Japan’s finance minister issued a warning about yen weakness as it fell to a 34-year low against the dollar, indicating that authorities could take decisive steps, similar to language used before intervention in the market in the past.
The Japanese Yen weakened against the US Dollar, reaching its highest level since 1990 near 152.00. Finance Minister Shunichi Suzuki stated that they won’t rule out any steps, including decisive ones, to respond to disorderly moves in the foreign exchange market. BoJ board member Naoki Tamura mentioned the possibility of hiking rates again if certain conditions are met.
Sen. Warren reintroduced her “Ultra-Millionaires” wealth tax proposal to the Senate, inspired by the Administration’s Fiscal Year 2025 Budget which includes its own version of a wealth tax. The tax proposals are part of the upcoming contest for the White House and focus on tax avoidance by the wealthy. Business owners should familiarize themselves with the proposed changes to federal income tax and develop plans in response as there is a possibility that the Democrats may have another opportunity to turn their income tax agenda into law.
Nissan Motor plans to launch 30 new models over the next three years and aims to raise its global sales by 1 million vehicles while cutting costs to improve profitability.
Fact: India’s startups raised about 0 million in January and February, signaling a slow year after a six-year low of just billion in 2023.
Under Senate Bill 546, corporate income taxes in Kansas would be reduced to 5.75%, and two business subsidies – PEAK and H-PIP – would be discontinued. Recipients of PEAK may retain or be refunded 95% of the payroll withholding tax of qualified employees for new jobs created in Kansas. Businesses participating in H-PIP receive a 10% tax credit for capital investment. The state’s current corporate tax rate of 6.5% would be gradually reduced under the legislation. Testifying in support of the bill was Dave Trabert, CEO of the Kansas Policy Institute, who argued that tax subsidies do not work for the economy or taxpayers. Jonathan Leuth of Americans for Prosperity – Kansas supported the bill, emphasizing the need for tax reform to remain competitive. Tim Henry, CFO of Great Plains Manufacturing and Kubota North America, opposed the bill, stating it would be detrimental to investment. Sam Sackett with Sprint AeroSystems saw merit in both lowering the corporate tax rate and preserving incentive programs. Mitch Robinson with the Kansas Economic Development Alliance also opposed the bill, highlighting disparities in H-PIP participation across counties.
Kim Yo Jong, sister of North Korean leader Kim Jong Un, stated that Japanese Prime Minister Fumio Kishida expressed his intention to meet with the North Korean leader through state media. She mentioned that the improvement of relations between Japan and North Korea depends on Japan’s ability to make practical political decisions, referencing Japan’s occupation of the Korean peninsula from 1910-45. Kim Yo Jong highlighted that Japan’s actions that antagonize North Korea or violate its sovereign rights would lead to Japan being considered an enemy. Relations between Japan and North Korea have been strained due to historical disputes, including issues related to wartime brothels and forced labor during Japan’s occupation. In response to media reports on Kim Yo Jong’s comments, Kishida emphasized the importance of a summit to address issues like the abduction of Japanese citizens by North Korea. North Korea admitted in 2002 to kidnapping 13 Japanese citizens in the past, with five returning to Japan. Tokyo believes 17 Japanese were abducted and continues to investigate. Japan’s top government spokesperson, Yoshimasa Hayashi, stated that North Korea’s claim that the abduction issue has been resolved is “totally unacceptable.” Kishida has expressed his desire to hold talks with Kim Jong Un without preconditions and is overseeing efforts for the first summit in 20 years. South Korea’s foreign ministry stated that Seoul, the U.S., and Japan are closely cooperating on issues related to North Korea, including denuclearization. North Korea has been subject to U.N. sanctions since 2006 due to its nuclear tests and ballistic missile launches. Kim Yo Jong suggested that Japan could open a new future with North Korea if it makes a political decision to improve ties based on mutual respect.
Japan’s Kaori Sakamoto retained the figure skating world title in Montreal, becoming the first woman to win three consecutive crowns since Peggy Fleming in 1968. Sakamoto, who was fourth after the short program, scored 222.96 points with her free skate to “Wild Is The Wind/Feeling Good” by Lauryn Hill. American Isabeau Levito won silver with 212.16 points, and Chaeyeon Kim of South Korea took bronze with 203.59 points. Madison Chock and Evan Bates led the ice dance competition at the world championships with a score of 90.08 for their rhythm dance routine.
Apple’s current market capitalisation is .8 trillion, ranking it eighth in the world and surpassing the stock exchanges of Germany (DAX) and Canada (Toronto Stock Exchange). The United States leads in terms of market cap with .6 trillion, followed by China with .5 trillion and Japan with .5 trillion.
– The US Dollar experienced significant losses against major rivals after the Federal Reserve left the interest rate unchanged and due to Chairman Jerome Powell’s comments on the policy outlook.
– Investors are awaiting the Bank of England’s policy announcements and S&P Global PMI data for Germany, the Euro area, the UK, and the US.
– The US economic docket will include weekly Initial Jobless Claims and Existing Home Sales data for February.
– The Federal Reserve’s Summary of Projections indicates a total of 75 basis points reduction in the policy rate expected in 2024.
– Chairman Powell noted high inflation numbers in January and February but attributed them to seasonal effects, suggesting they do not alter the disinflation narrative.
– Following the Federal Reserve event, the 10-year US Treasury bond yield approached 4.25%, Wall Street indexes rallied, and the USD Index dropped nearly 0.5%, ending a four-day winning streak.
– In Asian trading, Australian unemployment decreased to 3.7% in February, better than the expected 4%, and employment rose by 116,500, significantly above the anticipated 40,000.
– The AUDUSD pair saw gains, rising more than 0.5% above 0.6620.
– The USDJPY pair experienced fluctuations, with a notable correction below 150.50 before regaining momentum.
– The Bank of England is anticipated to maintain the policy rate at 5.25%, with market participants looking for indications on policy direction following soft UK inflation data.
– The GBPUSD rose 0.5%, trading near 1.2800.
– Gold reached a new all-time high of ,222 before retreating toward ,200.
– The EURUSD pair rallied above 1.0900, trading slightly below 1.0950.