exllon
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MARKET UPDATE ~26 Aug 2011
26 Aug 2011
COMMENTARY
Japan consumer prices unexpectedly rose 0.1%
Japan’s core consumer prices unexpectedly rose in July, gains economists say won’t end the nation’s fight against deflation. Prices excluding fresh food rose 0.1 percent in July from a year earlier, the statistics bureau said in Tokyo today. Persistent deflation exacerbates Japan’s problems in coping with a yen close to a record high against the dollar at a time when the economy is just recovering from a March earthquake. Prime Minister Naoto Kan’s successor will be challenged with working with the Bank of Japan to fight price declines that have kept the economy stuck near its 1990 size. “The sustainability of Japan’s recovery is now in question with the strong yen and a weakening global economy,” Yoshiki Shinke said. Central bank Governor Masaaki Shirakawa said Aug. 4 the nation will take a while to achieve price stability as he anticipated new figures would show price declines have been worse than initially anticipated.
HEADLINE NEWS
BENCHMARK CURRENCY RATES - GAINERS & LOSERS
26 Aug 2011
COMMENTARY
Japan consumer prices unexpectedly rose 0.1%
Japan’s core consumer prices unexpectedly rose in July, gains economists say won’t end the nation’s fight against deflation. Prices excluding fresh food rose 0.1 percent in July from a year earlier, the statistics bureau said in Tokyo today. Persistent deflation exacerbates Japan’s problems in coping with a yen close to a record high against the dollar at a time when the economy is just recovering from a March earthquake. Prime Minister Naoto Kan’s successor will be challenged with working with the Bank of Japan to fight price declines that have kept the economy stuck near its 1990 size. “The sustainability of Japan’s recovery is now in question with the strong yen and a weakening global economy,” Yoshiki Shinke said. Central bank Governor Masaaki Shirakawa said Aug. 4 the nation will take a while to achieve price stability as he anticipated new figures would show price declines have been worse than initially anticipated.
HEADLINE NEWS
[*]RBA’s Stevens says decline in confidence may lower Australia’s inflation
[*] U.S. consumer confidence stabilizes near record low, Bloomberg index shows
[*] IMF may authorize next Greek payment under bailout plan by end-September
[*] China banks post record profits as rivals stumble
[*] U.S. stock futures gain on Fed hopes after S&P 500’s biggest drop in week
[*] Crude oil drops from two-day high on signs of slowing U.S. economic growth
BENCHMARK CURRENCY RATES - GAINERS & LOSERS
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