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Japan has officially entered a new monetary age. The Bank of Japan has recently increased its benchmark interest rate from 0.50% to 0.75%, which is its highest point since 1995. The figure may not seem impressive compared to other countries, but its implications cannot be overlooked. For example, this is the end of Japan’s four decades of experimenting with extremely low interest rates.
Japan's economy is currently in a state where it is mildly recovering, but with certain weaknesses, as described by Japan's Governor Kazuo Ueda. According to Ueda, the latest rate increase is designed in such a way that it is not aiming to shock the market but rather reflecting the improved conditions in the economy with a gradual approach toward price stability. Notably, the central bank is no longer committed to being near zero, as emphasized by Ueda.
The issue is very much linked to wage growth. Wage growth is now entering into prices, which is something that has been a problem for Japan for the last several decades. If this keeps up, the Bank of Japan is seeing opportunities to continue to raise interest rates, but that is dependent on the current level of 0.75 percent.
The need for caution was highlighted by Ueda as well. Talking about the actions that will be made by the central bank in the future, it was said that "the previous policy changes have not had a strong tightening effect." Indeed, a slow start is what markets are looking for.
Japan is incrementally, but surely, abandoning the kind of economic policies that have characterized the country for the past generation.
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MEXICO CITY, Dec 19 - The proposed merger of Mexican budget carriers Volaris (VOLARA.MX), opens new tab and Viva Aerobus aims to put the new airline group in stronger conditions to negotiate its highest costs, acquiring and renting aircraft, executives from both firms said on Friday.
Reuters exclusively reported on Thursday that the two were nearing an agreement, which Volaris and Viva later confirmed
A significant opportunity lies in reducing aircraft ownership costs, which represent the largest expense - exceeding even fuel," Viva CEO Juan Carlos Zuazua told analysts on a conference call.
Notably, major global carriers operate with ownership costs up to 60% lower than their Latin American counterparts, including Viva and Volaris," he added.
Both airlines exclusively fly Airbus (AIR.PA), opens new tab planes, and operate similar routes.
While Volaris and Viva will continue to operate as separate brands, the new group - to trade as Grupo Mas Vuelos - would become Mexico's largest domestic carrier by far..
Shares of Volaris were on track for their best day ever, shooting up nearly 17% after the call.
Under the terms of the agreement, the companies will combine in a merger of equals. Volaris CEO Enrique Beltranena conceded that his carrier represented about 60% of enterprise value while Viva brought in 40%, though Volaris' net debt was higher.
"So when you bridge from enterprise value to equity value, the relative equity contributions become much closer," he saiAnalysts repeatedly pressed the executives on the regulatory process ahead to clear the deal. Among Mexican carriers, the two represented a combined 69% of passengers carried in the year through October. They were trailed by flagship airline Aeromexico , which is likely to oppose the merger.
"We're confident in the merits of this transaction," Beltranena said. "(We) prefer right now not to speculate on the results or the potential outcomes, and conditions or remedies" stipulated by the regulator
Mexico's government this year dissolved its independent anti-competition regulator, Cofece, and put its powers in the hands of a new agency controlled by the economy ministry.#BNBChainEcosystemRally #CPIWatch #BTCVSGOLD #BinanceBlockchainWeek #USJobsData