HAIDI: WELCOME TO “DAYBREAKAUSTRALIA.” MARKETS HAVE JUST COME ONLINE.ANNABELLE: THE TOP STORIES THIS HOUR,FUTURES SIGNALING A POSITIVE START FOR THE ASIAN SESSION ASWALL STREET RETURNS TO RECORD HIGHS. YEN TRADERS ON EDGE AFTERJAPANESE INTERVENTION WARNINGS. HAIDI: PRESIDENT XI URGES U.S.BUSINESS CHIEFS TO INVEST IN CHINA SAYING HIS TEAM CANHANDLE ANY PROBLEMS FACING THE ECONOMY. ANNABELLE:PLUS, SOUTH KOREA AND INDIA FAILED TO MAKE THE CUT FOR KLEE– KEY GLOBAL BLOCK INDEXES.
STOCKS ON THE SIDELINES OF THESIX MORE MONTHS. LET'S KICK OFF THIS MORNINGWITH HOW WE ARE SEEING U.S. FUTURES COMING ONLINE, FAIRLYFLAT SO FAR IN THE EARLY MOMENTS.BUT IT WAS YET ANOTHER RECORD HIGH IN THE SESSION. WE SAW U.S.STOCKS RISING AT WHAT HAS REALLY DRIVEN MOVES OVER THEPAST FEW MONTHS. BECAUSE OF COURSE WE'RE AT THEEND OF THE FIRST QUARTER IT HAS BEEN AN EXPECTATION OF RATECUTS WE ARE GOING TO SEE THREE PERHAPS OVER THE COURSE OF THEYEAR.
THAT WAS CERTAINLY THE TRADINGDYNAMIC. WE SAW BIG TECH LEADING GAINS.THE LAPSE OF APPLE GAINING. NVIDIA STILL UNDER PRESSURE.WHAT COULD BE POURING SOME COLD WATER PERHAPS ON THE NARRATIVEIS WHAT WE HAVE HEARD FROM THE FED GOVERNOR CHRISTOPHER WALLERIN THE LAST FEW MINUTES, SAYING THE FED SHOULD DELAY OR PERHAPSEVEN REDUCE THE NUMBER OF RATE CUTS AS WELL GIVEN WE ARECONTINUING TO SEE STRENGTH IN THE U.S. ECONOMY.THAT IS PERHAPS A BIT OF A SHADOW WE ARE GETTING HERE.HAIDI:.
TAKE A LOOK AS WE ROUND UP WHATIS GOING TO BE A HOLIDAY SHORTENED TRADING WEEK IN A LOTOF ASIAN MARKETS AHEAD OF THE EASTER LONG WEEKEND.THIS IS THE PICTURE WHEN IT COMES TO THE ASX 200, A COUPLEMINUTES INTO THE START OF A STAGGERED SESSION.HEALTH CARE AND PARTICULAR AT THE MOMENT.THE AUSSIE DOLLAR PRETTY STEADY, A LITTLE BIT OFWEAKNESS AT 65.23. THOSE COMMENTS ON ECONOMICRESILIENCE FROM XI JINPING NOT ADDING A GREAT DEAL OFCONFIDENCE AND IT COMES TO THE.
CHINA PROXY.HAVING A LOOK AT HOW WE ARE SETTING UP AND IT COMES TOJAPAN. OF COURSE THE CURRENCY IS WHATWE ARE GOING TO BE FOCUSING ON. IF YOU LOOK AT HOW NEAT A FEWFUTURES ARE SETTING UP AT THE MOMENT WE ARE LOOKING PRETTYPOSITIVE. LET'S CALL IT FLAT AT THEMOMENT. WE WILL SEE HOW THAT SESSIONCONTINUES BUT THE YEN IS FIRMLY ABOVE THE 151 LEVEL.TAKE A LOOK AT THIS CHART. WHICH REALLY ILLUSTRATESPOTENTIALLY HOW MUCH OF A.
HEADACHE THE RESILIENCE IN THEDOLLAR IS GOING TO CONTINUE TO BE WHEN IT COMES TO JAPANESEPOLICYMAKERS WARNING AGAINST TOO MUCH WEAKNESS IN THE YEN.REBOUNDING FROM A 34 YEAR HIGH. IT HAD WEAKENED WEDNESDAY BUTTRADERS HAVE BEEN PRETTY RATTLED WITH THAT OVER THREEDECADE LOW, SPARKING JAPAN'S WARNING SAYING IT IS READY TOSTEM THE SLIDE. WE SAW THE MESSAGE BEING HEEDEDINITIALLY. THE QUESTION IS WHETHER THATWILL CONTINUE TO HAVE AN EFFECT. MARCO WILSON JOINS US NOW –MICHAEL WILSON JOINS US NOW.
CAN POLICYMAKERS DO TOO MUCH? >> THE BANK OF JAPAN WANTS TOPROTECT THEIR VIRTUOUS CYCLE. [INDISCERNIBLE] RATES ARE NEGLIGIBLE. AS LONG AS THAT IS MORE LESPRESERVED, THAT IS ENOUGH IF PRODUCTIVITY IN THE STATES INRETURNS ON STOCKS ARE MAINTAINED. THAT IS ENOUGH TO ATTRACTPEOPLE TO A DOLLAR ABOVE 150. ALMOST CHALLENGING THE MINISTRYOF FINANCE TO PULL UP.
WE HAVE SEEN REACTION TO STRONGJAWBONING FROM THEM. JUST TO TAKE ONE THING AT ATIME. WITHIN THE NEXT HOUR WE HAVETHE SUMMARY OPINIONS FROM THE LAST MEETING.YOU MIGHT SEE WHAT WAS SAID THERE TO SET THE TONE FOR THEREST OF THE DAY. BUT AFTER THAT, I SUPPOSE PRICEACTION HAS BEEN A BIT PERVERTED IN THE SHORT-TERM.THERE ARE BIG BARRIERS JUST ABOVE THE MARKET.THE DOLLAR BULLS REALLY WANT TO SEE THAT TAKEN OUT.THAT COULD ACTUALLY BE THE.
TRIGGER FOR INTERVENTION. THEY ARE NOT BASED ON ANYTHINGFUNDAMENTAL. IT IS A SYNTHETIC DRIVER.THAT WOULD CAUSE THE MINISTRY OF FINANCE TO ACT.IT IS A LONG WEEKEND. HALF OF EUROPE WILL BE OUTFRIDAY. AT THE SAME TIME IT IS THE LASTDAY OF THE JAPANESE FINANCIAL YEAR. I WOULD WATCH MONDAY IF WE WEREANYWHERE 152 PLUS. AGAIN, IT IS NO HOLIDAY IN HALFOF EUROPE SO THEY MIGHT USE THE.
OPPORTUNITY TO ACT AND GET MOREBANG FOR THEIR BUCK. SO WE COULD COME IN ON ATUESDAY WHEN TRADING PROPERLY RESUMES WITH A LOT LONGERDOLLAR-YEN. ANNABELLE: I AM CURIOUS EVEN IF WE SEE AFORMAL INTERVENTION LIKE WE HAD AT THE END OF 2022, WITH THATACTUALLY LAST THAT LONG? MICHAEL:I THINK THERE ARE JUST AS MANY PEOPLE WAITING TO BUY THE DIP.THERE ARE SOME GOOD LEVELS, THAT 146.50, A COUPLE BOTTOMSTHERE. IF THEY CHECKED PRICES OR SOMETHING LIKE THAT YOU MIGHTSEE A MOVE DOWN THERE.
THAT IS 500 POINTS. IF I WERE TO TRICKLE THAT, ITCOULD GO TO THE HUNDRED DAY MOVING AVERAGE. I THINK THAT WILL ADD TO THOSELONGS AND THE PEOPLE WILL JUMP IN THE POOL AT THAT STAGE ANDLOAD UP BECAUSE AS LONG AS THAT DYNAMIC IS PROTECTED OF THESPREAD I THINK WE WILL HAVE BUYS ON DIPS.WOULD NOT HAVE ANY PROLONGED EFFECT BUT I WOULD SAY WEEKS ATTHE VERY MOST BEFORE THE RALLY RESUMED. ANNABELLE:GREAT INSIGHTS.
THAT WAS MICHAEL WILSON.LET'S SHIFT TO CHINA BECAUSE PRESIDENT XI JINPING MADE HISPITCH TO A GROUP OF U.S. CEO'S TO INVEST IN THE COUNTRY.HE MET WITH EXECUTIVES IN BEIJING INCLUDING BLACKSTONEAND QUALCOMM'S. >> THE RESPECTIVE SUCCESSES OFCHINA AND THE U.S. ARE OPPORTUNITIES FOR EACHOTHER. AS LONG AS BOTH SIDES REGARDEACH OTHER AS PARTNERS, RESPECT EACH OTHER, LIVE IN PEACE ANDCOOPERATE FOR A WIN-WIN RESULT, CHINA U.S.RELATIONS WILL BECOME BETTER.
ANNABELLE:FOR MORE, OUR CORRESPONDENT STEPHEN ENGLE JOINS US LIVEWHERE CHINA IS HOSTING AN ECONOMIC FORUM. IT SEEMED LIKE XI CAME INTO THEMEETING WITH A MESSAGE THAT CHINA IS OPEN FOR BUSINESS.HOW DO YOU THINK IT REARS — HOW DO YOU THINK IT WAS REALLYRECEIVED BY THE BUSINESS COMMUNITY GIVEN ALL THECONCERNS? STEPHEN: THE FACT THOSE BUSINESS LEADERSWERE IN CHINA FOR THE CHINA DEVELOPMENT FORUM, SOME OF WHOMHAVE SINCE COME DOWN HERE AS WE.
WRAP UP TOMORROW, THAT ISBECAUSE THEY WANT TO GET A CLEAR MESSAGE FROM CHINA ANDTHERE IS NO BETTER WAY THAN TO GET AN AUDIENCE WITH THE TOPMAN. SO MUCH CONSOLIDATION OF POWERHAS LED TO HIM BEING THE ARBITER, IF YOU WILL, OFMESSAGING. LOOK, HE IS SMILING. WHEN XI JINPING WALKS INTO AROOM HE COMMANDS RESPECT NO DOUBT, BUT HE DOES NOTNECESSARILY LIGHT UP THE ROOM WITH HIS SMILE.ONE THING THAT STOOD OUT TO ME WAS HE WAS CONGENIAL ANDENGAGING.
HE TOOK AND ANSWERED QUESTIONS.HE HAD A DISCUSSION, BY ALL ACCOUNTS.I DID SEE A TWEET BY THE PRESIDENT OF THE U.S.NATIONAL COMMITTEE ON U.S. CHINA RELATIONS.WE ARE TRYING TO GET HIM ON BLOOMBERG TELEVISION.COME ON DOWN HERE AND JOIN US. BECAUSE HE TWEETED OUT, I JUSTSAT THROUGH A MEETING BETWEEN PRESIDENT XI AND U.S.CEO'S AND OTHER LEADERS. XI MADE A COMPELLING CASE FORWHY THE U.S. AND CHINA MUST COOPERATE.WE WERE ALL DEEPLY IMPRESSED.
AND RECOMMITTED TO BUILDING ACOOPERATIVE U.S.-CHINA RELATIONSHIP.AGAIN, THIS IS FROM A MAN WHO WAS THERE.IN THE GROUP PHOTO HE WAS STANDING RIGHT NEXT TO XIJINPING. AGAIN, ACCESS IS VERY KEY.AS XI JINPING HIMSELF SAID, EXCHANGES ARE THE KEY TOREBUILDING THIS FRACTURED U.S.-CHINA RELATIONSHIP. HAIDI: STEVE, WE HAVE ALREADY HAD SOMEGREAT CONVERSATIONS THERE. WHAT IS ON THE AGENDA TODAY FORYOU? STEPHEN:.
WE ARE GOING TO CONTINUE THOSEGREAT CONVERSATIONS HOPEFULLY. WE ARE GOING TO HAVE A FEW MOREOF THE CHINESE MEMBERS HERE WHO ARE AT BOAO.IN THE NEXT HALF-HOUR SO WE ARE GOING TO HAVE RICHARD MCGREGOR,SENIOR FELLOW FOR ASIA. WE ARE GOING TO TALK THE XIMEETING, AS WELL AS THE OVERALL SITUATION GEOPOLITICALLY.AS YOU CAN ALSO SEE, WE ARE GOING TO TALK TO THE WORLD'STWO BIGGEST MULTINATIONAL DEVELOPMENT LENDERS, SCOTTMORRIS, VICE PRESIDENT OF THE EAST ASIA, SOUTHEAST ASIA ANDTHE PACIFIC.
AND THEN AT 8:30 THIS MORNING,PRESIDENT OF THE CHINA-BASED AIIB, THE ASIA INFRASTRUCTUREINVESTMENT BANK. AND THEN HENRY WONG, ALSO APROMINENT VOICE HERE IN CHINA FROM THE CENTER OF CHINA ANDGLOBALIZATION, THE FOUNDER AND PRESIDENT.A LOT OF GOOD DISCUSSIONS COMING UP ON OUR FINAL DAYCOVERING THE BOAO FORUM HERE. HAIDI: OUR CHIEF NORTH ASIACORRESPONDENT STEPHEN ENGLE THERE. COMING UP, FTSE RUSSELL HOLDSOFF ON ADDING SOUTH KOREA AND.
INDIA TO ITS KEY BOND INDEXES.WE ARE GETTING THE DETAILS ON THAT. BUT BEFORE THAT, HEAR WHYALLSPRING GLOBAL INVESTMENTS ARE NOT RULING OUT A FED RATECUT IN THE FIRST HALF OF THE YEAR. WE WILL GET MORE ON THEIROUTLOOK NEXT. THIS IS BLOOMBERG. ♪ ANNABELLE:WE ARE WRAPPING UP THE FIRST QUARTER OF TRADING TAKING ALOOK AT SOME OF THE WAYS WE ARE ENDING ON A BIT OF A HIGH NOTE.WE HAVE SEEN A NUMBER OF ASSETS THAT HAVE REACHED RECORD LEVELSDURING THE FIRST THREE MONTH OF.
THE YEAR. YOU HAVE THE LIKES OF BITCOIN,GOLD, COCOA, A BIT OF A SHAME FOR ANYONE CELEBRATING EASTER.CERTAINLY A NUMBER OF MARKETS AS WELL.JAPAN, AUSTRALIA, INDONESIA, ALSO THE U.S. S&P 500.LET'S DISCUSS THE OUTLOOK AS WE APPROACH THE SECOND QUARTER OFTRADING AND BRING IN OUR GUEST, MARGIE PATEL, SENIOR PORTFOLIOMANAGER FOR ALLSPRING GLOBAL INVESTMENTS.SO MUCH OF THIS HAS BEEN PREDICATED ON EXPECTATIONS FORA FED RATE CUT.
WHAT DO YOU THINK IS GOING TOBE THE KEY CATALYST FOR MARKETS GOING INTO THE SECOND QUARTER?MARGIE: ONCE AGAIN I THINK IT IS GOINGTO BE MORE THE QUARTERLY EARNINGS REPORTS ARE.WE HAVE HAD THREE QUARTERS IN A ROW WHERE THE EARNINGS HAVESURPRISED ON THE UPSIDE. SO FAR, LISTENING TO COMPANIESIN BETWEEN THE QUARTERS, IT LOOKS AS IF THE FIRST QUARTERTHIS YEAR IS ALSO GOING TO BE PRETTY STRONG.I WOULD SAY THAT WEIGHS MORE HEAVILY THAN WHAT THE FED DOES.IF THEY MAKE A QUARTER-POINT.
CUT I DON'T THINK THAT IS IS ASIMPORTANT — ANNABELLE:WE HAVE SEEN SOME ANALYSTS REVISING EXPECTATIONS A LITTLELOWER FOR EARNINGS GROWTH. IT SEEMS LIKE YOU ARE NOTEXACTLY IN THAT CAMP. MARGIE: I THINK WE CAN SEE THE ECONOMYLOOKS LIKE IT IS GROWING MODESTLY.BUT WE HAVE HAD LITTLE DIPS BEFORE.FOR THE LAST TWO YEARS EVER SINCE THE FED HAS BEGUN TORAISE RATES, PEOPLE HAVE UNDERESTIMATED THE STRENGTH OFTHE ECONOMY.
I THINK THEY ARE STILL DOINGTHAT. THEY ARE STILL WEIGHING THE FED'S INFLUENCE WAY TOO MUCH FOR THE FUNDAMENTALS.WE WILL SEE, BUT IF PROFIT MARGINS GO DOWN OF THE ANDREVENUE GOES UP, WE ARE IN THE SAME POSITION.STRONGER-THAN-EXPECTED. HAIDI:THAT POSITIVITY EXTENDS TO THE GROWTH SENSITIVE NAMES LIKETECH? MARGIE: YES. I THINK TECH IS GOING TOCONTINUE TO BE A LEADER. BUT IT HAS TO BE SUPPORTED BYGROWTH.
WE HAVE SEEN APPLE HAVE ASTUMBLE WHERE THEY SEEM TO HAVE FALLEN DOWN OF THE FAVORITESEVEN. UNLESS A COMPANY CAN SHOW CONTINUED EARNINGS, I THINK WEWILL SEE THOSE DROP OFF. BASICALLY LARGER CAP COMPANIES,PARTICULARLY INDITEX SPACE, WILL HAVE VERY STRONG EARNINGS.ALSO INDUSTRIALS WE THINK WILL DO SURPRISINGLY WELL. WE THINK THAT TECH,INDUSTRIALS, WILL PROBABLY BE THE LEADING SECTORS. HAIDI:HOW DO YOU PLAY THE DOMESTIC GEOPOLITICAL RISK AS WE HEADINTO NOVEMBER? MARGIE:.
I DON'T THINK THERE IS ACTUALLYA TREMENDOUS AMOUNT OF RISK IN THE ECONOMY.BECAUSE WHEN YOU LOOK AT THE U.S.ECONOMY, BASICALLY ALL SECTORS LOOK PRETTY HEALTHY.THERE IS NO STEP THERE YOU CAN POINT TO THAT LOOKS VERYVULNERABLE OR LIKELY TO GO INTO A BAD STATE IF THE FED RAISESRATES. SO THAT HELPS SUPPORT EARNINGS. I THINK BECAUSE THE FED HAS –WE MIGHT SEE TREASURY YIELDS BE A BIT ABOVE WHERE WE THINK THEYSHOULD BE COMPARED TO INFLATION.
OR ECONOMIC GROWTH.SO THAT MIGHT MAKE STOCKS OF THE RICH. BUT I THINK IT IS JUST BECAUSETREASURIES ARE BURDENED DOWN WITH A VERY HEAVY SUPPLY. HAIDI: ARE YOU WANTING MUCHINTERNATIONAL EXPOSURE AT THE MOMENT? MARGIE: REALLY, IT LOOKS AS THOUGH THEU.S. IS OWING TO BE ONE OF THE GROWTH LEADERS.I THINK WE WILL HAVE GROWTH OF 2.5 TO 3% WHICH IS EXCEEDINGTHE GROWTH OF MOST EUROPEAN.
COUNTRIES AND MOST DEVELOPEDCOUNTRIES INCLUDING JAPAN. AND CHINA'S GROWTH, THEY ARETALKING 5% IS WHAT THEY ESTIMATE. THE MARGIN BETWEEN THE U.S.AND OTHER COUNTRIES IS PRETTY NARROW, AND THAT TELLS ME THATTHE U.S. IS GOING TO CONTINUE TO BE ALEADER BECAUSE OF THE STRENGTH OF THE ECONOMY. HAIDI: MARGIE PATEL FROM ALLSPRINGGLOBAL INVESTMENTS. YOU CAN GET A ROUNDUP OF THESTORIES YOU NEED TO KNOW IN.
TODAY'S EDITION OF DAYBREAK.TERMINAL SUBSCRIBERS CAN FIND THAT AT DAYB
WE KNOW INDIA AND KOREA ITREALLY WANT TO SEE THIS INCLUSION HAPPENING BUT IT DIDNOT TAKE EFFECT THIS TIME AROUND.SO WHAT HAPPENED EXACTLY? >> THE FTSE RUSSELL, ONE OF THEGLOBAL INDEX PROVIDERS, HAS HELD BACK ADDING INDIA ANDSOUTH KOREA TO ITS KEY GLOBAL AND EMERGING MARKETS BONDINDEXES ONCE AGAIN. DELAYING THE COUNTRIES' WAIT BYAT LEAST ANOTHER SIX MONTHS. THE DECISION COMES NOT AS AVERY BIG SURPRISE, TO BE HONEST. BECAUSE TALKING TO ALOT OF GLOBAL INVESTORS, THEY.
HAVE SAID THAT THEY DON'TEXPECT — THAT IT WOULD BE TOO EARLY FOR THE COUNTRIES TO BEADDED TO THE INDEXES THIS MONTH. IN THE CASE OF KOREA, THEGOVERNMENT HAS MADE A LOT OF CHANGES SO FAR IN IMPROVINGGLOBAL ACCESS TO ITS LOCAL MARKETS.BUT A LOT OF THE CHANGES ARE STILL UNDERWAY.MOST NOTABLY THE GOVERNMENT WILL BE EXTENDING THE LOCALTRADING HOURS IN JULY. SO GLOBAL INVESTORS WILL LOOKAT THAT AND SEE HOW THAT WORKS OUT BEFORE THEY DECIDE WHETHERKOREA IS INDEED ACCESSIBLE OR.
NOT.FOR INDIA, NOT A LOT OF CHANGES HAVE BEEN MADE SINCE SEPTEMBERWHEN FTSE HELD BACK ADDING THE COUNTRY TO ITS INDEXES IN THELAST REVIEW. SO OVERALL, THE RESULTS WERENOT THAT SURPRISING. OUTSIDE OF KOREA WE HAVE INDIA,AND WE HAVE VIETNAM AND PAKISTAN. VIETNAM WILL KEEP ITS STATUS ASFRONTIER MARKET AND PAKISTAN WILL STAY ON THE WATCHLIST FORPOTENTIAL DEMOTION TO FRONTIER MARKET STATUS FROM SECONDARYEMERGING MARKETS. HAIDI:.
WHEN IS THE NEXT REVIEW, AND DOWE EXPECT PROGRESS TO BE MADE BEFORE THEN?I KNOW SOUTH KOREA HAS MADE SOME EFFORTS TO OPEN ITSMARKETS TO FOREIGN INVESTORS. HOOYEON:FTSE RUSSELL DOES THESE REVIEWS TWICE A YEAR.ONCE IN MARCH AND ONCE IN SEPTEMBER.GLOBAL INVESTORS HAVE SAID KOREA WILL HAVE A BETTER CHANCETO BE ADDED TO THE INDEX IN SEPTEMBER.SO, IF IT DOES MAKE IT INTO THE INDEX, THE KOREAN GOVERNMENTHAS SAID, CITING GLOBAL.
INVESTORS, THAT THE INDEXINCLUSION COULD LURE ABOUT $70 BILLION INTO THE LOCAL BONDMARKET. SO THAT IS A POSITIVE. BUT EVEN IF IT DOESN'T MAKE ITINTO THE INDEX IN SEPTEMBER, THE GENERAL VIEW IS THAT THECOMPANY IS HEADED INTO THE INCLUSION AT SOME POINT.SO, GENERALLY SPEAKING, WHETHER OR NOT IT IS INCLUDED INSEPTEMBER OR NOT, WE'RE EXPECTING SOME ADDITIONAL BONDINFLOWS INTO THE COUNTRY. HAIDI: OUR ASIA FX AND RATES REPORTERHOOYEON KIM. LET'S LOOK AT SOME OTHERSTORIES WE ARE FOLLOWING.
JANET YELLEN HAS SLAMMEDCHINA'S USE OF SUBSIDIES TO GIVE ITS MANUFACTURERS IN NEWINDUSTRIES A COMPETITIVE EDGE. SHE TOLD MSNBC THAT STATESUPPORT STARTS THE GLOBAL ECONOMY AS SHE PLANS TO PRESSCHINA IN AN UPCOMING VISIT. SHE WANTS A CONSTRUCTIVEDIALOGUE WITH BEIJING ON THE ISSUE RATHER THAN THREATENINGRETALIATION. ANNABELLE: NISSAN SAYS IT IS CONFIDENT FORCHINA'S STRATEGY OF DEVELOPING EV'S LOCALLY IS THE RIGHT ONEFOR THE MARKET. THE SENIOR VICE PRESIDENT TOLDUS MORE ABOUT BALANCING A.
REGIONAL STRATEGY IN CHINAWHILE COMPETING GLOBALLY IN OTHER MARKETS. >> REGIONAL SIZE IS WHATMATTERS. FOR CHINA, NISSAN IS SOMETHINGTHAT IS WORKING VERY WELL AND WE WILL BE LAUNCHING IN CHINAOVER THE NEXT YEARS. ENERGY VEHICLES COMPLETELYDEVELOPED AND LOCALIZED AND PRODUCED BY OUR CHINESE FORCHINA BUSINESS. THEN ELSEWHERE IN THE U.S., INEUROPE, OR IN OUR JAPAN BUSINESS, WE'RE TRYING TOLEVERAGE REGIONAL SCALE WHERE.
IT CAN.WE HAVE A VERY BIG PRESENCE IN NORTH AMERICA, BOTH IN THEU.S., CANADA, AND MEXICO. THERE IS ENOUGH VOLUME TOGENERATE THE ECONOMIES TO BECOME COMPETITIVE. BEING COMPETITIVE JUST MEANSHAVING CARS AT THE RIGHT PRICE FOR CUSTOMERS TO BE HAPPY. >> IT PLAYS INTO THISDISCUSSION WE ARE HAVING, CAN YOU GENERATE GLOBAL SCALE WHENIT FEELS LIKE THESE MARKETS ARE BECOMING INCREASINGLY REGIONAL?I WANT TO UNDERSTAND, AND I.
WILL ASK YOU DIRECT — WHATHAPPENS IF WE GET THE FORMER PRESIDENT COMING INTO POWER,AND HE DOES NOT JUST PUT BIG TARIFFS ON WHAT IS HAPPENING INBYD AND MEXICO, HE JUST PUTS UP WALLS AND CHESS EVERYTHING DOWN.IF WE SHUT DOWN THE GLOBAL AUTO MARKET BECOMES HEAVILYREGIONALIZED. DOES THAT CHANGE WHAT YOU DO,OR IS THE MARKET ALREADY MOVING IN THIS DIRECTION? >> I THINK THE MARKET IS MOVING.WITH COVID AND A SEMICONDUCTOR CRISIS, WE HAVE BECOME MUCHMORE KNOWLEDGEABLE AND CAREFUL.
AS TO HOW LOGISTICS ROUTES ARESET UP ACROSS INDUSTRY. WE'VE BEEN THINKING ABOUT DUALSOURCING AND MORE INSURING OF THE ACTIVITIES.THAT IS A TREND WE WANT TO CONTINUE.BUILDING WHERE YOU SELL IS A RECIPE FOR SUCCESS IN THISINDUSTRY. AND SO, WE'RE OBVIOUSLY VERYCOMMITTED TO MAKING INVESTMENTS IN NORTH AMERICA THAT WILL HELPMANUFACTURE ALL THE VEHICLES THAT WILL BE SOLD HERE. HAIDI: THAT WAS THE NISSAN MOTOR SVPSPEAKING WITH OUR COLLEAGUE.
COMING UP, CHRISTOPHER WILCOXSAYS HIS OUTLOOK ON JAPAN. TAKE A LISTEN TO HOW THE HIKECOULD IMPACT THEIR BUSINESS. THIS IS BLOOMBERG. ♪ >> I THINK THE FED'S VIEW IS IFINFLATION IS MORE STUBBORN THAN THEY WANT, THEY WILL KEEP RATESAT THE CURRENT LEVEL LONGER. I DO NOT THINK THE FED ISTHINKING ON HIKING ANYMORE. I THINK THEY THINK THEY AREDONE. ANNABELLE: THAT FED WAS THE FORMER FEDVICE CHAIR. WE JUST HEARD FROM THE FEDGOVERNORS SAYING THERE IS NO.
RUSH AND PERHAPS FED RATE CUTSCOULD BE DELAYED OR REDUCED THE NUMBER ANTICIPATED BY OFFICIALS.HEADING INTO THE END OF THE FIRST QUARTER, YOU CAN SEE ALOT OF OPTIMISM COMING THROUGH IN THE AUSSIE SESSION.WE ARE ALSO LOOKING AT THE OUTLOOK FOR JAPANESE MARKETS.FAIRLY FLAT SO FAR, U.S. FUTURES LIKEWISE. ANOTHER RECORD THAT WE ARESEEING. A BIG FOCUS ON THE JAPANESE YEN.THE 151 MARK. THE QUESTION IS WHEN WILL WESEE A FORMAL INTERVENTION?.
NOT REALLY DOING MUCH TODISSUADE TRADERS AT THIS POINT IN TIME. HAIDI:PARTS OF ASIA NEED TO DECIDE WHAT THEIR PRIORITIES ARE.LET'S GET SOME MORE ON THAT AND SOME ANALYSIS ON THE BANK OFJAPAN'S PATH POST LIFT OFF. >> WE HAVE CHRIS WILLCOX, THEHOST OF WHOLESALE BANKING. WELCOME.MAKE YOU FOR JOINING US. IT HAS BEEN SUCH AN INTENSETIME FOR JAPAN'S FINANCIAL MARKET.WE HAVE THE BOJ RAISING RATES. WHAT IMPACT HAS THAT HEAD ONYOUR BUSINESS? CHRIS:.
THERE IS A REAL SENSE THATTHERE IS SOME CHANGE IN THE JAPANESE ECONOMY.THAT HAS LED TO A VERY DIFFERENT SENTIMENT.JAPAN HAS BEEN THE MOST EXCITING MARKET ON THE GLOBE INTHE LAST YEAR. AS A JAPANESE INSTITUTION THATCAN BRING JAPAN MARKETS TO THE REST OF THE WORLD, IT HAS BEENA REALLY GOOD PERIOD. IT MAKES US RELEVANT.I CAN GET ANY MEETING I WANT RIGHT NOW TO TALK ABOUT JAPANBECAUSE MOST PEOPLE IN THE WORLD HAVE AN INTEREST IN THISMARKET. JOYCE:.
LET'S TALK ABOUT THE YEN, THELOWEST LEVEL SINCE 1990. HOW MUCH SPECULATION DO YOU SEEIN THE MARKET? THE POSSIBILITY OF ANINTERVENTION IN THE CURRENCY MARKET? CHRIS:IT IS A BIG STORY RIGHT NOW BUT THE YEN HAS BEEN FLIRTING WITHWEAKNESS FOR A WHILE. . OUR FORECAST IS FOR THE YEN TOSTRENGTHEN. WE THINK IT SHOULD HEAD BACKTOWARD 140. PRIMARILY DRIVEN BY THE FORCEOF THE FED EASING FURTHER DOWN THE ROAD AND SOMEWHAT TIGHTERJAPAN POLICY.
WE THINK THE MEDIUM-TERMPICTURE WOULD BE FOR A SPRIGHTLY STRONGER YEN. RIGHT NOW IT IS FLIRTING WITHITS LOWEST LEVELS EVER. CENTRAL BANKS TEND TO INTERVENEAND CAN SURPRISE THE MARKET AND WE ARE TALKING ABOUT IT NOW.THEY WOULD PREFER TO TALK RATHER THAN ACT BUT YOU NEVERKNOW. JOYCE: HOW MUCH SPECULATION DO YOU SEEIN THE MARKET RIGHT NOW? CHRIS: A BIT.IT IS OBVIOUSLY A BIG STORY. FOR US, THE BIG PICTURE IS WEARE SEEING A LOT OF FOREIGN.
INTEREST IN THE JAPAN EQUITYMARKETS AND OTHER PARTS OF JAPAN. THE YEN IS NOT A TOTALLYSTANDOUT ISSUE. JOYCE: THANK YOU.LET'S TALK ABOUT BUSINESS. YOU HAD A SOLID QUARTER AND ITPUTS THE BUSINESS ON TRACK — THERE IS STILL A GAP TO THE 130BILLION YEN PROFIT TO ACHIEVE BY NEXT YEAR.HOW CONFIDENT ARE YOU IN ACHIEVING THIS TARGET? CHRIS:THIS YEAR HAS BEEN AN INTERESTING YEAR.IT HAS HAS SOME PLUSES AND MINUSES.FOR US, IT IS VERY MUCH A.
REBUILD YEAR.THERE IS A NUMBER OF PARTS OF OUR BUSINESS WE HAVERESTRUCTURED AND REENGINEERED TO SET US UP FOR SUCCESS IN THEMEDIUM-TERM, INCLUDING NEXT YEAR.IF YOU THINK ABOUT THAT, FROM WHEN I TOOK OVER THE BUSINESS,WHICH WAS OCTOBER 2022, WE HAVE INCREMENTALLY IMPROVED ALL OFTHOSE BUSINESSES ON EACH QUARTER FOR FIVE QUARTERS IN AROW. WE FEEL VERY GOOD ABOUT THE DIRECTION OF THE BUSINESS ANDTHE ACTIONS WE HAVE TAKEN. WE HAVE FOCUSED ON GLOBALIZINGOUR BUSINESS AND TAKING.
GLOBALIZATION TO THE NEXT LEVEL.WE HAVE FOCUSED ON RETAINING TALENT IN OUR BUSINESS WHICHHAS BEEN AN IMPORTANT PART OF OUR SUCCESS.WHAT WE ARE REALLY DRIVING THROUGH NOW IS A VERYSTRUCTURED AND DATA-DRIVEN FOCUS ON CLIENTS.WE HAVE BUILT SOME AMAZING CAPABILITIES AND NOW WE NEED TOMAKE SURE WE ARE VERY EFFECTIVE AT TAKING THEM TO CLIENTS.WE WILL NEED GOOD MARKETS, CLEARLY OVER THE LAST FEW YEARSTHERE HAVE BEEN SOME PERIODS WHERE THE MARKETS HAVE BEENCHALLENGING.
WE HAVE GONE AGAINST THAT TRENDBY GROWING OUR WALLET SHARE AND OUR MARKET SHARE.PREDICTIONS ARE ALWAYS DANGEROUS BUT WE FEEL VERYCONFIDENT. JOYCE: A COUPLE THINGS I WANTED TO –HAIDI: A COUPLE OF THINGS I WANT TOGET YOUR RESPONSE TO. SOME MARKETS HAVE BEEN MORECHALLENGING. DO YOU FEEL LIKE THE NUMBER OFBANKERS YOU HAVE IS THE RIGHT SIZE OR DO YOU SEE THE NEEDPOTENTIALLY FOR MORE ADJUSTMENTS? CHRIS:WE HAVE MADE A LOT OF.
ADJUSTMENTS THIS YEAR BUT IFYOU LOOK AT THE HEAD COUNT AROUND MY BUSINESS, IT ISROUGHLY FLAT. LOOKING FORWARD INTO THE NEXTYEAR, WE EXPECT THAT TO BE THE SAME.WHAT THAT DISGUISES IS A VERY SIGNIFICANT UPGRADING OF TALENTWE HAVE DONE WITHIN THE BUSINESS TO PUT OURSELVES IN APOSITION WHERE WE FEEL CONFIDENT ABOUT THE FUTURE.WE FEEL PRETTY RIGHT SIZE RIGHT NOW AND THE OPPORTUNITY ISSTRONG. HAIDI: HOW OUR COSTS LOOKING?– HOW ARE COSTS LOOKING?.
CHRIS:IF YOU ASK ANY BUSINESSPERSON, COSTS ARE ALWAYS TOO HIGH.WE HAVE A PUBLICLY STATED TARGET FOR MY BUSINESS TOREDUCE COSTS BY $150 MILLION. MORE IMPORTANTLY TO THAT IS THEMEDIUM-TERM THINGS WE ARE DOING. THERE ARE A BUNCH OF STRUCTURALCHANGES WE ARE MAKING ACROSS THE BUSINESS THAT HAVE A LITTLEBIT OF A J CURVE ASSOCIATED WITH THEM BUT THAT WE THINKWILL FEED THROUGH TO A LOWER COST BASE FOR THE FIRM OVER THENEXT TWO TO FIVE YEARS. JOYCE: NOMURA WAS PROFITABLE, WHAT DOYOU INTEND TO DO TO SUSTAIN.
MOMENTUM? CHRIS:THE WAY THAT WAS ACHIEVED WAS SOMETHING WE TALKED ABOUTEARLIER. WE HAVE GLOBALIZE THE BUSINESS.ALL OF OUR LINES OF BUSINESS HAVE GLOBAL HEADS.THAT GLOBALIZATION INCLUDES JAPAN.WITH JAPAN'S NEW RELEVANCE TO CLIENTS, IT IS AN IMPORTANTADVANTAGE FOR US AS A FIRM TO TAKE JAPAN TO OUR GLOBAL CLIENTBASE, AND VICE VERSA. INCREASINGLY THERE IS ANAPPETITE IN JAPAN FOR PRODUCTS. ONE THING WE HAVE DONE IS FOCUSON OUR CLIENT BUSINESS.
WE HAVE REALLY GOOD PRODUCTCAPABILITIES AND THE CLIENT BUSINESS MARKET SHARE HAS GROWNSIGNIFICANTLY OVER THE YEAR. WE AIM TO SEE THAT CONTINUEOVER THE NEXT YEAR. HAIDI: I WANTED TO ASK YOU ABOUTPRIVATE MARKETS. WHAT ENDEAVOR IS NUMBER OFMAKING? WHAT KIND OF RISK ASSESSMENTWAS THAT FOR YOU? CHRIS: PRIVATE MARKETS IS THE BIGGROWTH STORY. IF YOU ARE NOT TALKING ABOUTJAPAN, YOU ARE PROBABLY TALKING ABOUT PRIVATE MARKETS.WE HAVE SEEN MASSIVE GROWTH.
OVER THE LAST FEW YEARS.WE HAVE TWO DIFFERENT APPROACHES IN PRIVATE MARKETS.WITHIN THE WHOLESALE BUSINESS, WE HAVE BEEN FOCUSING ON THEPRIVATE MARKET BUSINESS WE DO, WHETHER THAT IS IN THE LEVERAGEFINANCE SPACE OR IN SOME OF THE ASSET-BACKED FINANCING WE DO ININFRASTRUCTURE AND POWER OR CLOS AND THE WHOLE OF OURSECURITIZED PRODUCTS. ON THE ASSET MANAGEMENT SIZE,WE ARE MAKING INVESTMENTS IN BUILDING OUR PRIVATE MARKETCAPABILITIES. WE RECENTLY ANNOUNCED THEFORMATION OF NOMURA CAPITAL.
MANAGEMENT IN THE U.S.AND THAT IS PART OF A MEDIUM-TERM STRATEGY TO FOCUSON PRIVATE MARKETS ON THAT SIDE OF THE FIRM, AS WELL. JOYCE:THREE YEARS AGO NOMURA MANAGED TO CONVINCE YOU TO COME OUT OFRETIREMENT. WHAT DO YOU THINK ARE THEBIGGEST CHANGES YOU HAVE MADE AND WHAT MORE IS THERE TO DO?DO YOU THINK ABOUT RETIREMENT THESE DAYS? CHRIS:I AM CERTAINLY NOT RETIRED ANYMORE.YES, IT WAS THREE YEARS AGO. I LOOKED TO TAKE A YEAR OUT ANDDO SOME OF THE THINGS YOU WANT.
TO DO BEFORE YOU GET TOO OLD TODO THEM. UNFORTUNATELY, COVID MADE THATMORE DIFFICULT THAN I THOUGHT IT WOULD BE AND I WAS LOOKINGFOR A JOB, ANYWAY. I THINK I HAD A NUMBER OF FIRMSAPPROACHING ME AT THAT TIME AND NOMURA WAS THE ONE I CHOSE TO GO WITH, MAINLY BECAUSE I FELTTHE DETERMINATION OF THE SENIOR MANAGEMENT TO INVEST IN THEIRBUSINESS AND GROW THEIR BUSINESS WAS VERY INSPIRING.IT WAS AN EASY CHOICE TO MAKE AT THE TIME, ALTHOUGH,OPTICALLY, I WAS WALKING INTO A.
CHALLENGING SITUATION.I THINK THAT WAS A GREAT DECISION.I'M NOT REALLY THINKING ABOUT RETIREMENT ANYMORE BECAUSE I AMEXCITED ABOUT THE OPPORTUNITIES WE HAVE.OVER THE NEXT FEW YEARS, WE HAVE AN INTERESTING PROGRAM TOGROW THIS BUSINESS AND I THINK THERE IS CHANGE GOING ON ALLTHE WAY THROUGH NOMURA. IT IS NOT JUST THE WHOLESALEBUSINESS IT IS THE RETAIL BUSINESS AND THE ASSETMANAGEMENT BUSINESS. JOYCE: THANK YOU VERY MUCH.CHRIS WILLCOX WITH NOMURA.
HAIDI:REALLY GREAT CONVERSATION. COMING UP NEXT, WE WILL BE BACK LIVE WITH RICHARD MCGREGOR OFLOWY INSTITUTE. HE IS MAKING HIS INVESTMENTPITCH TO U.S. CEOS. ANNABELLE:LET'S HEAD BACK TO THE FORUM. STEPHEN ENGLE IS JOINING USAGAIN. STEPHEN:LET'S KICK OFF OUR PROGRAMMING WITH RICHARD MCGREGOR.I HAVE A BUG FLYING AROUND MY EYES RIGHT NOW.WE HEARD FROM XI JINPING IN.
BEIJING.HE IS TRYING TO PUT ON A CHARM OFFENSIVE.DO YOU THINK IT WILL WORK? THERE ARE CONFLICTING MESSAGESCOMING FROM BEIJING. RICHARD: ABSOLUTELY.THIS HAS BEEN THE MOST STRIKING THING ABOUT CHINA, POLICYVOLATILITY. WE LOVE FBI. WHAT WE SAW IN BEIJING, THENEXT DAY THE ANTI-ESPIONAGE LAW, AND SO FORTH.GETTING CLARITY OF MESSAGING HAS BEEN DIFFICULT FOR BEIJING.YOU WANT TO HAVE THAT CLARITY CONTINUING FOR A LONG TIME, NOTIN SHORT BURSTS.
I THINK IT WILL HAVE AN IMPACTUP TO A POINT. THE SORT OF PEOPLE HE HAD INTHE MEETING, HE IS A LITTLE BIT PREACHING TO THE CHOIR.THERE ARE OTHER PEOPLE HE WOULD HAVE TO PERSUADE. STEPHEN:THERE HAS TO BE FOLLOW-THROUGH ON IMPLEMENTATION AND PROMISESAND MORE CLARITY ON POLICY. ARE WE GETTING ANY OF THAT ATTHE FORUM? IT SEEMS MORE MUTED THAN IN THE PAST. WE WILL GET — RICHARD:YOU HAVE COME FOR MANY YEARS. I FIRST CAME 20 YEARS AGO.IT SEEMS QUITE SUBDUED TO ME.
WE ARE NOT GETTING THE TOPPEOPLE. XI IS IN BEIJING. WE DO NOT HAVE THE BROADREPRESENTATION OF BUSINESS LEADERS, VERY FEW AMERICANVOICES. VERY FEW EUROPEAN VOICES. WE ARE NOT HEARING MANYMESSAGES HERE. IT IS MORE FOCUSED ON THECHINESE AGENDA. A LOT OF THAT IS A POSITIVEAGENDA. GREEN ENERGY, CLIMATE CHANGE,ISSUES LIKE HYDROGEN. THAT IS A GLOBAL AGENDA.THE GEOPOLITICAL AGENDA.
WE ARE TALKING ABOUTGEOPOLITICS IN MANY RESPECTS OF ASIA. THAT IS NOT PRO-WESTERN. AT TIMES PRETTY ANTI-AMERICAN.STEPHEN: THAT IS ONE THING THAT STRUCKME. A LOT OF PARTICIPANTS OF THE PANELS I HAVE ATTENDED TALKEDOF THE MULTILATERAL APPROACH AND CONDEMNED UNILATERALISM.THAT IS A JAB AT THE UNITED STATES. DO YOU FEEL MAYBE THIS FORUM ISTOO CHINA-CENTRIC FOR THEIR MESSAGING? RICHARD:IT IS HARD TO SAY.
WE MIGHT SAY THAT BUT A LOT OFPEOPLE ON THE PANELS FROM RUSSIA AND INDIA — I THINK THEFORMER PRESIDENT OF SLOVENIA IS HERE — THEY ARE IN ACCORD WITHA LOT OF THE CHINESE AGENDA. THAT IS SOMETHING PEOPLE INWESTERN COUNTRIES SHOULD BE AWARE OF.THE CHINESE MESSAGE ON CHINA LEAVING THE GLOBAL SOUTH, CHINASAYING WE WILL PLACE DEVELOPING COUNTRIES AT THE CENTER OF THESTORY, THE AMERICANS WILL NOT. THE WEST RULES-BASED ORDER ISMUCH SMALLER THAN MANY PEOPLE REALIZE.I'M JUST GIVING YOU THE CHINESE.
TALKING POINTS, I AM NOTENDORSING THEM. WE SHOULD NOT UNDER ESTIMATETHE POWER OF CHINESE MESSAGING. IT IS NOT JUST A COMPETITION OFTHE ECONOMY AND TECHNOLOGY. IT IS A COMPETITION OF IDEASAND WORLD SYSTEMS. YOU DO NOT HAVE TO LISTEN CLOSELY HERE TOREALLY FEEL THAT. STEPHEN: WE ARE HEARING THAT JANETYELLEN WILL BE HERE NEXT WEEK PERHAPS AND THAT SHE WILL PUSHTHE CHINESE ON THE FEAR THAT THERE ARE EXCESS CAPACITY GOINGTO BE SHIPPED OFF. DRIVE DOWN PRICES ANDESSENTIALLY IT BRINGS UP ISSUES.
OF DUMPING AND THE SUBSIDIESTHAT PERHAPS THE CHINESE ARE PUMPING INTO GREEN ENERGYPRODUCTS. ENERGY VEHICLES, BATTERIES ANDSOLAR. DOES THAT OPEN THE FRONT ONANOTHER BATTLE BETWEEN CHINA AND THE U.S.? RICHARD:I THINK IT IS COMING. JANET YELLEN IS THE BEST PERSONTO DELIVER THAT MESSAGE. I WILL NOT SAY SHE IS A POPULARFIGURE IN CHINA BUT SHE IS RESPECTED. SHE IS NOT CONSIDERED ANIDEOLOGUE LIKE SOME MEMBERS OF.
THE BIDEN ADMINISTRATION.I WOULD SAY SHE IS WELL WORTH LISTENING TO.IN AMERICA, I THINK WE WILL SEE CHINESE EV'S STOCKED ONE WAY ORANOTHER. EUROPE IS THE BIG GAME WITH AEUROPEAN INVESTIGATION INTO SUBSIDIES OR DUMPING.I THINK IT IS A REAL THING ABOUT CHINESE OVERPRODUCTIONAND SENDING IT OFFSHORE. HOWEVER MANY DOZENS OF CHINESEEV COMPANIES, THEY CANNOT ALL MAKE MONEY IN CHINA.THEY HAVE TO SELL OFFSHORE. EUROPE AND AMERICA WILL PUSHBACK AGAINST THAT. STEPHEN:.
GEOPOLITICAL TENSIONS NOTNECESSARILY ON THE BACK BURNER BUT THEY ARE IN THE SOUTH CHINASEA, THE PHILIPPINES AND CHINA, TAIWAN, WHAT IS ON YOUR RADAR,GEOPOLITICALLY? RICHARD: WE HAVE NOT HEARD MUCH ABOUTTAIWAN HERE. A LITTLE BIT ABOUT THEPHILIPPINES BUT NOTHING SORT OF MEATY. .SORRY, I HAVE A BUG, AS WELL. I MIGHT HAVE SWALLOWED THAT ONE.I THINK TAIWAN IS INTERESTING. THE CHINESE RESPONSE POST THEJANUARY ELECTION, HE WAS ELECTED, HE WAS NOT BEIJING'SFAVORITE CANDIDATE.
SINCE THEN, THERE HAVE BEEN NOBIG MILITARY RESPONSE. IT HAS BEEN CALCULATED,SMALL-SCALE RESPONSES. THAT GIVES BEIJING THE ABILITYTO DIAL IT UP AT SOME STAGE. WE HAVE TO BE WARY AROUND THEINAUGURATION, WHICH I THINK IS IN MAY. STEPHEN: MAY 20.RICHARD: BEIJING IS NOT RESTING ON THISISSUE. STEPHEN: RICHARD MCGREGOR, THANK YOU FORYOUR TIME. SORRY ABOUT THE BUGS. WE WILL TRY TO FUMIGATE THEPLACE. MORE COMING UP, INTERVIEWSCOMING UP FROM THE BOAO FORUM.
HAIDI:INTERVIEWS AND TAKING OUT BUGS IS A LOT STEPHEN ENGLE ISDEALING WITH IN BOAO. WE WILL BE BRINGING HIM BACKWITH MORE CONVERSATIONS FROM THE BOAO FORUM.SCOTT MORRIS WILL BE WITH US IN THE NEXT HOUR. ♪ HAIDI: THE GLOBAL LANDSCAPE ISCHANGING FAST WITH THE RISE OF REMOTE WORK, AI AND AN EMPHASISON DIVERSITY, WE GET HIS OUTLOOK ON THE LATEST EPISODE.HERE IS A PREVIEW OF THAT CONVERSATION.
>> ALL DEVELOPED COUNTRIES AREHAVING LESS SUPPLY OF LABOR FORCE. IN THE U.S., 10 YEARS AGO, 20YEARS AGO, THE U.S. HAD AN ADDITIONAL 3 MILLIONPOPULATION. 2018, 2019, THE U.S. HAD ALMOST ZERO WORKING AGEPOPULATION. IN JAPAN THE NUMBER OF WORKINGAGE POPULATION IS DECREASING. >> RECRUIT IS A COMPANY WITHGLASSDOOR.COM. RECRUIT ACQUIRE THE SITE 10YEARS AGO FOR $1 BILLION. WITH THAT ACQUISITION COMES ADEEP POOL OF DATA ON THE JOB.
MARKET. >> WORK IS STILL STRONG.JOBSEEKERS STARTED TO LOOK FOR REMOTE WORK JOBS OR FLEXIBLEJOBS. THAT IS A BIG TREND WHERE WECAN — WE COMPARE BEFORE COVID AND AFTER COVID.A NUMBER OF JOB POSTINGS WITH REMOTE WORK IS SHRINKING ALITTLE BIT BUT STILL WAY HIGHER. HAIDI:YOU CAN SEE THE DISCUSSION IN FULL ON LATITUDE BEGINNING THISTHURSDAY HERE ON BLOOMBERG TELEVISION.HEARING FROM RECRUIT HOLDINGS.
AND THEIR FOCUS ON WAGES, THEBOJ SUMMARY OF OPINIONS HAS BEEN COMING OUT FOR THE MARCHPOLICY MEETING, THAT HISTORIC MEETING WHERE WE SAW THE HIKEIN RATES AND THE TAKE AWAY ARE GETTING IS THIS IS NOT A SHIFT,AT LEAST ONE MEMBER IS SAYING THIS, TOWARD A TIMING REGIME.THE ACHIEVEMENT HAD COME INTO SIGHT.WE WILL WANT TO DELVE INTO THE DETAILS.IT SEEMS LIKE A CAUTIOUS POLICY STANCE COMING THROUGH, GIVEN –YES, IT WAS A HIKE BUT IT WAS A DOVISH HIKE.THAT HAS LED TO THE CURRENCY.
WITNESS.YOU HAVE THE DOLLAR STRENGTH THAT IS CONTINUING TO HOLD WITHTHE EXPECTATION FED RATE CUTS MIGHT NOT BE AROUND THE CORNER.THE JAPANESE YEN, FAIRLY STEADY OFF THAT.IMPORTANT MEETING MINUTES. HAIDI:IT IS A CRUCIAL SET OF MEETING MINUTES BECAUSE WE WANT TO GETA LITTLE MORE CONTEXT IN TERMS OF WHAT THE BOJ MEMBERS ARETHINKING. THE MESSAGING AND THE AMOUNT OFWHAT THEY DID REALLY HAVING NEGLIGIBLE MARKET IMPACT INTERMS OF ANY HUGE VOLATILITY IN.
BOTH THE CURRENCY AND EQUITYMARKETS. THAT POPULAR TRADE WE ARESEEING WITH THE YEN AND THE NIKKEI HAS CONTINUED TO THEPOINT THAT THE DIVERGENCE BEING PERCEIVED BETWEEN THE FED ANDTHE BOJ IS AT A POINT WHERE WE HAVE SEEN INTERVENTION TO TRYTO PREVENT ANY FURTHER WEAKNESS IN THE YEN.IT IS UNLIKELY THE SUMMER IS
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