Japan
Yen Strengthens to 14-Year High Against the Dollar on Global Risk Aversion The yen strengthened to a 14-year
high against the dollar, climbing past 85 to the greenback and
prompting speculation Japan will intervene in markets to
preserve the nation’s export-led economic recovery.
Sony, Toyota, Japan's Exporters Are on `the Edge of a Cliff' as Yen Surges Toyota Motor Corp., Canon Inc. and
Sony Corp. are among Japanese exporters that may miss their
forecasts as the yen strengthens more than they anticipated,
eroding their earnings from cameras, televisions and cars sold
overseas, investors said.
Fujii Says He'll Contact U.S., Europe on Currencies If Needed as Yen Jumps Japanese Finance Minister Hirohisa
Fujii said he may contact U.S. and European officials to act on
currencies, amid concern the yen’s surge to a 14-year high will
hamper the economic recovery.
Asia-Pacific Construction Shares Fall on Dubai World Debt Payment Concerns Construction stocks in the Asia-
Pacific region fell, led by Leighton Holdings Ltd., Kajima Corp.
and Obayashi Corp., on concern Dubai World’s proposal to delay
debt payments may lead to losses and project cancellations.
Jobless Rate Unexpectedly Falls to a Six-Month Low as Economy Recovers Japan’s unemployment rate in October
unexpectedly fell for a third month, a sign that the worst may
be over for the labor market.
Credit-Default Swap Reforms Roiled as Aiful, Cemex, Thomson Test Payments Wall Street’s system for determining
payments on derivatives linked to the debt of defaulted
companies is showing cracks less than a year after securities
firms changed practices to avoid “Draconian” regulation.
Firms May `Struggle to Survive' With Yen at 14-Year High, Tokyo Shoko Says Japanese corporate bankruptcies may
start rising around February should the currency hold near a 14-
year high against the dollar, according to Nobuo Tomoda, an
official at Tokyo Shoko Research Ltd.
Sparx Group Aims to Raise as Much as $230 Million for Environmental Fund Sparx Group Co., Asia’s biggest
hedge-fund company, plans to raise 20 billion yen ($230 million)
for a fund aimed at investing in Japanese environmental
technology firms as mandates to cut carbon emissions spur demand.
Japan Trade Ministry Backs Toshiba Bid for Areva Grid Unit, Dow Jones Says Japan’s trade ministry backed
Toshiba Corp.’s bid for Areva SA’s power-grid division in a
letter to French Finance Minister Christine Lagarde, Dow Jones
reported, citing a person close to Toshiba.
T&D Holdings Plans to Raise Up To $1.6 Billion From Sale of New Shares T&D Holdings Inc., Japan’s largest
publicly traded insurer, plans to raise as much as 136.9 billion
yen ($1.6 billion) from a sale of new shares, according to a
statement today to the Tokyo Stock Exchange.
Hirano Says Yen Moves Undesirable, Stops Short of Call for Dollar Support Japanese Chief Cabinet Secretary
Hirofumi Hirano said rapid exchange rate moves aren’t desirable
after the yen rose to a 14-year high against the U.S. dollar,
falling short of calling for intervention to halt the gains.
U.S. Asks Japan to Join Pacific-Rim Trade Negotiations, Nikkei Reports The U.S. government wants Japan to
join talks for a proposed free trade agreement involving Pacific
Rim countries, Nikkei English News said, citing officials
familiar with the matter.
Hatoyama Group Failed to Report $1 Million Family Donation, Mainichi Says A fundraising group for Japanese
Prime Minister Yukio Hatoyama failed to report a donation of
about 100 million yen ($1.2 million) received from the
politician’s mother, the Mainichi newspaper reported.
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