Bank of Japan sells more than one trillion yen to stem currency’s value Japan has followed in Switzerland’s footsteps and intervened to stem the strength of its currency, which has been boosted by investors seeking safe-haven investments. The Bank of Japan had spent more than one trillion yen (£7.7bn) before the close of trading in Tokyo on Thursday, according to local reports, in an effort to drive down the value of the yen. It sold yen heavily on the foreign exchanges, and also eased monetary policy by expanding its asset purchasing scheme and offering more cheap loans to financial firms to encourage them to keep lending. The latest move in the crisis that is gripping the financial markets came as shares in London and Europe were expected to rebound, following Wednesday’s widespread heavy losses . Financial spreadbetters expect the FTSE 100 index in London to open some 30 points higher, while Germany’s Dax is seen opening 70 points higher and France’s CAC up 40 points. The intervention came after days of official warnings that the yen had risen so much that it threatened to derail Japan’s recovery from the devastating tsunami and earthquake in March. On Wednesday, Swiss authorities moved to stem what the national bank called the “massive overvaluation” of the Swiss franc. The Swiss National Bank announced a surprise interest rate cut to ease buying pressure on its currency. Japan’s intervention pushed the yen beyond a two-week low of 79 yen, from 77.10 yen. Finance minister Yoshihiko Noda said Japan had consulted its international partners but acted on its own. “Japan is just in the process of recovering from a natural disaster so these currency moves are certain to have a negative impact on the economy and financial markets,” he said. Global economy Japan Economics Julia Kollewe guardian.co.uk
Continue reading …Mike Huckabee is turning 9/11 into a cartoon to explain the day’s events and its aftermath to kids, reports the Daily News . His Learn Our History series is marketing 9/11 and the War on Terror for $9.95, complete with animated versions of George W. Bush shouting, “I can hear…
Continue reading …Pfizer hopes to sell an over-the-counter version of its popular cholesterol drug Lipitor, the Wall Street Journal reports. But first it will have to convince a skeptical FDA, which is wary about letting people use such statins without a doctor’s supervision. Pfizer loses the patent on Lipitor in November, and…
Continue reading …Moammar Gadhafi’s son Seif thinks Islamists are “terrorists,” are “bloody men,” and are generally “not nice” people. But he also thinks they’ll make fine partners with his family for a new Libya, he tells the New York Times . The new plan: Forge an alliance with the Islamists and drive out…
Continue reading …Last weekend’s death of a hiker brings this year’s Yosemite death toll to 14, more than double the typical number by this time of year. What’s going on? The Los Angeles Times thinks two factors may be at play: bigger crowds and the winter’s heavy snowfall. Last year was the…
Continue reading …If you loved TLC’s Sarah Palin’s Alaska , you’re in luck. The channel is getting up close and personal with another side of Palin—her girly one. The Alaska hair salon where Palin gets her up-do style will be the subject of a reality show on the network this fall, reports…
Continue reading …Six officers involved in the fatal beating of a homeless man in Fullerton, California, have been placed on leave as the FBI and the local DA investigate. An attorney for the officers defended their actions today, saying that 37-year-old Kelly Thomas has been “combative” and “resistant” when officers stopped him…
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Three senior figures to be fired as country still struggles to cope with aftermath of earthquake and disaster at nuclear plant Prime Minister Naoto Kan’s administration has announced it is to sack three senior nuclear policy officials amid scandals suggesting Japan’s government had grown too cosy with the nuclear power industry. The move is the latest attempt by Kan and his cabinet to shake off criticism they have not dealt sternly enough with nuclear power operators and to show they can push reforms deemed necessary after Japan’s 11 March earthquake and tsunami touched off the world’s worst nuclear accident since Chernobyl at the Fukushima plant. The trade and industry minister, Banri Kaieda, said the shakeup will involve three senior officials: the head of the Energy Agency, the head of the Nuclear Industrial Safety Agency and a vice-minister at the trade and industry ministry. “We want to refresh and revitalise the ministry,” Kaieda said. The three posts are under his supervision. Japan’s post-tsunami handling of the nuclear crisis has been hit recently by scandals over allegations that the government was too friendly with the nuclear industry and tried to secretly manipulate public discussions in favour of nuclear power at a number of seminars held before the current crisis began. The shakeup was seen as an attempt to calm that uproar. But Kan’s government continues to face a questions about its response to the crisis and even about how long Kan will be able to remain in office. The growing disarray in Kan’s administration was emphasised recently when his cabinet was unwilling to unify itself behind the PM’s call for Japan to completely wean itself off nuclear power. Kan had to later step back and explain the comment was a “personal” opinion. Kan, who faces a strong challenge from party rivals who want him to quit immediately, has said he will step down as soon as the country is on the recovery track. His top lieutenants have suggested that could be soon, but have refrained from setting a date. Kaieda, one of the most prominent faces in Kan’s Cabinet, is also expected to announce his resignation, but, again, has refused to say when. He recently broke down in tears under intense questioning in parliament and said he was willing to quit as soon as the proper time came. Japan disaster Japan Nuclear power Energy guardian.co.uk
Continue reading …Alex Rodriguez may have wagered more than he thought. The Yankees slugger is facing possible suspension over alleged involvement in high-stakes poker games, reports ESPN . The third baseman is accused of playing in at least two games—one at the Beverly Hills mansion of a record producer that included open…
Continue reading …Head of security service in northern Kunduz province assassinated, say police A car bomb has killed the head of Afghanistan’s intelligence service in the northern Kunduz province, say police. The blast on Thursday morning is the latest in a string of high profile assassinations, a spokesman for the Kunduz police chief said. Three civilians were also wounded by the blast from the bomb planted in the car of Payenda Khan, head of the National Directorate of Security in Kunduz, police spokesman Sayed Sarwar Husaini said. More details soon … Afghanistan guardian.co.uk
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