BOJ Considering Raising Inflation Forecasts to Near 2% Target -Nikkei

The Bank of Japan (BOJ) is considering raising its inflation forecasts in January to show price growth close to its 2% target in fiscal 2023 and 2024, Nikkei reported on Saturday.The BOJ jolted markets this month by widening its 10-year yield cap range, a move officially aimed at straightening out bond market distortions but seen by some analysts as a prelude to the exit from its ultra-loose monetary easing.Upgrades to the BOJ’s inflation forecast would further fuel such speculation as Governor Haruhiko Kuroda has said the central bank could discuss…

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Indonesia Economic News 

Indonesia Issues Emergency Regulation to Replace Controversial Job Creation Law

Indonesia’s President Joko Widodo has signed an emergency regulation to replace the controversial job creation law, his chief economics minister said on Friday, a law that the Constitutional Court had ruled was flawed in 2021.  Airlangga Hartarto said the move was to ensure legal certainty and achieve the government’s investment target amid global geopolitical tension.  The Constitutional Court last year ruled that the passage of the president’s vaunted Jobs Creation Law was flawed due to inadequate public consultations, and ordered lawmakers to restart the process within two years. The law…

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Modi's Popularity India 

Analysis-Modi’s Popularity Key to Selling cut in Food Aid Ahead of Indian Elections

Indian Prime Minister Narendra Modi’s move to effectively halve food rations to the poor ahead of state polls next year and a general election in 2024 is fiscally sound, but politically much depends on whether the charismatic leader can sell it to voters. Subsidised food and other items are key to winning elections in India, where food aid is a legal right and more than 800 million people received an extra 5 kgs of free rice or wheat in the last 28 months as COVID-19 ravaged their finances. The free…

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raising wages Market 

Japan to Make Raising Wages a Top Priority, Says Senior Govt official

Japan’s government will make raising wages a top priority in its economic policy next year, Deputy Chief Cabinet Secretary Seiji Kihara said on Wednesday. “The biggest challenge for Japan’s economy is a lack of wage growth. Unless wages rise, consumption won’t pick up and companies won’t increase investment,” Kihara said, speaking during a television programme. While companies are responsible for deciding how much they hike pay, the government can help achieve higher wages through tax incentives, Kihara said. The government can also prod firms to disclose more information on how…

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Toyota's Market 

Toyota’s Nov Global Vehicle Production Rises 1.5% to Record 833,104

Toyota Motor (NYSE:TM) Corp reported on Monday a 1.5% rise in November global vehicle output, reaching a new record of 833,104. domestic production slid 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month. Global sales and production in November exceeded last year’s levels due to solid demand, particularly in North America, and a recovery in parts supplies that had been impacted by COVID-19 slowdowns, Toyota said. The automaker reported earlier this month it expected to produce 700,000 vehicles in January and…

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Oil Refinery Oil 

Mexico’s Newest Oil Refinery Now Seen Working At Half Capacity in Mid-2023

Mexican state oil company Pemex’s newest refinery will reach half of its crude processing capacity in July, the national president said on Friday, marking the latest shift in timing for the project’s operations. The Olmeca oil refinery, being built next to the Dos Bocas port, is set to be Pemex’s eighth when it comes on line. It is key to Mexican President Andres Manuel Lopez Obrador’s plan to make the country self-sufficient in gasoline and diesel, ending longstanding heavy dependence on imports, mainly from U.S. refiners. Describing the construction of…

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Dollar retreats U.S. 

Dollar Retreats After Overnight Gains, Ahead of Economic Data Dump

The U.S. dollar slipped lower in early European trade Friday, handing back some of the previous session’s gains as traders attempt to gauge the Federal Reserve’s likely tightening path in the new year. At 02:55 ET (07:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.2% to 103.877. The dollar posted strong gains on Thursday after data showed that the U.S. labor market remained tight as well as confirming that the country’s economy rebounded in the third quarter at a pace faster…

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Chile fires World 

Chile Fires hit Port and Coastal City, Two Dead

A major fire broke out at Chile’s Ventanas port near a refinery and smelter belonging to state-run miner Codelco, but the company said on Thursday operations have not been affected. Meanwhile, a separate forest fire south of Ventanas near the coastal tourist city of Viña del Mar raged, killing at least two people while destroying some 200 homes, according to an interior ministry official. That fire has consumed 272 acres (110 hectares) so far, the official said, as fire fighters struggled to contain it. The government also declared a state…

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Oil Extends Rally Oil 

Oil Extends Rally as U.S. Supplies Tighten Ahead of Demand-Heavy Holidays

Oil prices extended gains into a fourth straight session on Thursday after inventory data showed that U.S. supplies remained tight ahead of a demand-heavy holiday season, although caution ahead of key economic readings kept gains limited. Data on Wednesday showed that U.S. crude inventories shrank far more than expected in the previous week, with decreases in heating oil and jet fuel stocks coming just ahead of an expected increase in travel demand and a potential cold snap at the end of the year. The inventory declines came even as the…

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Asia FX Asian Market 

Asia FX Weakens as Dollar Steadies from BOJ Shock, Yen Slips

Most Asian currencies fell on Wednesday as the dollar steadied from a sharp tumble against the yen, while the Japanese currency retreated slightly from a four-month high as markets digested a surprise policy shift by the Bank of Japan. The yen fell 0.3% to 132.06 against the dollar, after rallying over 3% in the prior session. The BOJ held interest rates at record lows on Tuesday, but unexpectedly widened the range within which it allows yields on the benchmark government bonds to fluctuate, which markets took as a signal that…

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