TOKYO – The Bank of Japan must maintain current monetary stimulus to create sustainable increases in prices, corporate profits, jobs and wages, its deputy governor said on Tuesday, dismissing speculation about an early exit from accommodative settings. With inflation in Japan far below levels in the United States and elsewhere, the BOJ is lagging well behind other major central banks in dialing back crisis-mode stimulus. However, surging global commodity prices and the weakening yen have…"BOJ deputy vows to maintain monetary stimulus despite price pressures"
SHENZHEN, China – China’s strict COVID-19 controls will hamper foreign investment into the country for years to come as limits on travel block the pipeline for projects, the President of the American Chamber of Commerce warned on Tuesday. There are few signs that American companies are leaving the China market, but the years-long process of research and due diligence for projects has been delayed, Michael Hart said at an event launching the chamber’s annual report.…"China’s COVID controls will impact foreign investment for years – U.S. lobby"
SYDNEY – After some of the worst fires and floods ever to hit Australia, a new cohort of climate-conscious independents are threatening to shake up the federal election on Saturday, putting the government under pressure in key districts and potentially reshaping the country’s political landscape. Enraged by the lack of government action on climate change, the candidates are campaigning hard on environmental issues in the hope of wooing moderate voters away from the major parties.…"After fires and floods, climate-conscious independents could determine Australian election"
BEIJING – Trade in China’s thermal coal futures has almost come to a halt, after Beijing stepped up its control of coal prices to rein in the soaring costs of energy and raw materials. The flagship product for Zhengzhou Commodity Exchange (ZCE) has at times seen as many as 1 million lots exchange hands in a day but recorded a turnover of just 27 lots on Monday. That was down 99.9% from a year ago…"China’s thermal coal futures mute as Beijing reins in commodity inflation"
TOKYO – Bank of Japan Governor Haruhiko Kuroda said on Monday that currencies should move stably, reflecting economic fundamentals, because excess volatility such as seen recently would make it hard to make business plans. “Excess volatility in a short term as seen recently is undesirable,” Kuroda told Japan’s upper house of parliament. He would keep close watch on the impact of currency moves on Japan’s economy and prices, he said."BOJ’s Kuroda warns against excess FX volatility"
TOKYO – Japan needs a faster “third arrow” growth strategy focussing on promoting a carbon-neutral society, including by creating a financial hub in Tokyo for Asian firms aiming to go green, said Hiroshi Nakaso, considered a front-runner to be the country’s next central bank chief. Massive monetary and fiscal stimulus deployed in 2013 as the first two “arrows” of then-premier Shinzo Abe’s “Abenomics” policies reflated the economy. But the third, structural reform, barely took flight,…"Nakaso, candidate to head BOJ, calls for faster green growth strategy"
– Shanghai set out plans on Monday for the return of more normal life from June 1 and the end of a painful COVID-19 lockdown that has lasted more than six weeks and contributed to a sharp slowdown in China’s economic activity. DEATHS AND INFECTIONS * Eikon users, see COVID-19: MacroVitals for a case tracker and summary of news. EUROPE * Russia will promptly consider any request from North Korea for COVID-19 vaccine supplies, Kremlin…"Factbox-Latest on the worldwide spread of the coronavirus"
BEIJING – China processed 11% less crude oil in April than a year earlier, with daily throughput falling to the lowest since March 2020 as refiners slashed operations on weaker demand due to widespread COVID-19 lockdowns. Crude throughput last month was 51.81 million tonnes, equivalent to 12.61 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) showed on Monday. This compared with 13.8 million bpd in March and 14.09 million bpd…"China’s April oil refinery output plunges to two-year low as COVID curbs bite"
TOKYO -Japan’s wholesale prices in April jumped 10% from the same month a year earlier, data showed on Monday, rising at a record rate as the Ukraine crisis and a weak yen pushed up the cost of energy and raw materials. The surge in the corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, marked the fastest year-on-year rise in a single month since comparable data…"Japan wholesale prices hit record 10% as energy costs soar"
SHANGHAI/BEIJING -Shanghai will gradually begin reopening businesses such as shopping malls and hair salons in China’s financial and manufacturing hub from Monday after weeks in strict COVID-19 lockdown, while Beijing battles a small but stubborn outbreak. All but shut down for more than six weeks, Shanghai is tightening curbs in some areas that it hopes marks a final push in its campaign against the virus, which has infuriated and exhausted residents of China’s largest and…"Shanghai aims to reopen more COVID-shut businesses, Beijing battles on"