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tv   Bloomberg Daybreak Australia  Bloomberg  August 27, 2017 6:00pm-7:00pm EDT

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♪ haidi: the headlines from jackson hole, weekend highlights for central banks are on diverging paths. garuda is speaking to bloomberg, saying japan will need stimulus for some time yet. haidi: set to appeal his five year jail sentence, the implications are beyond samsung. betty: the strongest storm to hit the u.s. in 50 years, harvey drenches much of texas, shutting
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down oil and gas production. haidi: hello from sydney. this is daybreak australia. we are talking about the first major market open. betty: i am betty lou. this weekend has been quite eventful. just what happened over the weekend with hurricane harvey, hurricane category four slamming into texas. the fiercest storm and 50 years. the worst hurricane since 2004. a quarter of the production now expectation is it will not hit the whole of the u.s. economy but certainly texas itself. let's get a quick reminder before all of that happened how stocks traded on friday. watching with bated breath what janet yellen was going to say, she was on message friday.
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that meant the market did not trade that much, not a lot of volatility as we saw by the end of friday's trade, the dow up 30 points. the s&p up 0.1%. the nasdaq trading unchanged. we have a lot had this week including jobs data in the u.s., likely to dominate the chitter chatter in the market ahead of the data on friday. that is a mixed opening in asia. haidi: yeah, absolutely. it is the sense that as you say, mario draghi and janet yellen very much on message, less hawkish than expected yellen, maybe embraceable. mario draghi refusing to talk about the euro or the next policy decisions. in asia a bit of a mixed start. here is a look at trading in new zealand were that is underway. we see the kiwi dollar 72.42. the u.s. dollar certainly quite
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a bit of weakness against the euro in reaction to the non-comments from mario draghi. up, the aussie dollar 7936 -- 79.36. we are watching the empires when it comes to particular the aussie dollar. first word news with haslinda amin. haslinda: good morning. these two people have been -- ed [no audio] speaking about harvey to shutting down oil production, and we will get you some more headlines. that is a developing story on .hat
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looking at the united states and issues of with geopolitics, they still want to talk with north korea despite the provocative firing of three short-range missiles. rex tillerson's the -- saying washington would maintain pressure with china and other allies to move kim jong-un to negotiation. tillerson had praised north korea for showing strength. >> we hope this is the beginning of this signal we are looking for they are ready to restrain their level attention. they are ready to restrain vocative action, and perhaps -- provocative action. perhaps we could see dialog. we want to see more on the steps they've taken thus far. factory output last month was low, the economy showed resilience. the industry maintained a profit surge in july, 16.5%.
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investors could tackle capacity ahead of the key party congress this fall. we have another talk this thursday with manufacturing released. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ fed chair janet yellen and president mario draghi led jackson hole up in the air where monetary policy heads next, but the contract in an interview with the bloomberg economics editor, governor kuroda made his position crystal clear despite his counterparts in the u.s. and europe. the first time we are hearing this tonight. kathleen joining us fresh from jackson hole. kathleen: just got off the plane last night. what a whirlwind trip and privilege and interesting to have the opportunity to speak with governor kuroda.
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he has been there every year since he became the bank of japan president in 2013. this year he was not on the panel, he did not give a speech, but he agreed to sit down with bloomberg news and radio about what is going on. japan has had six straight quarters of positive gdp growth, 4% in the latest quarter. on top of the g7, the fastest-growing country. they had inflation is low, but it is steadily rising. i was thinking let's ask him what that means. can you start using or moving away from this? i was interested in what he had to say. when the governor spoke, he said no, japan needs to stay on this stimulative policy track. let's hear from him. inflationa: the u.s. rate is close to 2%.
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we might be far away from 2%, we are about 1%. situationnomic price in the u.s. is much, much better than the situation in japan so that they are now making balance sheet adjustment or so it is said. ecb, they are somewhat behind federal reserve. so they have not yet started any tapering. the balance sheet adjustment has not yet considered at all. behind
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the prices are only far away. far away from 2%. kathleen: better than deflation. gov. kuroda: we have been able ,o achieve positive inflation but it is small and far away from percent targets. so for some time we have to continue this extremely important accommodation. we are carefully watching how federal reserve and ecb are doing, but our monetary policy is japanese economy. since inflation is still far ecb orarget, whatever federal reserve do in the coming months, we have to address this situation by our monetary policy.
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betty: very interesting -- kathleen: very interesting people have been talking about divergence. with inflation towards target, wouldn't governor kuroda say there might be a reason to go in the same direction as the ecb and the fed? but he said clearly they are different condition. japan is below target. he is making monetary policy for japan. he also is looking more and more at this interview as we go out, daybreak in asia -- 4% gdp is not assignable. he said it is good but the economy will settle back into something around 1.5% to 2%. japan is heading in the right direction, but it bothered to ask him about exit. he was thinking about -- they may be formulating plans for the future, but for now it is stimulative policy as far as the eye can see. he wants to see more progress
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inflation. haidi: i found interesting he is talking about deflationary mindset. we have been hearing from analysts that animal spirits are better, companies are investing, but governor kuroda did not seem positive. the main event, janet yellen, mario draghi, it was what they did not talk about. kathleen: they start to the story of -- stuck to the story of regulation. specifically to that point what governor kuroda said was this thing about firms are trying to save costs. unit labor costs in japan are not rising. there is a deflationary mindset in households and businesses. look how different that is from janet yellen and mario draghi because they would to jackson hole, and janet yellen people want to hurt if you -- her to talk about inflation.
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mario draghi they wanted tapering. janet yellen did a speech about financial regulation. she's in it has done a good job. josh she said -- she said it has done a good job. making banks stronger, and if there is a crisis, they can get through it, they will be a better stand than before. and also she talked about it limiting credit or growth. and mario draghi stood up and said financial regulation is a dangerous time to ease regulations. he warned against protectionism. in the question and answer after the speech, he was asked about quantitative easing. you think it is a success? he said it was, and right now we are not seeing is often stained -- a self sustained inflation rise in japan, so we have to be
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very patient, monetary accommodation is still warranted. everyone is waiting to hear this sense he is ready to quickly give an announcement at tapering. he said several times in the last couple of months, he repeated. he is paying attention to inflation like governor kuroda. su: now we have heard from -- betty: now what is next? kathleen: central banks are diverging on inflation. so the federal reserve say we .re down 1.5%, europe is 1.3% japan is 0.5%. the fed made it clear they will move ahead despite below target inflation. when it comes to the balance sheet unwind. that is part of the normalization process. mario draghi says we are watching inflation, we have to be patient. he is being stopped more, and governor kuroda is not going to
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move at all because inflation is so far from target. i wonder if the federal reserve continues on this path, if it is different from what everybody else is doing. alan blinderke to from jackson hole, he said he would not want to raise rates until inflation is clearly -- not just ending the decline, but actually starting to rise again. it is an interesting thing to watch. we will look at the september meeting with rob kaplan from the dallas fed, told us as well he is waiting to see if there should be a rate hike in december, he does not rule out an earlier rate hike. there is a possibility it could rise, but i think this is something that has been brewing for a while. mario draghi was surprising. kuroda says inflation is so far from target it is not a surprise. su: thank you so --
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betty: thank you so much for that exclusive interview with governor kuroda. more headlines expected to continue to pour in over the next few hours with hurricane harvey. in imax jumping 6.4% on the opening -- the nymex jumping 6.4% on the opening year. it is now a tropical storm. they are fighting capacity in texas, now down, perhaps more as flooding continues in texas. haidi: we have got some volatility when it comes to oil, but also broader agricultural, everything from cotton to shipping to the top yield crops. we are getting more on this and reaction to jackson hole just ahead. we have steven england joining us to talk about inflation and regulation. betty: five years in jail, we
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will look at jay y. lee's corruption sentence for samsung. this is bloomberg. ♪
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♪ i am haidi lun in sydney. betty: i am betty liu, you are watching daybreak australia. let's talk about the fed, jackson hole, boj. the fed, the ecb and the bank of japan are on diverging policy cap. -- paths. i want to discuss with with stephen england. good to see you tonight. you are listening in on what kathleen was saying and her interview and governor kuroda's stance that the fed doing what it is doing, he had his what to the panel and is -- foot to the pedal and is staying on
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stimulus. stephen: he was not scheduled to speak. he was not participating in the panel. his comments were pretty ambiguous. they were saying we would not we have to a sickly keep pushing. it does not matter what anyone else is doing. , the door wasng open to buying fewer jgb, but the market will let them do it. the main take away from the market will be get he is tying himself to the dovish path and saying we are in here for the long run. betty: and sort of reiterating that message. it is not a surprise, but also an affirmation that the boj is on this stimulus stance. what about the fed and janet yellen? you said it was spot on to what would happen. steven: one consideration was
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that they are going to do the balance sheet not shrinking, beginning in september. there is a real consideration they will not do anything to mess that up. you send a shock to the market, they are not pricing in much more fed funds in december, why did the market nervous that you are going to not do this. ? saiderself and others had there is inflation picking up. i think it would be hard for her to come out and say, i'm concerned about mental stability -- financial stability i want to freeze rates even though it is where it is and set it aside. betty: because inflation is where it is, there is a growing force. it might still be minor, but it is a growing chorus of investors who are talking about rate cuts
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in the u.s. i want to pull up a chart to underscore what i am saying. g #btv 9433, and it just shows you a perceptible rise here in the market value of bonds with negative yield. they are climbing, and they are climbing more with acceleration. certainly not out of the question among a small group of investors. what do you think? steven: i think this is the night year -- nightmare chart for central bankers. when they say low yield and negative yield, it is up a creek without a paddle whenever the economy is down. you don't have any ammunition. they say whatle, goes out has to come back in. if you are a central banker, mario draghi, qe until the cows come home, the interest rate
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sheets nowhere near where they would be sufficient to stimulate the economy without going below zero, the nightmare scenario is you have an economy slowing down where you want to cut interest rates. despite the fact inflation is low and the economy is growing, it is not a terrible signal things are falling apart, it is getting rates up because it buys them time in the session. haidi: do you think janet yellen's comments about stability, if they had already's field her fate as not coming sealed her fate as not coming back because it is not the current administration is looking more? steven: he did not some like she was trying to go out of her way to make herself attractive to the administration to be named as fed chair. unlikelythought it was
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the administration would name her because it would be her second term, she would not have a third term. she would not oh trump anything. -- owe trump anything. he likes low interest rates, pro deregulation. she hits some of those boxes but not all of them. stephen,d finally, watching out for asia, is it a softer yen? steven: i would not think so because this is not consistent with what kuroda -- he says this all the time. making the effort to contrast him and the boj, the ecb and the ad, it is great to have temporary impact, but the dollar-yen trading up in the asian morning. betty: thank you so much, good to see you today. stephen england are, rafiki
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capital research. updatedkeep you throughout the day. we will be joined by the former , and societember asia-pacificief officer. that will be at 9:10 p.m. lines just some quick passing through. $758.6 million against the estimate of $700 million, so essentially a rise on expectations there. plenty more to come. this is bloomberg. ♪
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♪ betty: good morning, i am betty liu in new york. i am haidi lun in sydney,
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you are watching daybreak australia. sinopec posting a 40% rise in their profits due to the improved performance and the chemicals unit and narrow oil and gas production. it covers $4.2 billion in june, $76ing the estimates, billion in revenue. betty: china's biggest coal miner has stuck to the path of doing dividends. investors were hoping shed on hua energyhen would give to shareholders. they announced dividends. haidi: the china ever ground will be looking for backdoor listing when it reports on monday. this could triple high prices and sell volumes. but any dividend payout and
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-- itnize, they tapped was overtaken this year by country garden. a look at the business markets for this week. investors and markets digest the , veryt from jackson hole much when it comes to janet yellen and mario draghi's statements, but governor kuroda more dovish than expected when it comes to policy in japan. getting started in new zealand, trading is underway, up 0.25%. the kiwi dollars 72.46. betty: we are watching oil prices and gasoline prices. rose overas futures 6% after hurricane harvey. crude oil prices have a slight in just thet 0.4% first few moments of trading.
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gold futures are unchanged right now. more on hurricane harvey hitting the heartland of u.s. energy production. we are live in houston. this is bloomberg. ♪
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haidi: it is a: 30 a.m. in sydney where markets open for minutes' time. there is some volatility, up one point -- 0.1%. betty: it is after 6:30 on sunday evening here in new york. but get to first word news with haslinda amin. the united states is barring the trade of venezuela and the state owned oil company. washington is blocking deals owned by the public sector to choke funding to the regime of nicolas maduro. steve mnuchin said the move was
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in response to attacks on democracy and the rule of law. the former type prime minister is set to be in dubai, trying to avoid the jail sentence. she failed to turn up for the verdict and could have been given 10 years. her legal team claimed she was lives iner brother exile in dubai and london. hong kong, macau and the delta are moving on to a second powerful storm in five days. landfall with sustained wind of 90 kilometers of 100. and gusts they would had the highest level storm warning for the first time in five years. flights were canceled and stock exchanges closed for the day. opening the door to collective
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lawsuits against german automakers diluting diesel engines. this company was accused of blocking responsibility. has a merkel said germany collective suit against national companies, and the state could be offered to car buyers. don't miss our wrestled to the run-up of german elections at 3:30 p.m. hong kong time. germany decides, we will bring you the latest market analysis in the lead up to the poll. after theew ceo toppling of the cofounder travis . they are holding daily meetings, still the favorite with this person despite her not saying -- showing interest. another contender has withdrawn from the race. there could be solutions on the conflict about directives. global news 24 hours a day,
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powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. ♪ haidi: thanks so much for that. five people have been killed in the strongest storm to kill -- get the united states since 2004. there was a lot of flooding in the state of texas. let's get the latest on this from our chief. what is the latest we know who are -- we know? reporter: there are 6 million people in the metropolitan area that are stranded wherever they are. the flooding has never been seen before, 60 centimeters of water in the last 24 hours or so, and another 60 coming in the next few days. you cannot move around the city or suburbs. both of the airports are closed, the highways underwater, how --
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hospitals are starting to flood. the power is out to hundreds of thousands of people. what has the emergency response and presidential response been like? reporter: what you are seeing is there is no traffic because it is impossible to drive anywhere because of the road and the sky is followed -- full of coast guard helicopters. they are getting on the highways to rescue people. people can't walk out, can drive. the other side you see is the fire department and civilians as well, anybody who has a fishing boat is taking it out to the streets to rescue people. governmentainly the emergency officials are dealing with the human impact on this, but what about the business side?
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we'll companies, their production facilities? -- oil companies, their production facilities, how much have they prepared for this? reporter: they are very experienced, so all of the platforms that were in the path of harvey were cleared days in advance. there is a little more than 20% of the oil production in the gulf is shut down. there is a big shale field in texas called the eagle third. that has been shot -- eagleford. that has been shut down. around houston and corpus christi, it is an enormous strip of refineries that produce a huge proportion of gasoline and diesel not only in the united states but also for mexico and everywhere. a lot of capacity is off-line. some of it will not come back for a while. our reporters today said some of these refineries are
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experiencing flooding. that will damage a lot of equipment and severely delay restarts. you have a big supply interruption. betty: thanks so much for that report. we will monitor this situation in houston and around that area with the hurricane. onk ahead to what is going on wall street, investors are digesting not just the impact from the hurricane but also economic data. the latest job numbers, the preferred gauge on inflation being released. su keenan joining us with a preview. su: with the fact that jackson hole was not very eventful that many bond investors had hoped, last week, it was sparse in terms of economic data. these reports on jobs and inflation are going to be impacting the market. let's walk you through them.
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we go to video if we can and headlines we have got for you. shows showsta likely [please stand by] to what the fed is going to do. can they raise rates with these numbers? you never know how many people are watching from vacation spots. this is a typical week where it is low-volume on wall street because of vacations, but these numbers are highly watched. we have the fed focus on another personaldata with consumption expenditures. that is consumer spending, income. we know the pce index probably the 1.4% in july based on general expectations from
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bloomberg. if we going to the bloomberg quickly, we have a chart, btv 9427. it shows historically on the greenspan, bernanke, yellen, numbers, and the corresponding hikes. the purple line is unemployment. it has moved around. the blue is the fed rate hikes. we can see that flatline recently. four pce.line is the it has not come off the bottom. we have a lot of new economic earnings reports, chief among them best by which is an electronic retailer. , which is an electronic retailer. they have been hit hard. haidi: quiet front to the data side last week, jampacked for the u.s. now and asia, lots of
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pmi to look forward to this week. must get an update on the markets as we get the trading week underway. outew zealand we have 1.25%. the u.s. dollar extending losses from friday when janet yellen appeared to not talk about tightening. we saw the sinking in the dollar. sydney futures like this, up 79.47.he aussie dollar reynolds is here with us. you will be continuing to talk about jackson hole. it was pretty calm. reporter: it was, but the market reaction was far from it. twoeuro jumped to a five-year high, the dollar was a
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2.5 year low. they did this because central bankers did not say much. they wanted to push back, and we had gary cohn comments which were lost in all of the turmoil since, but they had a strong impact on u.s. stocks. what we are wondering in asia is how markets are going to digest all of this plus tropical storm harvey and its impact, and of course north korea fired three more missiles over the weekend. at least one of those was lost immediately. while secretary of state tillerson has responded to that saying he is not concerned, everybody has to be wondering what can go on there. and whathere is trump that will mean for mexico and canada. and we had the mexican peso doing some action this morning.
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haidi: speaking of nafta, president trump tweeting out the words -- worst trade deal ever. i can't the impression, but you can hear him on twitter saying that. what do you think of the latest comments and the threat he is going to start a new? -- anew? reporter: there were some bad trades in the peso, liquidity is down, but 0.6% or more. it has stabilized. we have a chart to show the peso has been doing pretty well and managed to shake off most of what president trump has said and was a lot more reactive to candidate trump back when he was making a fuss then. you can see the peso has recovered postelection losses, and yesterday there were some
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, but theythe comments have not broken out of the pattern. it would have to do a lot more than tweet -- donald trump would have to do a lot more than tweet to have the reaction from last year. betty: thank you so much, garfield, on the market. ." reynolds. why the boj governor said japan's growth is good but not over. we will have more from the exclusive interview with governor kuroda. this is bloomberg. ♪
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>> i believe we should be moving on the balance sheet as soon as possible, in the very near future. this balance sheet reduction is a healthy thing. it is a good thing. >> i have not come to a
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definitive determination in my own mind. i see pros and cons on each of the methodologies. it would be nice to go back to what we know and overtime, but the larger balance sheet does allow for much simpler implementation practice. you don't have the downward sloping reserve functioning. so i need to have a slightly larger balance sheet, but it will be smaller than it is. some of the big names we spoke to at jackson hole all last week, and there was haruhiko kuroda telling us that pace of growth in japan is likely unsustainable, 4% growth. in the interview with kathleen hays, rhoda that he would stay with -- governor kuroda said he would stay with various all of these because the boj is far from the 2% inflation target. rising so fast,
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but in the u.s. and government toeurope, we are close target, close to 2%. , far fromit is 0.5% the 2% target. there is some difference between u.s. and europe on one hand in japan on the other hand. things are not writing so fast, that is true also in japan -- rising so fast. that is true also in japan. but prices are not rising here. there is some kind of different among leaders as well as labor union leaders. cautious andbe raising prices, so what the
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companies are doing is they are heavily investing in laborsaving accoutrement and also force. and they are changing their model to reduce labor content. by so doing, it is part of rate increase. soy are not clean rising, they are not required to raise prices. kathleen: but they are doing well, gdp growth up exporters in a row. that has not happened in japan on years. maybe something has changed to a degree inflation doesn't matter so much. japanese household like low inflation if you have the growth. haruhiko: 4% growth is good, but i don't think 4% growth can be sustained. probably around 2% growth, we
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andpay in this fiscal year, even in the next fiscal year, possible tomay be attain. .ut 4% is somewhat unusual 1.5% quite sure that this to 2% growth can be sustained in the coming year. that is one point. second point, it is not rising so fast, but as you can imagine, satisfied with lower than phase two is maybe inflation. of course it is impossible to address the situation with traditional monetary policy reducing short-term.
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if we take inflation rates of 0.5%, interest rate continues to hold. necessity to have room for thepolicy monetary authority. kathleen: what you mean by policy room? haruhiko: after a crisis to the reserve, the central bank could reduce short-term interest rates by about 4%. but japanese short-term interest rate was already zero. address theway to situation by weight or traditional policy measures. result -- resolved
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to fewer quantitative easing programs. haidi: that was the bank of japan governor speaking with kathleen hays. plenty more ahead on daybreak australia. this is bloomberg. ♪
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♪ haidi: breaking lines on a story we have been tracking, the commonwealth bank of australia facing another difference in the culture. they will hold an inquiry to the governor's counter accountability after the fall of from this money laundering allegation. this scandal continues to widen, saying the australian community's trust in the banking community has been integrated. degraded.
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this comes on the back of other regulatory bodies saying it is investigating the bank for a money-laundering scandal and regulatory agency. these investigations into the breaches of money-laundering and terrorism, combined cash deposits of $25 million. they investigated here. and last week, one of the law firms, lawrence blackburn, launching a class of shareholders, given that have fallen in response to the scandal. toty: certainly not adding the reputation at all for australian banks. what happened here at the commonwealth bank of australia, the public sentiment against the banking sector all that much more mistrust. it is being rekindled with this investigation and cba. speaking of trust and corporate
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governance, thousands working through soul -- marching through soeul to protest the jailing of the air jay y. lee for embezzlement and perjury. he was convicted of buying influence at the highest level. there is a passion on both sides of this case. rosalind chin has recovered -- returned from covering the verdict. there are implications for pak's own trial. charges fore is on bribery and abuse of power. this is where he began because of scandals at the end of last year that led her to be impeached and ousted from presidency in the end. that is what investigators are looking into. they started looking at jay y. lee and his involvement in all of this. they are looking at what is going on at samsung, the alleged bribery to curry favor and
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political favors, and the guilty verdict does imply she might be more likely to be found not guilty of some of those charges. last month he refused to testify at her trial, saying he had his own corruption trial. but they could be linked like this. that trial will wrap sometime later this year. there was hundreds of thousands of people marching last year that believe the sentiment that brought her to be impeached in the first place, and we saw on friday and saturday thousands took to the streets. this time in support of park geun-hye. it is her benefit and the crowds up in big numbers in south korea -- that has gotten the crowds out in big numbers in south korea. haidi: has there been anything done to reduce corruption? rosalind: there has been divided
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opinion on how this might proceed after the samsung verdict. resulty it is a token from the minister. he will not be able to take his foot off the pedal. he came in promising there would be reform. 22%ould increase taxes from to 25% for the biggest corporations, but he has a minority government say he needs a table for the trade you with the u.s. of vital importance. he has been trying to get people to help him with that. it is tricky. all -- rosalind chin in this report. yvonne and betty are up next with daybreak asia to look at the next few hours. maybe it is a surprise with these comments from governor kuroda, saying the deflationary
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mindset when it comes to japan is pretty hard to shape. don't get too optimistic just yet. yvonne: it goes thoughts we have -- echoes thoughts from our next guest, a former boj policy number. he said they have not changed behavior for financial institutions and household. they remain risk-averse, but a lot of future looking when it comes to bond purchases at the , ¥80 trillion to ¥60 trillion. she says they cannot maintain the current framework. it makes the boj policy more uncertain and ambiguous going forward. betty: also what is her -- hurricane harvey's impact on the u.s. economy is uncertain. it will reverberate around the country. the chief economist will be joining us to talk about that
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later. haidi: yeah, and we anticipate volatility and oil -- in oil. we will be live in beijing. it is it for us. this is bloomberg. ♪
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♪ it is 7:00 a.m. in hong kong. we are live from bloomberg's asian headquarters. the top stories this monday, jackson hole, how central banks are on diverging paths. governor kuroda spoke exclusively to bloomberg, saying japan will need stimulus for some time yet. to "bloomberg markets: asia" from bloomberg's global headquarters. gasoline surges as harvey hits taxes, more than 10% of americans feel making capacity shut.


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