Call for participation In cooperation with our partner in research Japan Macro Advisors, we are holding a conference call on “The End of Kurodanomics” on September 8. In our view, the Bank of Japan is likely to be forced to taper its Quantitative and Qualitative Easing (QQE) program in the next few years. If so, the consequences could be disorderly. On this call, we examine 1) Sustainability of the BoJ’s…
Naomi Fink speaks to CNBC Asia’s Pauline Chiou on The Rundown. Topics for discussion include: Economy: warning signals if employees do not spend those enhanced summer bonuses Markets: could investment trusts get a bumper from bonuses? Risks to the policy outlook Carry trade and interest rates Risk of a premature QQE exit within this financial year
Watch Europacifica CEO on CNBC reviewing our bold non-consensus BOJ call last week; Also featured, our research on the relationship between monetary policy and Japanese megabanks’ US acquisitions Click here for a link to the video.
On Monday 1 August from 1pm – 2pm, the Asian Law Centre at the University of Melbourne will host the seminar “Structural Reform in the Japanese Financial Services Sector” by Ms Naomi Fink, CEO, Europacifica Consulting. 2006 was a watershed year for financial and economic reform in Japan. The then Prime Minister’s reformist agenda included reforms to the national budget system, special public corporations, medical insurance, national pension systems, and…
Yen has been the (perhaps unwilling) beneficiary of the risk-aversion of Brexit. This type of environment is a high risk environment for MOF intervention, but where volatility is mainly concentrated in the GBP (see graphic) not yen, intervening in USDJPY might not be so useful. Moreover, right while BOJ is supplying dollars via auction it is possible there is a desire not to intervene as a cross-current to this operation. That said,…
Europacifica CEO Naomi Fink has been invited to present her findings on Japanese Total Factor Productivity at the 2016 Annual Conference of Economists of the Economic Society of Australia in Adelaide. Her presentation is entitled Heterogeneity in Japanese TFP, Part 1: Why Overcoming Deflation Alone is Not Enough.
“I would hate to be one of the traders forced to make prices June 23-24.” A New York FX market-watcher – Geopolitical risk seems to be the over-arching theme this week; with market uncertainty (as we can see in stock weakness) over the UK referendum looming, neither the BOJ nor the Fed wished to take too hawkish a tone. – Add to this soft underlying inflation expectations (hence the weaker…
Speaking to Yvonne Man at Asia open on: The BOJ and Japanese inflation expectations The British referendum, its effects on markets and expectations The Nikkei and dollar-yen Cross-market risks See link for related article.
On the potential delay of the consumption tax hike in Japan: “It’s one very easy show of supporting consumption and also it’s a way of flexing political muscle,” Naomi Fink, CEO of Europacifica Consulting, told CNBC.”My main worry remains that this sends the wrong message with regards to fiscal credibility.” Click here for video link
Sentiment in stocks tends to be adversely affected by yen strength, though both might actually be influenced by global appetite for risk/uncertainty over global demand. Naomi Fink chats with CNBC’s Matthew Taylor on the yen, impact on Japanese corporates and BOJ policy. Click here to view the segment.