by Toru Fujioka
Bloomberg.com
The Bank of Japan is unlikely to wind back its record monetary stimulus after completing a review of its policy, Governor Haruhiko Kuroda said.
Kuroda was speaking to reporters in Tokyo after meeting with Finance Minister Taro Aso. The government earlier on Tuesday approved a 28 trillion yen fiscal package, which includes about 4.6 trillion yen of new spending for the current fiscal year.
He reiterated that the central bank’s “comprehensive assessment” of policy, to be completed for the next board meeting Sept. 20-21, is aimed at helping it find ways to reach its 2 percent inflation goal as soon as possible.
Silver kangaroo coins have seen sales surge to over 10 million coins which is double the expected demand for the year.
Pokémon Go, an extremely popular mobile game released last month, uses the GPS and camera on players’ phones to turn the real world into an adventure land filled with cartoon creatures, called Pokémon, which can be found and caught by exploring real-world places and throwing Pokéballs at them before other players do the same.
Central bank confusion continues. The Bank of Japan once again decided against aggressive monetary policy and instead decided to stick to more of the same. It also announced it would review the impact of the current policy.
The Gallup Poll has released an Economic Confidence Index which reflects the sentiment of Americans, as it pertains to the economy.
Good Day… And a Tom Terrific Tuesday to you! I’m back in the saddle again… Our where a friend is a friend, where the longhorn cattle feed on the lowly gypsum weed, Back in the saddle again… Well, at least for a couple of days, and then it’s back to the every two weeks procedure, but for now l prefer not to think of that! I had a visitor while I was gone, JMR Doug, was here with his daughter, for a visit, and brought me a bumper sticker with a saying on it by the great Mogambo Guru, who also autographed it! A prized possession I must say! The Rev. Al Green greets me this morning with his ultra-cool song: Love and Happiness… School is just about to start, for some reason, I have no idea why they start so early, but Alex is moving into his new apartment, there’s no stopping the process now!
One of my favorite quotes of Henry David Thoreau is this:
Global economic growth is accelerating sharply after months in the doldrums, confounding predictions of a worldwide recession following Britain’s Brexit vote.
[…] Donald Trump’s inchoate views on economics are mainly a virtue because he has not been schooled in the follies of bipartisan fiscal and monetary “stimulus policy”. Essentially, the Beltway’s statist practitioners of the great bipartisan economic policy consensus are advocates of CINO (capitalism in name only).
Billionaire Warren Buffett tore into Republican presidential candidate Donald Trump at a campaign rally for Hillary Clinton on Monday, criticizing Trump’s war of words with the family of a Muslim American soldier who was killed in action.
Gold and silver held to an upward drift today, with a little more strength in Uncle Buck. One gets the sense that the ‘risk on’ boys were taking a little out of equities and putting the proceeds into safer harbors.
Unknowable Degrees of Bubble Insanity
Earlier in April, analysts were projecting $26.69 in as-reported second quarter earnings for the S&P 500. By the week of June 22, just prior to the start of Q2 earnings season, that estimate had only declined slightly to $26.38. For the week of July 21, just a month later, with about one-third of companies reporting the earnings figure sank to $24.89. With now two-thirds having reported, the EPS estimate has dropped another $0.80 in just one week to now $24.09.
Other than individual bank stocks, Friday’s EBA report had little overall effect on core markets as we heard nothing that we were not already familiar with. The Nikkei opened around 1% lower and then spent the rest of the day trying to recoup opening losses, which was pretty similar to the Hang Seng. Shanghai, on the other hand, found it extremely difficult to bounce having just seen weaker PMI at 49.9 against an expected 50 forecast. Services were marginally better but failed to boost confidence. In late US trading both China300 and the Nikkei have declined around 1% from the cash close.