Word: yen
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...Taiwanese, however, are still not convinced. After the new agreement was signed in October, thousands protested in Taiwan, with one student even eating a cow dung burger (worms and all) in front of the presidential office to demand the government renegotiate. "The Ma administration underestimated people's worries," says Yen Chen-shen, a research fellow at National Chengchi University's Institute of International Relations. "They never really tried to ensure Taiwanese consumers that this is going to be safe...
...what are the sages saying now that 2010 is just around the corner? Plenty. Next year we'll see oil hit $90 a barrel (per Goldman Sachs), unemployment peak at 10.5% (Fitch Ratings), the value of the dollar with respect to the euro and yen hit bottom (Deutsche Bank), 10-year Treasuries yield more than 4% (Bank of America Merrill Lynch) and small-cap value stocks outperform all other categories (Richard Bernstein Capital Management). As for the stock market more broadly? Strategists at UBS expect gains well into the double-digits. The CEO of PIMCO sees a 10% drop...
...imbalances will continue to persist, say analysts and North Korean defectors in Seoul. The largest and wealthiest of North Korea's traders, including government-owned companies, have long since swapped out of North Korean won and instead hold Chinese renminbi, yen or dollars as a store of value. The black-market value of the won has been decreasing for years, and North Korean inflation has been accelerating. The former head of a large North Korean trading firm who recently defected to Seoul told TIME, "Some kind of move like this was expected for a long time." And, he says...
...move toward quantitative easing has been expected in recent weeks, as Japan's Prime Minister Yukio Hatoyama and his administration have pressed the central bank to take steps to contain deflation, prevent another downturn in the economy, and to tame the runaway yen, now at 86 yen to the dollar compared to 93 a year ago. On Nov. 27, the dollar fell to a 14-year low against the yen, triggering concerns that the currency could start to unravel progress that stimulus spending has made on the economy this year, in part by wreaking havoc on export competitiveness...
...Tuesday, Deputy Prime Minister Naoto Kan, who is also the national strategy chief, and Finance Minister Hirohisa Fujii, stressed the importance of quantitative easing to the Bank of Japan. In turn, the Bank agreed to cooperate by lending 10 trillion yen, in the form of short-term loans, to commercial banks at the rate of 0.1%, and to accept government bonds and corporate debt as collateral...