Japan -Pfizer Vaccines: Contaminated Pfizer Vaccines Reported In Several Japanese Cities

Several cities in Japan have reported ‘white-colored floating substances’ in Vials of Pfizer’s Covid-19 vaccine, according to Bloomberg.

The vials came from lot FF5357, where white contaminants were first reported by Kamakura City in Kanagawa prefecture. On Tuesday, two more cities – neighboring Sagamihara and Sakai City in Osaka prefecture reported contaminated vials, however there were no reports of adverse reactions. In Sagamihara, white substances were reported at three different vaccination sites on Sept. 11, 12 and 14.

Read more at: Contaminated Pfizer Vaccines Reported In Several Japanese Cities

Japan Extends 3rd State Of Emergency Weeks Before Olympics - by Anthony Kuhn

Japan's government extended a state of emergency covering major cities until at least until June 20 — roughly a month before the start of the Tokyo Olympics, which polls show an overwhelming number of Japanese do not want to proceed as scheduled.

It's Japan's third state of emergency of the pandemic and the second extension since the current emergency began on April 25. The emergency shortens some businesses' hours, and caps attendance at large events. It covers the capital Tokyo, second city Osaka and seven other prefectures. Less stringent "quasi-emergencies" will be extended to June 20 in five other prefectures.

Read more at: Japan Extends 3rd State Of Emergency Weeks Before Olympics : Coronavirus Updates : NPR

Global Warming ?: Japan hit by biggest Typhoon in decades

Typhoon Hagibis: Biggest Japan storm in decades makes landfall

Read  more at: 

https://www.bbc.co.uk/news/world-asia-50020108

EU-Japan Relations: EU and Japan join forces to counter US and Chinese initiatives – by Jorge Valero

The EU and Japan signed on Friday (27 September) a holistic partnership to promote investment projects based on rules-based and sustainable principles, and to counter the risks posed by the US and China.

The EU-Japan partnership on sustainable connectivity – a term covering an array of trade, economic, transport and environmental fields – and quality infrastructure was presented to other Asian partners during the EU-Asia connectivity forum held on Friday.

Both partners agreed to “promote free, open, rules-based, fair, non- discriminatory and predictable regional and international trade and investment, transparent procurement practices, the ensuring of debt sustainability and the high standards of economic, fiscal, financial, social and environmental sustainability,” the text reads.

The deal will cover all dimensions of connectivity including digital, transport, energy and people-to-people exchanges.

Read more: EU and Japan join forces to counter US and Chinese initiatives – EURACTIV.com

GLOBAL Trade and Tariffs: US president Trumps dealmaking skills as India and Japan Trade deals hit snags

Trump's dealmaking skills on trial as India, Japan trade deals hit snags.

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https://p.dw.com/p/3QA53

Data Protection: EU, Japan edge towards data protection dealbusiness and politics

Following the July conclusion of EU-Japan talks on personal data flows, the Commission launched Thursday a procedure for adoption of its decision on data protection adequacy between the two blocs.

"We are creating the world's largest area of safe data flows," said the EU's Justice Commissioner Vera Jourova, as she briefed the College of Commissioners on next steps and the Commission published the draft adequacy decision and the related documents.

This includes additional safeguards that Japan will apply to EU personal data transferred to Japan, as well as commitments regarding access to personal data by Japanese public authorities for law enforcement and national security purposes, guaranteeing that their level of data protection is adequate to that of the EU's. Japan is going through a similar process to recognise the EU's data protection framework.

Read more : EU, Japan edge towards data protection deal — EUbusiness.com | EU news, business and politics

Data Protection: EU, Japan edge towards data protection dealbusiness and politics

Following the July conclusion of EU-Japan talks on personal data flows, the Commission launched Thursday a procedure for adoption of its decision on data protection adequacy between the two blocs.

"We are creating the world's largest area of safe data flows," said the EU's Justice Commissioner Vera Jourova, as she briefed the College of Commissioners on next steps and the Commission published the draft adequacy decision and the related documents.

This includes additional safeguards that Japan will apply to EU personal data transferred to Japan, as well as commitments regarding access to personal data by Japanese public authorities for law enforcement and national security purposes, guaranteeing that their level of data protection is adequate to that of the EU's. Japan is going through a similar process to recognise the EU's data protection framework.

Read more : EU, Japan edge towards data protection deal — EUbusiness.com | EU news, business and politics

EU - Japan relations: Multi Billion Free Trade Agreement which defies protectionism

For the complete report go to:

https://www.dw.com/en/eu-japan-free-trade-agreement-defies-protectionism/a-44695274

EU and Japan finalize trade deal

The EU and Japan finalised negotiations on a free trade agreement on Friday (8 December), the bloc's executive announced. The accord builds on the political agreement reached by the two sides over the summer. However, the deal does not cover investment protection yet, as negotiations on dispute resolution continue. The deal creates an economic zone of 30 percent of the world's GDP, according to the EU commission.

Read more: EU and Japan finalise trade deal

Helicopter Money: Why Some Economists Are Talking About Dropping Money From the Sky - by Neil Erwin

For years, central banks have been doing everything they can think of to try to get higher inflation and stronger growth. The next step just may be a metaphorical helicopter, high above Tokyo. The Bank of Japan met Friday to decide on the next steps in its long battle against deflation, or falling prices, and analysts had thought it might pursue some coordinated effort with the Japanese government using an idea with a long historical lineage.

“Helicopter money” is the term economists and market-watchers use for an aggressive form of monetary stimulus — the government’s power to print money — to try to spur growth and get inflation higher. There had been buzz that the Bank of Japan could move in that direction, but it elected to take only a smaller action. The bank did say it would do a “comprehensive review” of policy in the months to come that could presage more coordination between the bank and the Japanese government.

It is an idea based on a metaphor used by the renowned economist Milton Friedman nearly five decades ago and given new life in this century by Ben Bernanke. It is also a policy that has echoes of some of the great catastrophes of economic history. And regardless of what, if anything, the Japanese central bank does this fall, if the global economy’s deflationary doldrums continue, expect the discussion around these metaphorical helicopters to get louder. They say desperate times demand desperate measures. Helicopter money is what monetary policy desperation looks like.

Read complete report  - click hrtr Helicopter Money: Why Some Economists Are Talking About Dropping Money From the Sky - The New York Times

Global Economy: With a global economy in serious trouble, something's got to give - by Ian Verrender

Economic growth is faltering and increasingly desperate measures by central banks are proving ineffective. Meanwhile, both stocks and bonds are hitting record highs. It's an each way bet on boom and bust and it's unheard of, writes Ian Verrender.

John Maynard Keynes reputedly once said that markets could remain irrational longer than you could remain solvent after losing a substantial amount of dosh on a trade gone wrong.

While there's no direct evidence of him ever mouthing those exact words, he was pretty clued up on just how irrational the world and markets could be.

Just consider the past month. Any rational investor would pull their cash out of the market right now as economic growth continues to falter and as governments fret about deflation.

But it is not to be. Wall Street finished the month on a tear, close to an all time record, just as America revealed second quarter annual growth of just 1.2 per cent, well below the expected 2.6 per cent.

It was a result that almost certainly derails the US Federal Reserve's plans to hike interest rates next month and came just hours after the European Union reported a similarly tepid economic performance.

Eurozone growth slowed in the second quarter with an annual rise of 1.6 per cent.

Meanwhile, stress tests of European banks again revealed massive problems in Italy's banking system while two major UK banks, Royal Bank of Scotland and Barclays, performed poorly.

The world's oldest bank, Italy's Bank Monte dei Paschi di Siena, was the worst performer, and was bailed out over the weekend. It's no minnow, by the way. As Italy's third biggest deposit taker, it's a too-big-to-fail operation.

Germany's Deutsche Bank passed the stress test but so far this year has seen its market value decline more than 43 per cent. It is a similar tale across much of Europe and it indicates the Continent's banking system is ill-equipped to handle another crisis.

Meanwhile in Japan, the central bank on Friday developed a severe case of cold feet, with a decision to not push even further into the monetary policy unknown.

It was expected to embrace a new round of radical policy known as Helicopter Money. While it did announce an extra round of stimulus, with a policy to pump even more cash into the economy, it opted not to board the chopper.

Helicopter Money is a process where the government rains cash down on the country with direct deposits into citizens' and company accounts.

The idea is that this would be financed by the central bank buying government bonds. That, however, is a policy that ultimately destroys the concept of an independent central bank, as monetary policy is employed to finance government largesse.

The fact that it was a close call tells you that not only is it being considered but that the global economy is in serious trouble.

After decades of poor performance, Japan has embraced the most radical monetary policies the world has ever witnessed and on a scale that could never have been imagined.

It has ramped up its Quantitative Easing program - a euphemism for money printing - to never before seen levels and hacked interest rates to below zero, a policy it swore it would never embrace.

On Friday, Bank of Japan governor Haruhiko Kuroda merely tinkered around the edges with some modest extra spending. More importantly, he raised questions about whether the central bank had gone far enough and said it was time to assess the impact of their policies.

On Tuesday, our very own central bank gathers to ponder the very same questions. It will be Glenn Stevens last meeting as governor.

Pressure is mounting for the Reserve Bank of Australia to apply pressure to the currency, to deflate the Australian dollar in a bid to boost inflation and lift global competitiveness.

At 1.75 per cent, our rates are the lowest on record. But they are still well above those in most of the developed world, attracting cash from the globe and pushing the currency higher. While last week's inflation numbers were weak enough to allow another cut, it won't be an easy decision.

Having deliberately fired up the already inflated east coast housing market to promote a construction boom, the central bank can ill afford for prices to head further into la la land.

Stopping that will require it to restrict lending for housing, a policy it has been reluctant to implement and even more hesitant to enforce.

Then there is the point Kuroda made on Friday. Would another cut have any beneficial impact? Would it encourage greater consumption or ignite business investment?

The answer is probably no. Australians have the highest household debt in the world and the rate cuts have prompted many to merely pay down their loans quicker. There is nothing wrong with that. But the point is, it comes at the expense of boosting consumption and business turnover.

When it comes to business, lower rates have had the perverse effect of inhibiting investment. Shareholders, unable to secure a decent return on bonds or cash, have demanded ever greater dividends from corporations.

Rather than reinvest profits into the business, most corporations have succumbed to shareholder pressure, paying out an ever greater proportion of their earnings in dividends. Similarly, given the global uncertainty, they have shied away from taking on massive amounts of new debt.

In another indication of just how nervous our business leaders have become, takeover activity, which normally runs hot when markets are in overdrive, has all but dried up.

When the takeover for logistics group Asciano last week was wrapped up, it left a deathly quiet in the mergers and acquisitions departments of our big investment banks. There's now officially nothing happening.

Meanwhile, the tension between those betting on calamity and boom continues.

US 10 year bond prices rose Friday, slicing the yield to just 1.45 per cent, after the lacklustre economic growth figures were released.

While that is not as low as the 1.31 per cent record of a month back, it indicates the incredible demand for those seeking the shelter of a safe haven.

Similarly, gold prices continued to push higher. With interest rates close to or even below zero, gold once again has become the choice for those seeking a safe harbour.

For more than two years, bonds and stocks have been heading in the same direction. Both have been hitting record highs. It's an each way bet on boom and bust and it's unheard of.

Something has to give at some stage. Either the global economy will recover, rates will rise and those holding bonds or overpriced real estate will do their shirts. Or stock market investors will wake up one day and discover that central banks have run out of ammunition causing a stampede for the exits.

Either way it won't be pretty.

Read more click here

Brexit - Japan: Toyota eyes legal action against Brexit camp's use of its log

Toyota Motor Corp. said Thursday it is considering legal action against the official campaign for Britain to leave the European Union for using its logo in the group's leaflets in a move implying the Japanese automaker backs Brexit.

Toyota said in a statement that the use of the Toyota logo in Vote Leave campaign flyers ahead of the June 23 referendum "could mislead the reader into thinking that Toyota endorses the Vote Leave campaign."

The automaker said it fully respects whether to remain or to leave the European Union is for the British people to decide, while repeating its belief that British membership of the European Union is "best" for Toyota's operations and long term competitiveness.

Read more: Toyota eyes legal action against Brexit camp's use of its logo | Kyodo News

Global Economy: The crash of 2016? - by Robert J. Samuels

You cannot understand the vulnerable state of the U.S. and global economies — and nervous stock markets — without coming to grips with the crash of “emerging-market” countries. Led by China, these are middle-income countries that, along with the poorest countries, account for 85 percent of the world’s population and 60 percent of the global economy, according to Christine Lagarde, head of the International Monetary Fund.

In many ways, their voyage into the global marketplace is a triumph. Rapid economic growth, driven in part by trade and international investment, has catapulted hundreds of millions of people out of deep poverty. By World Bank estimates, about 13 percent of the world’s population lives on incomes of $1.90 a day or less, but that’s down from 37 percent in 1990 and 44 percent in 1981.

Unfortunately, emerging-market countries are now disappointing in ways that damage the world economy. After the 2008-09 financial crisis, a widespread expectation was that the rapid growth of emerging-market countries would create a safety net for the mature economies of the United States, Japan and the European Union. For a while, that happened. Since 2008, emerging-market countries have provided more than 80 percent of global growth, Lagarde said in a speech at the University of Maryland.

Compared with these heightened expectations, many emerging-market economies have crashed. China is at the epicenter of the problem. Its annual growth, once 10 percent, appears headed toward 6 percent. This, in turn, has led to a collapse in prices for raw materials (oil, metals, foodstuffs), because China’s demand has been weaker than expected. Commodity prices are down about two-thirds from recent peaks, Lagarde said.

The ripple effects have spread. Commodity-producing countries — Brazil, South Africa, Australia, Canada — have suffered setbacks. Companies that borrowed heavily to add capacity are now straining to repay debts. With prices depressed, some banks and bond investors may be stiffed. A Morgan Stanley analysis finds that most U.S. banks have ample reserves against likely defaults. This may be less true of banks in Europe and emerging-market nations. Facing large losses, emerging-market banks have already tightened credit, reports the Institute of International Finance (IIF), an industry group.

The United States cannot isolate itself from these realities. The weakening global economy would be less important if the U.S. domestic economy were booming. It isn’t. Americans spend cautiously because they’re still spooked by the shock of the 2008-09 financial crisis and Great Recession. Consumers try to protect themselves against a recurrence by raising their saving and reducing their debt. Businesses do likewise by skimping on investment projects. A recent Wall Street Journal story carried the headline: “Big Firms Hit Brake as Profit Slumps.”

The pessimism is often self-fulfilling. Consumers and companies act cautiously, producing a shaky prosperity that breeds more caution. To escape this trap, the U.S. economy needs a shove from abroad. The assumption once was that the boost would come from the emerging-market countries. This increasingly seems wishful thinking. It is hard to find large pockets of strong, confident growth anywhere in the world. This is the markets’ somber message: There is only a thin margin for error between continued recovery and dreaded recession.

Read more: The crash of 2016? - The Washington Post