The Bank of Japan pledged to adjust its unprecedented stimulus program as needed after a jump in bond yields that highlighted risks linked to policy makers’ campaign to revive the world’s third-largest economy.
Federal Reserve Bank of New York President William C. Dudley said he has not decided whether the Fed’s next move should be to enlarge or shrink its bond buying program as he called for a fresh look at its eventual retreat from record asset purchases.
As Japan’s cherry trees bloomed and the stock market soared, Kohetsu Watanabe flew to a blossom- viewing party in Tokyo hosted by Prime Minister Shinzo Abe to tell the premier personally how bad things really are.
It has been 35 years since California voters overwhelmingly approved Proposition 13, a measure that, as Governor Jerry Brown put it in 2011, “started the centralization of power” in the state. He should know because he was also governor in 1978 and helped oversee that shift.
Puerto Rico Governor Alejandro Garcia Padilla is considering raising taxes on oil products and increasing license fees on luxury cars to support $2.2 billion of planned borrowing this year that will help shore up the island’s highway authority.
The Italian Cabinet agreed today to suspend the payment of a residential property tax due in June, an unpopular levy adopted by former Prime Minister Mario Monti to help reduce the country’s budget deficit.