The question of when the Bank of Japan (BOJ) should wind back crisis-era stimulus has dogged policymakers for some time, but its less aggressive support for the stock market in recent weeks has some investors speculating it's already taking its foot off the gas.
The central bank's support for the stock market, a part of its wider push to inflate asset prices, has generally followed an unwritten but easy-to-decipher rule: if the stock market falls more than 0.2 per cent by midday, it buys exchange-traded funds (ETFs).
But since April 9, when Haruhiko Kuroda entered his second term as BOJ governor, it refrained from buying on four out of seven days when the Topix index fell more than that.
While the fall in Topix on those days was still relatively small and the BOJ's move could simply be fine-tuning following the record amounts bought March, some investors suspect it could be the start of a withdrawal from its commitment to buy ¥6 trillion (Dh198.35bn) of ETFs a year.
Shingo Ide, chief equity strategist at NLI Research Institute, reckons there are two possible interpretations of this. The BOJ could have started stealth tapering. Or it could be just slowing down the pace after it bought too much in February and March.
The BOJ has a precedent of quietly stepping back from its policy target.
The bank has said it is aiming to increase its JGB holdings by ¥80tn per year, but the actual pace has been gradually slowing for nearly two years.
In April, its JGB holdings rose just ¥48tn from a year earlier, 40 per cent less than its official guideline.
NLI Research's Ide says there's a reasonable chance the BOJ has already began “stealth tapering” in stock buying, but that he'd need to see how the BOJ handles stock buying in coming weeks to get a clearer view.
Behind rising suspicions of tapering lie the market's concerns that the BOJ's buying is neither sustainable nor necessary at current stock prices, which are not too far from 26-year highs.
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Data from the BOJ and Tokyo Stock Exchange show the central bank was the largest buyer of Japanese stocks last year and analysts estimate it is already the largest shareholder of many listed companies.
Many market participants regard the BOJ's involvement as an unhealthy intervention that does little to support the economy. Some BOJ policymakers have called for the need to consider slowing purchases in the future.
Despite the criticism, Mr Kuroda has hosed down talk of tapering the asset purchases, arguing they are part of the BOJ's aggressive drive to achieve its 2 per cent inflation target.
He told policymakers last month it was premature to debate when and how the central bank should slow its purchases of ETFs.
People familiar with the bank's thinking say the BOJ's commitment to buy six trillion-yen in ETFs a year is a more binding target than its more flexible guideline of buying ¥80tn in JGBs, which is used to keep the 10-year yield around zero per cent.
Slowing ETF buying significantly would require a decision by the nine-member board and would be a major policy change that could be interpreted by markets as the bank whittling down stimulus.
In the year to April, the BOJ's ETF holding increased ¥5.8tn, slightly less than the target but still within monthly fluctuations.
Some market participants think the BOJ could be more flexible in stock buying, by reducing purchases when the market is higher and increasing them when the market heads south.
Indeed, on March 22, when the Nikkei was falling to six-month lows, the BOJ bought stocks even though the Topix was down 0.08 per cent in the morning.
Yasuo Sakuma, chief investment officer at Libra Investments said that without the BOJ's buying, the Nikkei would have broken the psychologically key ¥20,000 in March.
"But now that the Nikkei has rebounded since then, I assume the BOJ makes a decision in a more comprehensive manner - by taking price levels also into account. It could begin, if not already, a stealth tapering when the Nikkei rises to 23,000 or 24,000," he said.
Reuters
Company%20Profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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Company%20Profile
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%20Ramez%20Gab%20Min%20El%20Akher
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Zayed Sustainability Prize
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Read more from Kareem Shaheen
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20profile
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Most%20ODI%20hundreds
%3Cp%3E49%20-%20Sachin%20Tendulkar%2C%20India%0D%3Cbr%3E47%20-%20Virat%20Kohli%2C%20India%0D%3Cbr%3E31%20-%20Rohit%20Sharma%2C%20India%0D%3Cbr%3E30%20-%20Ricky%20Ponting%2C%20Australia%2FICC%0D%3Cbr%3E28%20-%20Sanath%20Jayasuriya%2C%20Sri%20Lanka%2FAsia%0D%3Cbr%3E27%20-%20Hashim%20Amla%2C%20South%20Africa%0D%3Cbr%3E25%20-%20AB%20de%20Villiers%2C%20South%20Africa%2FAfrica%0D%3Cbr%3E25%20-%20Chris%20Gayle%2C%20West%20Indies%2FICC%0D%3Cbr%3E25%20-%20Kumar%20Sangakkara%2C%20Sri%20Lanka%2FICC%2FAsia%0D%3Cbr%3E22%20-%20Sourav%20Ganguly%2C%20India%2FAsia%0D%3Cbr%3E22%20-%20Tillakaratne%20Dilshan%2C%20Sri%20Lanka%0D%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
%3Cul%3E%0A%3Cli%3ECBDC%20real-value%20pilot%20held%20with%20three%20partner%20institutions%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20buy%20now%2C%20pay%20later%20regulations%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20for%20the%202023%20launch%20of%20the%20domestic%20card%20initiative%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPhase%20one%20of%20the%20Financial%20Infrastructure%20Transformation%20(FiT)%20completed%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Company%20Profile
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RESULTS
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