Rolling coverage of the latest economic and financial news, as investors ponder AI valuations and SoftBank’s growing funding demands for OpenAI
Japan’s government is growing anxious about its weakening currency.
The yen, which has been generally weakening since the start of October, is approaching the significant level of ¥155 to the dollar, a point where Toyko has intervened in the markets before
“We’re seeing one-sided, rapid currency moves of late.
The government is watching for any excessive and disorderly moves with a high sense of urgency.”
The reopening of the U.S. government has been a bittersweet elixir for the greenback.
On one hand, risk is back on — stocks have caught a second wind, buybacks are flowing, and high-beta FX like AUD are catching the same tailwinds that power stocks. On the other hand, the same optimism that revives equity appetite also reawakens the yen’s old nemesis: carry.
“We have delivered a resilient performance thanks to the hard work of our teams on the ground. Market conditions remain challenging, impacted by uncertainty ahead of the upcoming UK Budget and continued affordability pressures.
We welcome the Government’s planning reforms, and we hope to see continued momentum to enable the supply of much needed new homes across the UK as focus moves to the implementation phase. However, the Government’s housing ambitions, and the significant economic and social benefits of increased housing supply can only be unlocked by effective demand, particularly for affordability constrained first time buyers.
Continue reading…Rolling coverage of the latest economic and financial news, as investors ponder AI valuations and SoftBank’s growing funding demands for OpenAIJapan’s government is growing anxious about its weakening currency.The yen, which has been generally weakening since the start of October, is approaching the significant level of ¥155 to the dollar, a point where Toyko has intervened in the markets before“We’re seeing one-sided, rapid currency moves of late.The government is watching for any excessive and disorderly moves with a high sense of urgency.”The reopening of the U.S. government has been a bittersweet elixir for the greenback.On one hand, risk is back on — stocks have caught a second wind, buybacks are flowing, and high-beta FX like AUD are catching the same tailwinds that power stocks. On the other hand, the same optimism that revives equity appetite also reawakens the yen’s old nemesis: carry.“We have delivered a resilient performance thanks to the hard work of our teams on the ground. Market conditions remain challenging, impacted by uncertainty ahead of the upcoming UK Budget and continued affordability pressures.We welcome the Government’s planning reforms, and we hope to see continued momentum to enable the supply of much needed new homes across the UK as focus moves to the implementation phase. However, the Government’s housing ambitions, and the significant economic and social benefits of increased housing supply can only be unlocked by effective demand, particularly for affordability constrained first time buyers. Continue reading…