Japan travel stocks jump on reports of dropping group travel rule
U.S. to broaden curbs on chip and tool exports to China, Reuters reports
The U.S. Department of Commerce plans to publish new regulations related to restricting exports of chipmaking equipment to Chinese factories that produce advanced semiconductors, Reuters reported, citing people familiar with the matter.
The rules will be based on letters sent to KLA, Lam Research and Applied Materials earlier this year, when they were informed that government-issued licenses would be needed to sell such equipment to buyers that make chips with sub-14 nanometer processes.
The new regulations would likely include additional actions against China, sources told Reuters, adding they could be changed and published later than expected.
Economic consultancy downgrades growth forecasts for New Zealand
Economists at the New Zealand Institute for Economic Research downgraded the growth outlook for the country, citing continued high inflation and interest rates.
They now expect the annual gross domestic product for 2022-2023 to grow 2.5%, lower than its previous forecast of 2.9%.
GDP for 2023-2024 is now expected to grow 1%, a steep downgrade from its earlier prediction of a 1.9% increase published in June, while the 2024-2025 forecast was revised to 1.5% from 2.1%.
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Yen intervention likely won’t be effective: National Australia Bank
A unilateral intervention on the Japanese yen from the government is unlikely to be effective, according to National Australia Bank — after officials over the weekend said the government needs to take steps to address the excessive declines in the yen.
“If the [Bank of Japan] really wants to stop JPY’s decline, then they need to make changes to their ultra-easy policy, the pressure is building,” he wrote in a Monday note. a currency strategist at National Australia Bank
The yen last traded at 142.55 against the dollar.
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