent up to pounds 3bn in the foreign exchange markets.

Shares hit as dollar falls further against yen

THE DOLLAR weakened against the yen for the ninth day running yesterday, declining to its lowest level since August 1996. It fell as low as 108.53 from 110.85 on Friday, writes Diane Coyle.

Euro steadies as yen takes spotlight

THE YEN yesterday stole the limelight from the euro after a senior Japanese government official warned that the American economy was already looking "bubble-like" and that further interest-rate cuts should be expected this year, writes Andrew Garfield.

Countdown To The Euro: Euro expected to displace dollar

THE EUROPEAN single currency is expected to appreciate by as much as 10 per cent against the US dollar in its first year of operation. Central banks, especially in Asia and Latin America, will take the first opportunity for decades to diversify reserves by selling dollars and switching reserves into euros, although European interest rates are below US levels.

Japan predicts return to growth

JAPAN'S ECONOMY will begin to expand again in the year to March 2000 after two full years of recession, the Japanese government predicted yesterday, suggesting that recent dramatic tax cuts designed to boost consumer spending and reduce unemployment will pay off.
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