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Euro-yen is gaining attention as the European Central Bank and Bank of Japan pursue diverging monetary policies, creating potential trading opportunities. Analysts from Rabobank, Nomura Securities, and Mizuho Securities predict the euro-yen could fall to between 140 and 150 by the end of next year, a level not seen since June 2023, while it currently stands around 164.
The U.S. dollar fell to a one-week low against major currencies, continuing a three-day decline after a brief rally post-Trump"s election. This drop followed comments from Russia"s foreign minister about avoiding nuclear conflict, which dampened the dollar"s safe-haven appeal. Meanwhile, Bitcoin surged to a record high above $94,000, buoyed by expectations of a more favorable regulatory environment for cryptocurrencies under the new administration.
Japan recorded a trade deficit of 461 billion yen ($3 billion) in October, marking the fourth consecutive month of negative trade balance. While exports rose by 3.1% due to increased shipments of semiconductor production equipment, imports grew by 0.4%, driven by high energy prices and a weak yen. Concerns over slowing global demand and potential trade tensions following the reelection of Donald Trump add to the uncertainty surrounding Japan"s economic outlook.
Shares of Seven & i surged nearly 11% following reports that its founding family is raising over $50 billion to take the company private by March 2025. The funds will be sourced from major Japanese and American financial institutions for a tender offer. This potential acquisition could mark the largest buyout of a Japanese company to date.
Kadokawa"s shares surged 16% following reports of Sony"s interest in acquiring the company, which is known for its influence in publishing, anime, and gaming, including the developer of "Elden Ring," FromSoftware. The stock closed up 23% at its daily limit, reflecting the growing significance of anime and manga in the global market, projected to reach $60 billion by 2030. Industry expert Serkan Toto noted that Sony recognizes the global impact of anime and manga.
Shares of Seven & i Holdings Co. surged by up to 11% in early Tokyo trading following reports that the Ito family aims to finalize a deal to take the company private by the end of its fiscal year in February. A special-purpose company formed by the family and other stakeholders is planning a takeover bid, seeking to raise over ¥8 trillion ($51.7 billion) from major banks and U.S. financial institutions.
Japan"s exports rose 3.1% in October, rebounding from a 43-month low, surpassing economists" expectations of a 2.2% increase. The most significant growth was seen in exports to the Middle East, which surged by 35.4%. However, the trade deficit widened to 461.2 billion yen, exceeding forecasts.
Asia-Pacific markets opened mostly higher, with Japan"s Nikkei 225 and Topix showing slight gains ahead of key trade data. Economists expect Japan"s exports to rise 2.2% year over year, while imports may drop 0.3%. In China, the benchmark lending rates are anticipated to remain unchanged after recent cuts. Geopolitical tensions are influencing market sentiment, particularly following warnings from Russian President Vladimir Putin regarding nuclear thresholds, which coincided with reports of Ukraine striking the Russian border.
Two established private banks in western Switzerland, Gonet & Cie and ONE swiss bank, are set to merge, creating a new entity under the Gonet brand, led by CEO Jean-René Lepezel. This merger, facilitated by Arab Bank Switzerland, will oversee approximately 12 billion francs in assets and is expected to complete by mid-2025, pending regulatory approval. The combined expertise will enhance offerings, particularly through Dynagest, ONE swiss bank’s asset management division.
Nippon Steel Vice President Takahiro Mori is scheduled to meet with Pennsylvania Governor Josh Shapiro to discuss the potential benefits of the company"s proposed $14.1 billion acquisition of United States Steel Corp. The meeting will focus on the long-term impacts on Pittsburgh"s plants and trade unions.
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