Shiseido CEO to Step Down
Shiseido's President and CEO will step down April 1, after just two years at the helm of the Japanese cosmetics company, where profit has been slipping. The current chairman and former CEO will retake the helm.
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Obama, Abe agree growth is job No. 1
President Barack Obama and Japanese Prime Minister Shinzo Abe on Friday agreed that their first economic priority is increasing growth in the world’s No. 1 and No. 3 economies, but concluded their meeting without a deal about Japan joining a Pacific trade pact.
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The Great Central-Banking Experiment: Will Unlimited Cash Solve Problems or Cause Them?
The Bank of Japan folded as easily as a hot slice of New York pizza. After a few weeks of pounding by newly installed Prime Minister Shinzo Abe, the BOJ’s (officially independent) managers capitulated on Jan. 22 to his demands that the central bank hike its inflation target to 2% (from 1%) and undertake the necessary monetary easing to meet that target. That means the BOJ will keep printing cash until Japanese deflation is reversed. “One can say that it marks a ‘regime change’ in managing macroeconomic policy,” a victorious Abe declared. A regime change it is, and it isn’t just taking place in Japan. With the BOJ’s surrender, all three of the world’s major central banks have committed themselves to open-ended, cash-pumping programs to stimulate economies and protect financial stability. The Federal Reserve has pledged to keep easing until the U.S. job market improves. And in September, the European Central Bank promised to purchase unlimited amounts of certain government ...
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The Great Central Banking Experiment: Will Unlimited Cash Solve Problems or Cause Them?
Bank of Japan folded as easily as a hot slice of New York pizza. After a few weeks of pounding by newly installed Prime Minister Shinzo Abe, the BOJ’s (officially independent) managers capitulated on Jan. 22 to his demands that the central bank hike its inflation target to 2% (from 1%) and undertake the necessary monetary easing to meet that target. That means the BOJ will keep printing cash until Japanese deflation is reversed. “One can say that it marks a ‘regime change’ in managing macroeconomic policy,” a victorious Abe declared. A regime change it is, and it isn’t just taking place in Japan. With the BOJ’s surrender, all three of the world’s major central banks have committed themselves to open-ended, cash-pumping programs to stimulate economies and protect financial stability. The Federal Reserve has pledged to keep easing until the U.S. job market improves. And in September, the European Central Bank promised to purchase unlimited amounts of certain government bonds ...
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Toyota Quarterly Profit Triples, Raises Forecast
TOKYO — Toyota‘s quarterly profit tripled, driven by a recovery from natural disasters, and the company raised its full-year earnings forecast Monday despite a sales slump in China. Toyota Motor Corp., on track to regain the crown of world’s No. 1 automaker this year, reported a July-September net profit of 257.9 billion yen ($3.2 billion) compared with an 80.4 billion profit a year earlier. The result was better than the 238 billion yen ($3 billion) quarterly profit forecast by analysts surveyed by FactSet. Japan‘s top automaker raised its profit forecast for the full fiscal year through March 2013 to 780 billion yen ($9.8 billion) from 760 billion yen ($9.5 billion). (MORE: Sandy’s Big Effects on Car Sales Now—and for Months to Come) It had a profit of 283.5 billion yen the previous fiscal year when Toyota’s car production was hammered by the tsunami disaster in northeastern Japan and flooding in Thailand. The company’s optimism comes despite a sales plunge in China, where ...
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