Japan’s Finance Minister Yosano on the Wires

Japan’s Finance Min Yosano confirms that PM Aso will request added stimulus today; thinks new stimulus will be ready by April 2nd, in time for G20 meeting

Japanese News

• Japan wants the upcoming G-20 meeting to focus on action to support the global economy instead of improving financial regulation (citing Finance Min Yosano.)
• Japans ruling party is considering expanding the stock purchase program to include ETF’s. The government would issue debt to raise funds for the ETF purchases.

Bobbys Corner-Open Market 3.12.2009

Good Morning,

Overnight the yen was the leader of the pack- as repatriation flows begin as the Japanese fiscal year ends on March 31.  Also,  Australian unemployment hit a 4 year high even though Australia has been able to stay ahead of the “worldwide recession”  due to their role as a primary supplier of commodities to China.  The problem for Australia is that when China ‘s economy slows down, and the need for commodities decrease-their economy may see a substantial downward spiral.

World equity markets fell, and U.S. futures turned lower as BMW reported lower earnings-and news that the Japanese economy slowed to the lowest levels since 1974 sent equities south.

Oil:$43.23                                                      Gold:$917.20Today’s data:
Retail Sales:                         exp: -.5%                prior: 1.0%
Jobless Claims:                  exp: 640K              prior; 639K
Business Inv:                      exp: -1.1%              prior: -1.3%

Have a GREAT DAY & Good Luck

Bobby Corner-Open Market 3.9.2009

I have returned from my business travels.  I have been at the World Money Show, the Traders Expo, and the Jordan Economic Forum in Amman, Jordan.  The shows were very insitful and promoted the most state of the art  products and services that the marketplace offers.

World equity markets along with U.S. Futures are lower as negative comments from Warren Buffet, along with the news that the U.K. government has taken over Lloyds Bank added to the markets woes.

The GBP continue to drift below the 1. 40 level as news od Lloyds bank and the general consensus that the U.K. economy will continue to deteriorate.  On another note the Japanese Current Account balance turned negative for the first time in   13 years.

Oil: $45.88                                   Gold: $936.00

No major economic data due out today.

HAVE A GREAT DAY & GOOD LUCK

“Mr. Yen” on the Wires

Former MoF Official Sakakibara (“Mr Yen”): Yen to range from 70 to 100 per dollar in 2009; Deterioration is worse in Japan and Europe than in the US

BoJ’s Suda on the Wires

BOJ’s Suda: Calls for flexibility in the event of materialized downside risks to economy; too much central bank intervention in corp finance could distort asset allocation

BoJ’s Shirakawa Comments

BoJ Gov Shirakawa: Japan’s economic situation is ‘severe’ and worsens faster than expected

Japanese Finance Minister Yosano on the news wires

•  JOBS REPORT UNDERSCORES RECESSION EFFECT ON ECONOMY
• WEAK YEN IMPACT LIMITED AS EXPORTS ARE FALLING
• YEN DROP MAY BE RESULT OF SPLIT VIEWS ON ECONOMY

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