Concern has been raised for Japan’s recovery today after the Cabinet Office said the economy is at a standstill, attributed to the rising yen, which is weakening demand for exports. As a result of a rising yen, the Bank of Japan (BoJ) intervened to stem the currency against the US dollar – the first time [...]
The Bank of Japan has today cut interest rates to almost zero, in a bid to boost the economy and continue its battle deflation. Last week, figures revealed Japanese core consumer prices fell 1.0% in August compared with a year ago – representing the 18th consecutive monthly decline that the world’s no.2 economy has been [...]
Official figures today revealed Japanese core consumer prices fell 1.0% in August compared with a year ago – representing the 18th consecutive monthly decline that the world’s no.2 economy has been in deflation. A short period of deflation (where prices fall rather than increase) could be a serious threat to the economy because it deters [...]
The Japanese Government has today said it believes its economy expanded more than originally thought in the April to June quarter. It believes the economy grew by an annualised 1.5% in the three-month period – much higher than the first official estimate of 0.4%. Cabinet Office Parliamentary Secretary, Keisuke Tsumura, said Japan’s economy was “continuing [...]
The Commerce Department has today revealed US housing starts recovered in July but building permits fell. According to the Commerce Department, construction of new US homes rose 1.7% to a seasonally adjusted annual rate of 546,000 properties – however, the figure was less than economists had expected. In the meantime, applications for building permits, a [...]
Official figures have today revealed Japanese economic growth slowed in the April to June period, as widely expected. The economy expanded by just 0.1% in the three month period – far less than expected by analysts. Meanwhile, on an annual basis, the economy grew by 0.4% in the quarter, down from a revised 4.4% in [...]
Official figures out tomorrow are expected to reveal growth in the world’s number two economy slowed in the April to June period. Japan fell into a severe recession following the global financial crisis but was one of the first major economies to emerge from recession – in the second quarter of 2009 – boosted by [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%, as widely expected. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation (where prices fall rather than increase) can be [...]
The finance ministry has today revealed Japanese exports continued to rise in June, albeit at a slower pace. Exports grew 27.7% to 5.87 trillion yen in June – the seventh straight monthly rise. However, not only did the figure fall short of expectations of a 23.1% rise, it was also below May’s increase of 32.1%. [...]
US Federal Reserve chairman, Ben Bernanke, has said the outlook for the world’s largest economy remains “unusually uncertain”. The US housing market, in particular, has experienced a double-dip in activity after the expiration of a Government incentive. Furthermore, higher unemployment and a slowdown in manufacturing have sparked fears of a “double-dip” recession. However, Mr Bernanke [...]
The Commerce Department has today revealed US housing starts plummeted in June – far more than expected, raising fears for the already fragile housing market. According to the Commerce Department, construction of new US homes fell 5% in the month to a seasonally adjusted annual rate of 549,000 properties – the lowest since October 2009 [...]
Official data from the Labor Department has today revealed that US consumer prices fell for the third consecutive month in June, by 0.1% on a monthly basis. The fall was attributed to declines in energy prices, which were down 2.9%, food prices remained flat. The fall in June followed declines of 0.1% and 0.2% in [...]
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%, as widely expected. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation (where prices fall rather than increase) can be [...]
The Bank of Japan’s closely watched quarterly Tankan survey has revealed a significant improvement in business confidence in Japan. The Tankan index revealed business confidence among major manufacturers had picked up for the fifth consecutive quarter, rising one point in June from -14 in March. The Tankan, which surveys 10,000 firms, measures the percentage of [...]
Figures today revealed a surprise rise in Japan’s unemployment rate. The Ministry of Internal Affairs and Communications said unemployment edged higher from 5.1% in April to 5.2% in May. Analysts had expected a fall to 5%. However, the availability of jobs in the world’s second largest economy improved. The jobs-to-applicants ratio grew from 0.48 in [...]
Official figures today revealed Japanese core consumer prices fell 1.2% in May from a year earlier – representing the 15th consecutive monthly decline that the world’s no.2 economy has been in deflation. A short period of deflation (where prices fall rather than increase) could be a serious threat to the economy because it deters consumers [...]
The world’s second largest economy has today lifted its growth forecast for the year to March to 2.6%, compared with an previous estimate of 1.4%. Growth in the year to March 2012 is predicted to be 2%. Japan was one of the first major economies to emerge from recession in the second quarter of 2009 [...]
The Japanese economy, which is the world’s second largest, faces many risks, one of them is deflation and the other is the country’s debt – which at nearly 230% of GDP is the highest of any industrialised nation. The debt is the result of decades of stimulus spending and low tax receipts. Japan’s new Prime [...]
The world’s second largest economy was dealt a double blow of bad news today as figures revealed unemployment rose for the third consecutive month in April. The unemployment rate rose unexpectedly to 5.1% in April from 5% in March – the highest level since January. The number of unemployed stood at 3.56 million, up 2.9% [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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