FINWIRES · TerminalLIVE
FINWIRES

Japanese Shares Rise as Yen Hits Seven-Month High on BOJ Rate-Hike Bets

By

Japanese stocks advanced on Tuesday as the yen strengthened to its highest level since February against the US dollar, driven by rising expectations of a Bank of Japan rate hike and the strongest wage growth in nearly three decades.

The Nikkei 225 rose 556.2 points or 0.8% to open at 65,843.69.

The yen jumped past 154 per dollar on Tuesday, driven in part by growing US political pressure for Japan to support the yen through rate hikes, according to Trading Economics.

Markets expect the Bank of Japan to hike rates at its September policy meeting as Japan's nominal wages rose 4.7% in July, topping the 3.9% market forecast and accelerating from 4% in June. In real terms, wages rose 2.4% year over year, the fastest pace of increase since May 2021.

Related Articles

Asia

Market Chatter: PTT Targets LNG Growth, Diversifies Crude Supply Amid Energy Risks

PTT Public (SET:PTT) is prioritizing energy security and financial resilience as geopolitical tensions and volatility in global energy markets continue to weigh on the industry, Tha Bangkok Times reported Monday, citing President and CEO Kongkrapan Intarajang.He said the group must maintain reliable energy supplies for Thailand while ensuring commercially sustainable returns as a listed company. The global conflicts and weak economic growth had cut oil production capacity by an estimated 8% to 10%, prompting PTT to sustain operations despite challenging market conditions to avoid supply disruptions, according to the report.PTT is diversifying crude sourcing and shipping routes while targeting LNG portfolio growth to 10 million tonnes per annum by 2030 and 15 million tonnes per year by 2035. The group is also advancing carbon capture projects to support its 2050 net-zero goal, while strengthening returns and sustaining dividends, the Times said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

SET:PTT
Asia

China Environmental Technology Reaches Settlement Over Convertible Bond Dispute

China Environmental Technology (HKG:0646) has reached a settlement with Sure Fast in legal proceedings over its disputed convertible bonds, according to a Sept. 4 Hong Kong bourse filing.Under the settlement deed signed Sept. 4, the company will pay a final settlement, plus interest, in three installments through December 2027.Sure Fast has agreed not to pursue winding-up proceedings, other claims or enforcement of the court judgment against the company while payments are made, subject to specified events of default.The settlement relates to the company's $7 million convertible bonds due in 2021, after a Hong Kong High Court judgment in April declared the bond subscription agreement and related documents valid and enforceable.

HKG:0646
Asia

Eva Airways to Raise Excess Baggage Fees from Sept. 29

Eva Airways (TPE:2618) is set to raise excess baggage fees and revise other international baggage charges starting Sept. 29, according to a statement released on Thursday.The airline said the decision was taken due to higher fuel prices and rising global operating costs amid economic and geopolitical pressures.The company's shares were down over 1% in Monday's trade.The changes will apply to international flights with travel dates on or after Sept. 29, the Taiwanese airline said.The revised baggage policy covers excess baggage, prepaid excess baggage, and overweight and oversized baggage fees. It also covers updated pricing rules and fees for transporting pets and sports equipment.

TPE:2618