Posts tagged ‘Japan’

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29/05/2012

* Japan, China to begin direct currency trading on June 1

Xinhua: “Japan and China will begin direct yen- yuan trading on June 1, Japanese Finance Minister Jun Azumi said Tuesday, abandoning the existing system that determines yen-yuan rates via their U.S.dollar values.

Image used to convey the idea of currency conv...

Image used to convey the idea of currency conversion (Photo credit: Wikipedia)

The move is broadly seen as a way to boost trade and investment between the world’s second- and third- largest economies, and as part of measures China took to internationalize its currency.”

via Japan, China to begin direct currency trading on June 1 – Xinhua | English.news.cn.

The writing is on the wall for the US as the world’s only currency acting as a reserve and exchange currency.  This is another sign that the supremacy of the US as the world leader is also beginning to wane. But Americans can relax – for now. It took the Roman Empire over 500 years to decline and the British Empire over 100 years.

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20/05/2012

* China seeks export recovery

China Daily: “China is now losing an increasing number of export orders to other emerging countries because of rising costs at home. That’s driving the government to consider supportive measures including tax rebates and reduced transportation fees, a commerce official said on Saturday during an investment and trade expo held in Changsha, Hunan province.

“Rising costs of labor and land as well as enhanced environment protection criteria has reduced the competitive edge of Chinese exporters,” said Wang Shouwen, director of the department of foreign trade at the Ministry of Commerce. Chinese labor-intensive exports, including textile, apparel and light industrial products, increased rapidly in such traditional markets as the US, the EU and Japan before 2010. But the first four months of 2012 saw Chinas textile and apparel exports to Japan expand only slightly, by about 7 percent year-on-year, while Japanese imports from other emerging countries surged by more than 40 percent in the same period, Wang said. “Overseas buyers strategy, called China plus one, also contributed to the shifting away of Chinese exporting order. China remained the main supplier for overseas buyers but one alternative procurement source in other emerging countries is established to compare the cost with China. “Further rising costs at home will drive buyers to rely more and more on their plus-one countries,” the director said.

via China seeks export recovery|Economy|chinadaily.com.cn.

Compounding worries about the Greek economy, recessions across many Euro countries, low growth in the US and slowing growth in India, comes the bad news that Chinese exports are not as high as it used to be. Bad news all round.

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03/05/2012

* China, Japan, South Korea to boost investment in each others bonds

Reuters: “China, Japan and South Korea agreed on Thursday to boost cross-investment in government bond markets, worth nearly a combined $15 trillion, in a move that will better prepare the countries to protect their financial markets from external shocks.

East Asia blank map China/Japan/Korean peninsu...

East Asia map China/Japan/Korean peninsula (Photo credit: Wikipedia)

The three economic powers sought a formal agreement, a rare one on securities investment, to ease mutual concerns about possibly massive cross-border fund flows and because their capital markets are at different levels of development. The move also comes as many of the heavily exposed economies in East Asia have struggled to find ways to avoid a repeat of the 1997/98 Asian financial meltdown and other turmoil that has struck during times of crises originating outside the region.”

via China, Japan, South Korea to boost investment in each others bonds | Reuters.

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01/05/2012

* Sign nuclear non-proliferation treaty, Japan tells India

The Hindu: “Japan on Monday asked India to sign the Nuclear Non-Proliferation Treaty NPT even as the two sides decided to reopen talks on a bilateral civil nuclear agreement.

During the sixth Foreign Minister-level strategic dialogue here, the two sides agreed to prepare a master plan for the industrial development of south India, especially areas around Chennai and Bangalore, and accelerate talks on export of rare earths to Japan.

Another decision was to extend their dialogue to a code of conduct in outer space, cyber security and maritime issues, including security and freedom of navigation in the South China Sea. The talks also covered Japanese investment in high speed trains, the Delhi-Mumbai Industrial Corridor and the Dedicated Freight Corridor. While agreeing to step up interaction between the Coast Guards, India and Japan decided to hold their first-ever maritime exercises towards the middle of the year.”

via The Hindu : News / National : Sign nuclear non-proliferation treaty, Japan tells India.

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21/03/2012

* US exempts 11 states from Iran sanctions; China, India excluded

Reuters: “The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian oil, but left Iran’s top customers China and India exposed to the possibility of such steps.

The decision means banks in these countries have been given a six-month reprieve from the threat of being cut off from the U.S. financial system under new sanctions designed to pressure Iran over its nuclear program.

The list did not include China and India, Iran’s top two crude oil importers, nor U.S. allies South Korea and Turkey, which are among the top-10 consumers of Iranian oil.

Japan, China and India combined buy close to half of Iran’s crude exports of 2.6 million barrels a day, providing crucial foreign exchange for the OPEC member.”

via U.S. exempts 11 states from Iran sanctions; China, India exposed | Reuters.

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