Day of Peace

December 25, 2013

Financial markets are closed Christmas Day throughout Europe and in the United States, Canada, Australia and New Zealand.  The most notable exception will be Japan.  Many places will stay shut for Boxing Day on Thursday, such as Britain, Hong Kong, Australia, Canada, Greece and Italy.

Japanese corporate service prices climbed 0.4% in November and accelerated to a 12-month 1.0% increase from 0.8% in October and 0.7% in August and September.  There was a mostly seasonal 3.9% monthly jump in advertising costs.

Bank of Japan Governor Kuroda affirmed the central bank’s commitment to eradicating deflation, projecting inflation above 1.0% next year.

Japanese Prime Minister Abe in remarks at the same conference where Kuroda spoke stressed the need for greater wage increases in 2014 than seen heretofore.

Compared to Christmas Day 2012, the dollar is 22.9% stronger against the yen but down 3.6% against the euro and 2.2% versus sterling.  The 10-year Treasury yield is 121 basis points higher now than then, and the Dow Jones Industrials has advanced by 24.5%.  In contrast, gold has plunged 27.3%.


Copyright 2013, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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