Japan is investing over 10 trillion yen ($65 billion) to revitalize its semiconductor industry, aiming to triple domestic chip sales by 2030. The initiative includes support for Rapidus, a state-backed venture focused on producing advanced 2-nanometer chips, as Japan seeks to regain its former chip leadership amid competition from Taiwan and South Korea. The plan also involves attracting global chipmakers like TSMC and Intel to bolster the local supply chain and enhance technological capabilities.
The yen has weakened beyond 155 per dollar for the first time since July, increasing the likelihood of Japanese intervention in the currency market to curb its decline. This drop follows a 0.4% slide to 155.15, exacerbated by rising Treasury yields, with the two-year yield hitting its highest level since July.
Rakuten Group Inc. is selling approximately 15% of its credit card division to Mizuho Financial Group Inc. for ¥165 billion ($1.1 billion). This move aims to bolster capital amid challenges stemming from its unprofitable mobile business.
Yen-hedged Treasury yields are poised to turn positive for the first time in two years, driven by Donald Trump’s election victory, which has led to rising US rates and reduced hedging costs. As of Tuesday, US 10-year yields stood at minus 13 basis points after accounting for the cost of protecting against a potential dollar decline against the yen. This marks a shift from negative yields that have persisted since September 2022, attributed to the Federal Reserve's interest-rate hikes increasing the cost of shorting the dollar.
Seven & i Holdings Co. is exploring a management buyout to go private, potentially valued at ¥9 trillion ($58 billion), with backing from banks, Itochu Corp., and the founding Ito family. This move may be a strategic response to increased interest from Alimentation Couche-Tard Inc. in acquiring the company.
Temasek Trust has committed $50 million to Tekoma Energy, a Japanese solar energy company owned by HSBC Asset Management. The investment, facilitated by ABC Impact, will enable Tekoma to develop and upscale its solar photovoltaics projects in Tokyo.
Asia-Pacific markets declined as Wall Street's postelection rally lost momentum following Donald Trump's election win. The S&P 500 fell 0.29%, the Nasdaq Composite dropped 0.09%, and the Dow Jones Industrial Average decreased by 0.86%. Small-cap stocks, particularly the Russell 2000, experienced a significant 1.4% decline, reversing gains from the previous day, amid concerns of potential profit-taking and market positioning risks. The dollar index rose 0.4%, reaching its highest level against a basket of currencies since July 2024.
Treasury yields rose and the dollar reached a two-year high ahead of crucial inflation data, which may impact Federal Reserve interest-rate cut expectations. Asian stocks are poised to decline following a significant US rally, with the S&P 500 retreating after its largest five-day gain in a year. Bitcoin neared $90,000 for the first time.
The US dollar has surged to a two-year high following Donald Trump's presidential victory, significantly impacting other currencies. The Bloomberg Dollar Spot Index reached its highest level since November 2022, causing the euro to drop to a one-year low, while the yen and Canadian dollar also weakened.
UBS has rated Infineon Technologies AG as 'Buy' with a target price of 42 euros. As a leading semiconductor manufacturer, Infineon's diverse product range serves various sectors, with 50.5% of sales in the automotive industry and significant contributions from power and sensor systems, industrial power control, and networked secure systems. Geographically, the company generates substantial revenue from China, Europe, and the USA.
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