Tsutomu Okubo News
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Japan’s biggest corporations are weakening the yen through record takeovers of everything from a U.S. phone company to a Swiss drugmaker, after central bank Governor Masaaki Shirakawa’s attempts to halt the currency’s rise proved fleeting.
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The yen weakened past 80 against the dollar for the first time in three months as signs the world’s third-largest economy is closer to contraction fanned speculation that the Bank of Japan will add further stimulus.
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Most Japanese stocks fell, led by nuclear-power generators. The declines were limited as exporters climbed after the yen touched a three-month low amid speculation the central bank will add to stimulus programs.
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Further stimulus by the Bank of Japan would be more effective in weakening the yen than currency intervention, a ruling party lawmaker said, a sign politicians will continue to press the BOJ to do more.
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Japan should hold more of its foreign reserves in emerging market assets to diversify its $1.2 trillion pool, a ruling party lawmaker said.
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The New York Stock Exchange’s plan to lure more stock orders from individuals was approved by the U.S. Securities and Exchange Commission, dealing a setback to Wall Street firms that increasingly keep the business for themselves.
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Barclays Plc saved itself 25.5 million pounds ($40 million) in fines by moving first to settle a probe over the rigging of global interest rates. In return, it has lost three top executives, $5 billion of market value and sparked a government inquiry.
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The European Union is poised to scrap most parts of a proposal that would force businesses to rotate the credit-ratings company they hire to assess their debt.
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The futures industry is recommending more rigorous reporting and internal controls for brokerages as $1.6 billion of customer money is still unaccounted for after the bankruptcy of MF Global Holdings Ltd.
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Japan’s ruling party is seeking to amend laws to require stricter oversight of asset management firms in a bid to avoid a recurrence of the AIJ Investment Advisors Co. case.
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