The yen weakened beyond 100 per dollar for the first time in four years as the Bank of Japan’s deflation-fighting measures have the currency headed for its longest streak of monthly losses in almost two decades.
The last time Masao Namiki bought machinery for his company, Emperor Hirohito had just died, Japanese investors took the Rockefeller Center as a trophy, and a new central bank chief was about to prick the bubble economy. It was 1989.
The yen headed for its longest string of monthly losses in more than a decade on prospects lingering deflation will prompt Bank of Japan Governor Haruhiko Kuroda to boost stimulus measures at a policy meeting next week.
As president of the Manila-based Asian Development Bank, Haruhiko Kuroda spent the past seven years confronting the challenges posed by 48 diverse, dynamic and complex Asia-Pacific economies. If he thought that was hard work, consider what awaits him in Tokyo as he prepares to lead the Bank of Japan.
Softbank Corp. President Masayoshi Son is betting $20 billion he can add value by buying control of Sprint Nextel Corp. in the biggest Japanese purchase of a foreign company. There’s 26 trillion yen ($330 billion) that says he can’t.
Japan’s government bond yield curve is pricing in the success of Haruhiko Kuroda in adopting more aggressive easing as the next Bank of Japan governor and his ultimate failure to hit a 2 percent inflation target.
Mizuho Financial Group Inc. , Japan’s second-largest publicly traded bank by assets, is raising as much as 748 billion yen ($8.4 billion) in its second share sale in a year to comply with stricter global capital rules.