Tokyo's inflation rate moderates with utility subsidies, yet still surpasses Bank of Japan's goal
In a series of recent economic and cryptocurrency developments, Japan has been at the forefront of several key trends.
The Bank of Japan, the country's central bank, is expected to take a more aggressive stance on interest rates. According to a Reuters survey, the majority of economists predict a 25 basis point increase in the fourth quarter, with 55% forecasting an increase to at least 0.75% from the current 0.50%. Furthermore, 65% of economists anticipate another 25 basis points or more rise later this year due to lingering inflation and a dropping jobless rate. The Bank of Japan ended its decade-long ultra-loose stimulus last year, signalling a shift in monetary policy. However, Governor Kazuo Ueda has emphasised a cautious approach to further tightening, considering the impact of U.S. tariffs.
Concurrently, Japan's economy has shown mixed signs. Retail sales in July were lower than forecasted, indicating undermined consumption, while factory output fell more than anticipated, driven by weakness in the automobile and machinery sectors. However, the jobless rate dropped to 2.3% in August, the lowest level since December 2019, signalling a strong labour market. Despite this, core consumer inflation eased to 2.5% in August, remaining above the Bank of Japan's 2% target.
In the world of cryptocurrency, Japan is also making headlines. XRP and Dogecoin ETFs are set to launch this week, providing new investment opportunities for cryptocurrency enthusiasts. Next Technology, a Japanese company, filed for a $500M common stock offering to buy more Bitcoin. Meanwhile, Solana, a popular cryptocurrency, received a significant boost with Pantera backing it with a $1.1B bet, expecting Bitcoin to reach $750K.
However, the cryptocurrency landscape is not without its challenges. Hackers seized the FBI's botnet takedown targets and built a stronger cyberweapon from it. Monero, another cryptocurrency, faces a double-spending threat after a block reorganization. Additionally, one user lost $1M USDC to a MEV bot after a mistaken transaction.
Elsewhere, Openbank rolled out Bitcoin, Ether, and more for European users, while the UAE M2 crypto exchange dropped its business model. In the tech world, Larry Ellison, a well-known figure, is involved in multiple ventures including OpenAI, Paramount, Warner Bros., and TikTok.
Finally, Nvidia stock took a hit, crashing by 3% due to accusations of breaching China's anti-monopoly law. As these developments unfold, it's clear that the world of finance and technology continues to evolve at a rapid pace.
Read also:
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Skechers Debuts First American Stores Focused on Athletic Footwear Performance
- Unchecked carbon emissions could potentially lead the world to revert to coal usage, according to a knowledgeable source.
- Discusses Rasmus Sojmark's thoughts on the Legends Charity Game before SBC Summit
