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The Japanese currency rapidly rebounded by nearly 4 yen against the U.S. dollar in New York on Wednesday, briefly jumping into the upper 153 range. The yen was quoted at 157.77-87 at 8:40 a.m. in New York, but suddenly passed the 154 line in the late afternoon after the U.S. Federal Reserve released the results of its latest policy-setting meeting.
Kyodo News
Federal Reserve Chair Jerome Powell said Wednesday that the U.S. central bank's next policy rate move is "unlikely" to be a hike. Speaking at a press conference after the Fed's two-day policy meeting, Powell also said it appears that it will take longer for policymakers to gain enough confidence for a rate cut because of stubborn inflation, adding he does not have a clear timeframe.
Kyodo News
The U.S. Federal Reserve on Wednesday held its benchmark interest rate steady at a 23-year high of 5.25-5.50 percent amid stubborn inflation. The Fed's sixth consecutive decision to stick with the same target range for the federal funds rate, which commercial banks charge each other for overnight loans, was announced following a two-day policy meeting.
Kyodo News
The president of The Yomiuri Shimbun Holdings on Wednesday denied any plans to move the Yomiuri Giants baseball team into a 50,000-seat stadium to be built as part of a development project his company is involved with. The new stadium, a roofed multi-purpose venue that is slated to open in fiscal 2032, will be part of a redevelopment plan for Tokyo's old Tsukiji fish market. Toshikazu Yamaguchi, who also serves as owner of the group's baseball franchise, told a press conference, "It's only natural to want to try to use it (the new stadium), but no plans have been made around the concept of cha...
Kyodo News
Companies tasked with redeveloping the site of the iconic Tsukiji fish market in Tokyo said Wednesday they plan to invest 900 billion yen ($5.7 billion) in the project, which includes building a multi-purpose stadium. The consortium, including real estate developer Mitsui Fudosan Co., said it aimed to turn the location into a "gateway to Tokyo" that would draw people worldwide for sporting events and international conferences. "We will promote urban development by valuing elements such as the excitement brought by sports and Japan's world-renowned cuisine," Mitsui Fudosan President Takashi Ued...
Kyodo News
Japanese travelers are opting for shorter, cheaper and closer overseas trips during the country's Golden Week holidays as they feel the pinch from the yen weakening to 34-year lows and higher inflation abroad, according to a major travel firm. The average unit price for an overseas trip fell 1.5 percent from last year's Golden Week to 204,900 yen ($1,300), while the average number of days traveled was down by 1.0 at 6.0 days, H.I.S. said. Cost-efficient holidays to neighboring Asian destinations have proven popular for outbound tourists, with South Korea's capital, Seoul, topping the ranking o...
Kyodo News
Tokyo stocks ended slightly lower Wednesday as investors cautiously awaited the outcome of the U.S. Federal Reserve monetary policy meeting later in the day. The 225-issue Nikkei Stock Average ended down 131.61 points, or 0.34 percent, from Tuesday at 38,274.05. The broader Topix index finished 13.77 points, or 0.50 percent, lower at 2,729.40. On the top-tier Prime Market, decliners were led by marine transportation, securities, and oil and coal product issues. The U.S. dollar was firm in the upper 157 yen range in Tokyo as the currency was bought on expectations that the Fed would keep intere...
Kyodo News
Itochu Corp. said Wednesday that it and an investment fund have set up a new company to take over main operations of used car dealership Bigmotor Co., which had been mired in an insurance fraud scandal. The new company, Wecars Co., will run Bigmotor's core businesses such as used car sales and repair operations, with all management executives of the troubled company dismissed from their posts. Bigmotor was renamed Balm Co. and will focus on reparations. Itochu and its energy unit Itochu Enex Co. took a 49.9 percent stake in Wecars and investment fund J-Will Partners holds the rest, with combin...
Kyodo News
Tokyo stocks fell Wednesday morning following overnight falls on Wall Street, with investors becoming wary ahead of the results of a U.S. Federal Reserve policy meeting later in the day. The 225-issue Nikkei Stock Average fell 216.12 points, or 0.56 percent, from Tuesday to 38,189.54. The broader Topix index was down 17.47 points, or 0.64 percent, at 2,725.70. The U.S. dollar was firm in the upper 157 yen range in Tokyo as the currency was bought on expectations that the Fed would keep interest rates elevated for longer than expected after U.S. data released Tuesday pointed to increasing labor...
Kyodo News
Tokyo stocks opened lower Wednesday, tracking an overnight decline on Wall Street, while investors adopted a wait-and-see attitude ahead of the outcome later in the day of the U.S. Federal Reserve's policy meeting. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 168.33 points, or 0.44 percent, from Tuesday to 38,237.33. The broader Topix index was down 14.60 points, or 0.53 percent, at 2,728.57. On the top-tier Prime Market, decliners were led by oil and coal product, securities and mining issues. At 9 a.m., the U.S. dollar fetched 157.75-76 yen compared with 157.76...
Kyodo News
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