SoftBank Group Corp. reported its largest quarterly profit in two years, achieving a net income of ¥1.18 trillion ($7.7 billion) for the September quarter, a significant turnaround from a net loss of ¥931 billion the previous year. This surge was driven by successful Indian IPOs and a gain of ¥373 billion from the Vision Fund, aided by rising valuations of companies like Didi Global Inc. and Coupang Inc.
Shares in Nissan Motor Co. surged after a Cayman-affiliated firm acquired a 2.5% stake in the company. This rebound follows a significant decline in Nissan's stock last week, prompted by job cuts, a reduction in manufacturing capacity by 20%, and lowered financial forecasts for the fiscal year.
JPMorgan Chase & Co. has appointed Hiroki Kimakura from Goldman Sachs to lead yen rates trading in Tokyo, amid increasing activity in Japan's $7.3 trillion sovereign debt market. Kimakura takes on the role of managing director and head of Japan fixed-income trading, overseeing Japanese government bonds and yen interest-rate derivatives. He succeeds Yoichi Takemura, who recently transitioned to hedge fund firm Garda Capital Partners.
Asia-Pacific markets mostly declined as the U.S. postelection rally failed to boost regional sentiment. Softbank Group is set to report a profit of 286.8 billion yen for Q2, reflecting over 100% year-on-year growth, while Australian consumer sentiment rose 5.3% in November amid easing financial pressures. Chinese markets are under scrutiny following a disappointing debt swap program, prompting investors to adopt a long-term perspective. Meanwhile, the iShares Bitcoin Trust ETF has surpassed the iShares Gold Trust in assets under management, marking a significant milestone in the crypto space.
Vale S.A. is a leading global metallurgical and mining group, with 80.2% of its revenue derived from ferrous minerals and metals, including 254 million tons of ferrous minerals sold in 2020. Non-ferrous minerals and metals account for 17.9%, while coal contributes 1.2%. Geographically, the majority of sales are concentrated in China (57.8%), followed by Europe (13.3%) and Japan (5.5%).
Vale S.A. is a leading global metallurgical and mining group, with 80.2% of its revenue derived from ferrous minerals and metals, including 254 million tons of ferrous minerals sold in 2020. Non-ferrous minerals and metals account for 17.9%, while coal contributes 1.2%. Geographically, the majority of sales are concentrated in China (57.8%), followed by Europe (13.3%) and Japan (5.5%).
Japanese Prime Minister Shigeru Ishiba has announced a commitment of over $65 billion to bolster the country's semiconductor and artificial intelligence sectors over the next decade. This investment aims to stimulate public and private funding exceeding ¥50 trillion by fiscal 2030.
The dollar surged to its highest level in a year, driven by optimism surrounding Donald Trump's presidential victory. The Bloomberg Dollar Spot Index increased by 0.7%, as traders anticipated that Trump's trade policies would strengthen the dollar while negatively impacting major currencies like the euro. The yen notably underperformed among developed currencies.
This week’s trading opportunity focuses on a long position in USD/JPY, as the pair remains above the 200-day simple moving average and is expected to rally further. A stop loss is set at ¥151.30, with an upside target just below ¥160.00. Previous trades included a short position in cotton futures and WTI crude oil, with the latter still in play as prices trend downwards.
Japan's new economic stimulus package will provide cash handouts to low-income households to alleviate inflation impacts, with increased amounts based on the number of children. Additionally, the plan includes enhanced disaster preparedness measures, such as streamlining the registration for emergency shelters and expediting air conditioning installations in school gymnasiums.
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