Contact Mace News President
Tony Mace tony@macenews.com
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No matter the area being covered, the reporter is always only a telephone call or message away. We check with you frequently to see how we can improve. Have a question, need to be briefed via video or audio-only on a topic’s state of play, keep us on speed dial. See the list of interest areas we cover elsewhere
on this site.
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Tony Mace was the top editorial executive for Market News
International for two decades.
Washington Bureau Chief Denny Gulino had the same title at Market News for 18 years.
Similar experience undergirds our service in Ottawa, London, Brussels and in Asia.
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–Yen Remains Weak, Pushing Up Import Costs, but BOJ Unlikely to Raise Rates Just to Try to Guide Yen Higher
–Governor Ueda Predicts Gradual Rate Hikes but Also Warns Inflation Surge Amid Weak Yen Could Cause Policy Shift
By Max Sato
(MaceNews) – The Bank of Japan is likely to maintain its overall policy stance at its two-day meeting ending Friday, as its governor has predicted a gradual pace of rate increases toward an eventual tightening of monetary conditions, but the bank may have to accelerate its future rate hike scenario if the yen continues to depreciate and push up import costs.
The BOJ’s nine-member board is expected to hold the overnight interest rate target steady in a range of zero to 0.1% in a majority to unanimous vote at its April 25-26 meeting after conducting its first rate hike in 17 years and ending the seven-year-old yield curve control framework last month. The move is part of the process of normalizing the bank’s monetary policy after 11 years of aggressive easing has fulfilled its purpose of turning the stubborn deflation mindset among households and businesses.
The board is also expected to discuss whether it needs to slow the pace of asset purchases to remove any excess easing effects. Last month it decided to no longer target the yield on 10-year Japanese government bonds (JGBs), which had been capped at around 0.1%, but also decided to continue its purchases of JGBs “with broadly the same amount as before,” which is currently about 6 trillion yen a month.
The bank is expected to announce the results of the meeting and release its quarterly Outlook Report sometime between 11:30 a.m. and 1 p.m. JST on Friday, April 26 (0230 and 0400 GMT the same day/10:30 p.m. on Thursday, April 25 and midnight EDT on Friday, April 26). The previous two-day meeting ended at 12:28 p.m. JST (0328 GMT) on March 19, which was 11:28 p.m. EDT on March 18.
The focus is also on remarks by Governor Kazuo Ueda at his post-meeting news conference that usually lasts for about an hour from 1530 JST on Friday, April 26 (from 0630 GMT/0230 EDT until 0730 GMT/0330 EDT the same day).
At their March meeting, many board members judged that the risk of Japan’s economy slipping back into deflation had been reduced and inflation was likely to be led by sustained wage hikes, instead of a spike in import costs, following news that wage hikes for fiscal 2024 ending in March 2025 were set to well surpass the pace of increase seen in the previous year.
Ueda told a post-meeting news conference on March 19 that the pace of further rate hikes as part of the bank’s policy normalization process was likely to be gradual and that financial conditions were expected to remain accommodative for now. But after the Group of 20 meeting last week, he also told reporters that if the depreciation of the yen pushes up import costs and thus inflation, having a huge impact that cannot be ignored, “it could cause a change in monetary policy.” It is generally estimated that the depreciation of the yen takes about six months to be reflected in import costs in domestic consumer prices.
Economists and market participants believe that the next rate hike is likely to be in July, September or October, when more evidence of a higher pace of wage hikes emerges. Governor Ueda has predicted that the next rate hike will be possible from the summer to fall (normally June to October in Japan) if wages data support such a move.
The bank provides an update to the board’s growth and inflation projections as well as its risk analysis in the Outlook Report after the January, April, July and October meetings, and thus any of those timings are considered good for changing policy as the board can back up its decision with its latest forecast. However, BOJ officials have said they do not predetermine the timing of their next move, noting policy decisions should be flexible and nimble in response to changing economic and financial conditions.
One thing that is threatening the luxury of a gradual pace of rate hikes and making BOJ decisions more challenging is the continued slide in the yen’s value against the dollar and other currencies. The weak yen makes imports more expensive, which could raise an upside risk to the bank’s main inflation scenario, but at the same time it also reduces purchasing power of many households, leading to a higher downside risk to economic growth.
In the January Outlook Report, the board’s projections for core CPI (excluding fresh food) were 2.4% in fiscal 2024 and 1.8% in fiscal 2025. These figures may be revised up slightly in the April report. Amid global uncertainties, the board is likely to make only slight changes to its GDP forecasts of 1.2% for fiscal 2024 and 1.0% for fiscal 2025.
The dollar has been supported by the need for Japanese importers to buy dollars to hedge against a spike in the value of the dollar, which is widely used as the settlement currency. There is also speculative dollar buying on the assumption that the BOJ’s future rate hikes will be only gradual and the Federal Reserve is in no hurry to start lowering interest rates as the U.S. economy has been resilient and inflation remains sticky.
The yen has depreciated beyond ¥155, a 34-year low, after briefly firming to ¥147 in early March on emerging signs that the BOJ wouldn’t wait until April to hike rates.
Japanese officials have repeatedly said they are watching the currency market “with a high sense of urgency,” suggesting they are prepared to intervene. Finance Minister Shunichi Suzuki has been warning against one-sided yen selling, saying the government will “respond to excessive moves (in the currency market) appropriately, without ruling out any options.”
Last week, Suzuki stressed that he and his U.S. and South Korean counterparts shared their “serious concern” about the recent sharp depreciation of the yen and won. The Ministry of Finance currency intervention team seems to be standing by for a better timing to step in when yen short positions build up and markets start to speculate for the next BOJ rate hike and lower U.S. inflation figures. Japanese officials are also aware that their funds for dollar selling are limited as they come from Tokyo’s foreign reserves, compared to ample yen cash that would be used in yen selling intervention.
Previously, the dollar briefly surged to ¥151.94 in October 2022 (a 32-year high at the time) but Japan’s second wave of massive yen-buying forex intervention pushed it down to a low of ¥143.55 in the same month. It is uncertain whether market intervention would have a similar effect at this point when demand for the dollar remains strong in the market.
WASHINGTON (MaceNews) – The following are Thursday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data
DAILY GUIDANCE AND PRESS SCHEDULE FOR
THURSDAY, APRIL 25, 2024
In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press.
After, the President will travel to Syracuse, New York. The departure from the South Lawn will be open press. The departure from Joint Base Andrews will be covered by the out-of-town pool. The arrival at and departure from the Hancock Field Air National Guard Base will be open press.
In the afternoon, the President will deliver remarks on how the CHIPS and Science Act and his Investing in America agenda are growing the economy and creating jobs in Central New York and communities across the country. These remarks at the Milton J. Rubenstein Museum, Syracuse, New York will be open press.
Then, the President will travel to Westchester County, New York. The departure from Hancock Field Air National Guard Base will covered by the out-of-town pool. The arrival at John F. Kennedy International Airport will be open press. The arrival at the Westchester County Airport will be covered by the out-of-town pool.
In the evening, the President will participate in a campaign reception. This reception in Westchester County, New York will be covered by the restricted pool and the out-of-town pool will accompany.
Then, the President will travel to New York, New York. The departure from the Westchester County Airport will be covered by the out-of-town pool. The arrival at the Wall Street Landing Zone will be covered by the out-of-town pool.
In-Town Pool
Wires: AP, Reuters, Bloomberg
Wire Photos: AP, Reuters, AFP, NYT
TV Corr & Crew: FOX
Print: Boston Globe
Radio: NPR
Out-of-Town Pool
Wires: AP, Reuters, Bloomberg
Wire Photos: AP, Reuters, AFP, NYT
TV Corr & Crew: FOX
Print: New York Times
Radio: NPR
EDT
10:00 AM In-Town Pool Call Time
10:00 AM THE PRESIDENT receives the President’s Daily Brief
Closed Press
10:15 AM Out-of-Town Pool Call Time
Joint Base Andrews Overhang
11:10 AM THE PRESIDENT departs the White House en route to Joint Base Andrews
South Lawn
Open Press (Gather 10:55 AM – Palm Room Doors)
11:30 AM THE PRESIDENT departs Joint Base Andrews en route to Hancock Field Air National Guard Base
Joint Base Andrews
Out-of-Town Pool
12:40 PM THE PRESIDENT arrives at Hancock Field Air National Guard Base
Hancock Field Air National Guard Base
Open Press
2:00 PM THE PRESIDENT delivers remarks on how the CHIPS and Science Act and his Investing in America agenda are growing the economy and creating jobs in Central New York and communities across the country
Milton J. Rubenstein Museum, Syracuse, New York
Open Press
3:30 PM THE PRESIDENT departs Hancock Field Air National Guard Base en route to John F. Kennedy International Airport
Hancock Field Air National Guard
Out-of-Town Pool
4:30 PM THE PRESIDENT arrives at John F. Kennedy International Airport
John F. Kennedy International Airport
Open Press
4:40 PM THE PRESIDENT departs John F. Kennedy International Airport en route to the Westchester County Airport
John F. Kennedy International Airport
Out-of-Town Pool
5:00 PM THE PRESIDENT arrives at the Westchester County Airport
Westchester County Airport
Out-of-Town Pool
6:15 PM THE PRESIDENT participates in a campaign event
Westchester County, New York
Restricted Out-of-Town Pool
7:30 PM THE PRESIDENT departs Westchester County Airport route the Wall Street Landing Zone
Westchester County Airport
Out-of-Town Pool
7:50 PM THE PRESIDENT arrives at the Wall Street Landing Zone
Wall Street Landing Zone
Out-of-Town Pool
Briefing Schedule
EDT
Press Secretary Karine Jean-Pierre will gaggle aboard Air Force One en route to Syracuse, New York
Saturday, April 27, 2024
The President, the First Lady, the Vice President, and the Second Gentleman will all attend the White House Correspondents’ Dinner in Washington, D.C. The President will deliver remarks.
###
TREASURY DEPT –
Thursday –At 10:00 AM, Secretary of the Treasury Janet L. Yellen will participate in a Reuters NEXT Newsmaker fireside conversation with Reuters Editor-in-Chief Alessandra Galloni. Media interested can register to watch this event here.
STATE DEPT
Thursday – Secretary Blinken is on travel to the People’s Republic of China from April 24-26, 2024.
9:00 a.m. LOCAL Secretary Blinken meets with Shanghai Chinese Communist Party Secretary Chen Jining in Shanghai, People’s Republic of China.
(POOLED CAMERA SPRAY AT TOP)
10:20 a.m. LOCAL Secretary Blinken participates in a discussion with NYU Shanghai students in Shanghai, People’s Republic of China.
(POOLED CAMERA SPRAY AT TOP)
11:30 a.m. LOCAL Secretary Blinken participates in a discussion with business leaders in Shanghai, People’s Republic of China.
(POOLED CAMERA SPRAY AT TOP)
12:40 p.m. LOCAL Secretary Blinken holds a meet and greet with employees and families of U.S. Consulate General Shanghai in Shanghai, People’s Republic of China.
(CLOSED PRESS COVERAGE)
5:25 p.m. LOCAL Secretary Blinken participates in a discussion with scholars in Beijing, People’s Republic of China.
(CLOSED PRESS COVERAGE)
Headquarters press briefings, when held on weekdays, occur around 1:15p ET and are livestreamed at State.gov. The transcript of Wednesday’s 1:08p ET briefing is at: https://www.state.gov/briefings/department-press-briefing-april-24-2024/
USTR
Thursday – Ambassador Tai has no public engagements
US HOUSE
Thursday Out. Next pro-forma meeting 9:30a.
US SENATE
Wednesday – Out. Next pro forma session 10a ET Friday.
UPCOMING US, JAPAN, CANADA ECONOMIC REPORTS AND FEDERAL RESERVE EVENTS
Thursday, April 25 – 8:30a ET US jobless claims
Thursday, April 25 – 8:30a ET US flash 1Q GDP
Thursday, April 25 – 8:30a ET US international trade in goods
Thursday, April 25 – 8:30a ET US retail and wholesale trade inventories
Thursday, April 25 – 10a ET US pending home sales
Thursday, April 25 – 10a ET US Tsy’s Yellen Q&A at Reuters event
Thursday, April 25 – 11a ET US Kansas City Fed manufacturing
Thursday, April 25 – 12:00 ET US Freddie Mac mortgage rates
Thursday, April 25 – 13:00 ET US Treasury 7-year note auction
Thursday, April 25 – 16:30 ET US Fed weekly balance sheet
Thursday, April 25 – 19:30 ET Japan Tokyo CPI
Thursday, April 25 – 22:30 ET Japan BOJ policy announcement
—
Friday, April 26 – 8:30a ET US personal income and spending/PCE
Friday, April 26 – 10a ET US UMich consumer sentiment
Friday, April 26 – 13:00 ET US Baker Hughes oil rigs
—
Content may appear first or exclusively on the Mace News premium service. For real-time delivery contact tony@macenews.com. X (Twitter) headline news flow @macenewsmac
WASHINGTON (MaceNews) – The following are Wednesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data
DAILY GUIDANCE AND PRESS SCHEDULE FOR
WEDNESDAY, APRIL 24, 2024
In the morning, the President will receive the President’s Daily Brief. This meeting will be closed press.
After, the President will deliver political remarks at North America’s Building Trade Union National Legislative Conference. The departure from the North Grounds and arrival to the Washington Hilton will be covered by the in-town travel pool. After, the President will return to the White House. The departure from the Washington Hilton and arrival to the North Grounds will be covered by the in-town travel pool.
In-Town Pool
Wires: AP, Reuters, Bloomberg
Wire Photos: AP, Reuters, AFP, NYT
TV Corr & Crew: CNN
Print: Bloomberg Government
Radio: VOA
EDT
10:00 AM In-Town Pool Call Time
10:00 AM THE PRESIDENT receives the President’s Daily Brief
Closed Press
11:5o AM THE PRESIDENT departs the White House en route to the Washington Hilton
North Grounds
In-Town Travel Pool (Gather 11:35 AM – Palm Room Doors)
12:30 PM THE PRESIDENT delivers political remarks at North America’s Building Trade Union National Legislative Conference
Washington Hilton, Washington, D.C.
In-Town Travel Pool
1:20 PM THE PRESIDENT arrives at the White House
North Grounds
In-Town Travel Pool
Briefing Schedule
1:30 PM Press Briefing by Press Secretary Karine Jean-Pierre
###
Saturday, April 27, 2024
The President, the First Lady, the Vice President, and the Second Gentleman will all attend the White House Correspondents’ Dinner in Washington, D.C. The President will deliver remarks.
###
TREASURY DEPT –
Wednesday – Secretary Yellen has no public engagements
STATE DEPT
Tuesday – Secretary Blinken departs on travel to the People’s Republic of China from April 24-26, 2024.
Headquarters press briefings, when held on weekdays, occur around 1:15p ET and are livestreamed at State.gov. The transcript of Tuesday’s 1:23p ET briefing is at: https://www.state.gov/briefings/department-press-briefing-april-23-2024/
USTR
Wednesday – Ambassador Tai has no public engagements
US HOUSE
Wednesday – Out. Next pro-forma meeting 9:30a Thursday.
US SENATE
Wednesday – Out. Next pro forma session 10a ET Friday.
UPCOMING US, JAPAN, CANADA ECONOMIC REPORTS AND FEDERAL RESERVE EVENTS
Wednesday, April 24 – 7a ET US Mortgage Bankers Assoc mortgage applications
Wednesday, April 24 – 8:30a ET US durable goods orders
Wednesday, April 24 – 8:30a ET Canada retail sales
Wednesday, April 24 – 10:30a ET US EIA petroleum status
Wednesday, April 24 – 11a ET US survey of business uncertainty
Wednesday, April 24 – 12:30 ET Atlanta Fed GDPNow
Wednesday, April 24 – 13:00 ET US Treasury 2-year FRN, 5-year note auction
—
Thursday, April 25 – 8:30a ET US jobless claims
Thursday, April 25 – 8:30a ET US flash 1Q GDP
Thursday, April 25 – 8:30a ET US international trade in goods
Thursday, April 25 – 8:30a ET US retail and wholesale trade inventories
Thursday, April 25 – 10a ET US pending home sales
Thursday, April 25 – 11a ET US Kansas City Fed manufacturing
Thursday, April 25 – 12:00 ET US Freddie Mac mortgage rates
Thursday, April 25 – 13:00 ET US Treasury 7-year note auction
Thursday, April 25 – 16:30 ET US Fed weekly balance sheet
Thursday, April 25 – 19:30 ET Japan Tokyo CPI
Thursday, April 25 – 22:30 ET Japan BOJ policy announcement
—
Friday, April 26 – 8:30a ET US personal income and spending/PCE
Friday, April 26 – 10a ET US UMich consumer sentiment
Friday, April 26 – 13:00 ET US Baker Hughes oil rigs
—
Content may appear first or exclusively on the Mace News premium service. For real-time delivery contact tony@macenews.com. X (Twitter) headline news flow @macenewsmac
WASHINGTON (MaceNews) – The Federal Reserve’s Beige Book survey of national economic activity released Wednesday found some expansion but seemingly less than in some recent
fund managers switch to equities, commodities
WASHINGTON (MaceNews) – The following are Wednesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data
Japanese exports rise again
WASHINGTON (MaceNews) – The following are Tuesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data
WASHINGTON (MaceNews) – The following are Monday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data
Japanese machinery orders jump in February from January
WASHINGTON (MaceNews) – The following are Friday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data
Contact Mace News President
Tony Mace tony@macenews.com
to find a customer- and markets-oriented brand of news coverage with a level of individualized service unique to the industry. A market participant told us he believes he has his own White House correspondent as Mace News provides breaking news and/or audio feeds, stories, savvy analysis, photos and headlines delivered how you want them. And more. And this is important because you won’t get it anywhere else. That’s MICRONEWS. We know how important to you are the short advisories on what’s coming up, whether briefings, statements, unexpected changes in schedules and calendars and anything else that piques our interest.
No matter the area being covered, the reporter is always only a telephone call or message away. We check with you frequently to see how we can improve. Have a question, need to be briefed via video or audio-only on a topic’s state of play, keep us on speed dial. See the list of interest areas we cover elsewhere
on this site.
—
You can have two weeks reduced price no-obligation trial for $199. No self-renewing contracts. Suspend, renew coverage at any time. Stay with a topic like trade while its hot and suspend coverage or switch coverage areas when it’s not. We serve customers one by one 24/7.
—
Tony Mace was the top editorial executive for Market News International for two decades.
Washington Bureau Chief Denny Gulino had the same title at Market News for 18 years.
Similar experience undergirds our service in Ottawa, London, Brussels and in Asia.
