Bank of Japan Hikes Rates To Highest Since 1995 | Insight with Haslinda Amin 12/19/2025

Bank of Japan Hikes Rates To Highest Since 1995 | Insight with Haslinda Amin 12/19/2025

YOU ARE LOOKING AT THE SCENE OF THE ACTION THIS HOUR. WE ARE AWAITING THE BANK OF JAPAN’S POLICY DECISION. WIDELY EXPECTED TO BE A RATE HIKE. BASED ON PAST PATTERNS ANALYZED BY BLOOMBERG. IT IS RIGHT NOW 2:00 P.M. WE ARE DIVING DEEPER INTO THE STORIES THAT MATTER FOR CRUCIAL CONTEXT AND SHARP ANALYSIS. ASIAN EQUITIES RISING. SUPPORTING STOCKS. MANY ARE CALLING THE DATA SWISS CHEESE WITH A LOT OF HOLES. AS THE BOJ GETS SET TO HIKE, ANALYSTS GIVE THEIR PERSPECTIVE. AND THE INDIAN RUPEE MAKES A LITTLE BIT OF A REBOUND. ♪ LET’S TAKE A LOOK AT HOW MARKETS ARE TRACKING AHEAD OF THE CRITICAL BANK OF JAPAN DECISION. A LOT OF GREEN ON THE SCREEN. THIS IS MORE IN DOING WITH THE U.S. A LITTLE BIT EARLIER ON. U.S. INFLATION NUMBERS CAME IN SHOWING THE LOWEST CORE CPI INCREASE YEARS. I COMES WITH A BIG ASTERISKIN FOUR NEXT TO IT. THEY ARE CALLING IT SWISS CHEESE DATA WITH THE AMOUNT OF HOLES IN IT. WE ARE SEEING BROAD-BASED GAINS ACROSS MOST MAJOR INDEXES THAT WE ARE ATTRACTING. A SIMILAR STORY IN SOUTH KOREA. THE NIKKEI IS POWERING AHEAD BY 1%. THE FOCUS TODAY IS ON TOKYO. THE BANK OF JAPAN IS EXPECTED TO RAISE LEVELS. MARKETS WILL BE WATCHING CLOSELY FOR ANY SIGNALS. THE PRIME MINISTER PUSHES AHEAD WITH HEAVY BORROWING. LET’S GET MARKET INSIGHTS WITH A SENIOR PORTFOLIO MANAGER. WE HAVE TO ASK YOU THE QUESTION OF THE MOMENT. WE ARE HEARING — EXPECTING AN INCREASE FROM THE BANK OF JAPAN TODAY. WHERE WE HEADED NEXT IS THE KEY QUESTION. IT HAS BEEN VERY SLOW. WE EXPECT A 25 BASIS POINT HIKE HERE TODAY. THAT IS REALLY BASED ON THE ECONOMIC DATA THAT WE HAVE SEEN THAT IS SUPPORTIVE OF NORMALIZATION. ECONOMIC CONFIDENCE IS STRONG. AS WE MOVE INTO NEXT YEAR, IT IS LIKELY THAT THE BOJ WILL WANT TO SLOW THINGS DOWN. PROBABLY LEANING MORE HAWKISH BUT NOT IN ANY RUSH TO RAISE RATES HIGHER. PAUL: DO YOU THINK CONSIDERING INFLATION IS PRETTY STRONG BY HISTORICAL STANDARDS MAKES A CASE FOR THE BANK OF JAPAN MOVING A LITTLE BIT FASTER ON TIGHTENING? THIS IS THE FIRST INCREASE SINCE JANUARY. IT IS A SLOW PACE. I THINK THERE ARE A NUMBER OF CROSSWINDS THAT WILL NEED TO BE ABSORBED. THERE CERTAINLY COULD BE A CASE FOR THEM TO MOVE A LITTLE BIT QUICKER. AS DATA UNFOLDS PARTICULARLY REARDING GLOBAL ECONOMIC DATA AND THE IMPACT TO THE ECONOMY GIVEN EXPORTS AND TARIFFS PRESSURES, THERE COULD BE SOME REASON FOR RESTRAINT. PAUL: HOW ABOUT YOUR OUTLOOK FOR THE YEN AS WELL? THAT HAS BEEN PARKED IN THAT RANGE. WE ARE ANTICIPATING A RATE INCREASE TODAY. DO YOU ANTICIPATE YOU ARE GOING TO HEAR ANYTHING THAT MIGHT MOVE THE CURRENCY OUT OF THAT RANGE? I THINK BEING RANGE BOUND IS THE LIKELY BASE CASE. HOWEVER IF THERE IS INCREASING INFLATION PRESSURE WE WOULD LEAD MORE TOWARD A WEAKENING TREND. IN THE NEXT COUPLE OF QUARTERS. PAUL: WHAT IS YOUR OUTLOOK FOR YIELDS IN JAPAN AS WELL? IT FEELS AS IF EVERY TIME WE HAVE AN AUCTION THERE IS A LOT OF NERVOUSNESS IN THE MARKETS. AND WHAT IT ACTUALLY HAPPENS IT GOES OFF QUITE WELL. WHERE DO YOU SEE THIS HEADING NEXT YEAR? WE WOULD EXPECT CONTINUED UPPER PRESSURE ON YIELDS. WE EXPECT SOME OF THAT WILL COME FROM ISSUANCE THAT WILL BE REQUIRED TO FUND FISCAL STIMULUS AND INCREASING GOVERNMENT DEBT LEVELS. ALSO WHEN WE LOOK AT JAPANESE YIELDS WE WOULD EXPECT MORE CURVE STEEPENING. THE FRAUD AND NEEDS A LITTLE BIT MORE ANCHOR. BUT THE LONG AND WILL MOVE UP MORE. PAUL: DO YOU ANTICIPATE CPI IN JAPAN REMAINING ELEVATED? I’M THINKING PARTICULARLY IN THE TERMS OF FISCAL STIMULUS THAT THE GOVERNMENT HAS SEEN COMING NEXT YEAR. WHAT DOES THIS MEAN FOR CPI? DO YOU THINK IT WILL CLOUD THE THINKING OF THE BOJ? I THINK THE AMOUNT OF STIMULUS WILL BE A KEY FOCUS. THAT IS A RISK. IT WILL LEAD TO UPWARD PRESSURE ON INFLATION METRICS AS WE MOVE FORWARD. PAUL: I WONDER IF WE CAN TALK A LITTLE BIT ABOUT SOME OF THE OTHER CENTRAL BANK NEWS WE HAD TODAY. THE IMPACT FOR THE THINKING AT THE FED. THE CPI REPORT SHOWS THE LOWEST PACE OF INCREASE IN INFLATION AND FOUR YEARS NOW. BUT HOW MUCH CONFIDENCE DO YOU HAVE IN THAT NUMBER GIVEN IT WAS IMPACTED BY THE SHUTDOWN? ON THE FACE OF IT IT WAS AN ENCOURAGING NUMBER. THE U.S. MARKETS RESPONDED FAVORABLY TO IT. AS YOU HAVE NOTED, THE INTEGRITY OF THAT DATA IS IN QUESTION GIVEN THE LENGTHY GOVERNMENT SHUTDOWN AND THE DELAY WITH WHICH IT WAS RELEASED. CERTAINLY NO ONE NUMBER, WE CANNOT PUT TOO MUCH WEIGHT ON ANY NUMBER. GIVEN THE QUESTIONS AROUND THE INTEGRITY OF THE DATA, WE HAVE TO BE MORE CAUTIOUS. ON THE MARGIN I DO THINK IT IS POSITIVE IN THAT IT IS BETTER THAN EXPECTATIONS. PAUL: THE FOLLOWING MONTH SHOULD BE A CLEARER PICTURE. WHAT ARE YOU EXPECTING THOSE NUMBERS TO SHOW? WE EXPECT THAT INFLATION WILL REMAIN ELEVATED. IT WOULD NOT BE SURPRISING FOR US TO REMAIN IN THAT 3% AREA. THAT WILL CAUSE DIFFICULTY FOR THE FED IN BALANCING WHAT THEY ARE TRYING TO DO WITH RATES. PAUL: IN 2020 FIVE, WE DID NOT SEE A FED THAT WAS MOVING MUCH SLOWER THAN ANTICIPATED. DO YOU THINK WE MIGHT SEE A REPEAT OF THAT IN 2026? OUR EXPECTATION FOR THE FED’S THEY WILL LEAN MORE DOVISH INTO 2026 GIVEN THE CHANGE IN THE MAKEUP OF THE COMMITTEE. CLEARLY WE WILL GET A NEW FED CHAIR. THAT FED CHAIR WILL LIKELY LEAN MORE DOVISH. THAT WILL NOT HAPPEN UNTIL WELL INTO THE SECOND QUARTER. WE WILL NOT EXPECT MUCH MOVEMENT UNTIL THE LATTER PART OF THE YEAR. OUR EXPECTATION WILL BE FOR ADDITIONAL RATE CUTS AS WE MOVE INTO THE SECOND HALF OF NEXT YEAR. PAUL: DO YOU HAVE ANY CONCERNS ABOUT FED INDEPENDENCE? I THINK THE MAKEUP OF THE FED DOES PROVIDE CHECKS AND BALANCES. WE ARE ALSO AWARE THAT THE APPOINTEE FOR THE CHAIR WILL LIKELY BE SOMEONE WITH A VIEW MORE IN THE DOVISH CAMP. THERE ARE OTHER PARTICIPANTS WHO VOTE. THAT WILL PROVIDE SOME CHECKS AND BALANCES IN TERMS OF THE INDEPENDENCE. PAUL: WHAT IS YOUR GROWTH OUTLOOK FOR THE U.S. NEXT YEAR? OUR EXPECTATION IS FOR U.S. GROWTH TO COME IN AROUND 3%. MORE LIKELY TO RUN A BIT HOTTER THAN COOLER. WE HAVE SEEN IMPRESSIVE RESULTS OUT OF CORPORATE AMERICA WORKING ITS WAY THROUGH THE TARIFFS THROUGHOUT THIS YEAR. WE THINK THE MOMENTUM IS BUILDING INTO NEXT YEAR. WE SEE A FAIR AMOUNT OF STIMULUS COMING THROUGH. WHETHER THAT IS FISCAL STIMULUS, MONETARY STIMULUS, AND THEN OF COURSE THERE IS THE CYCLE WHICH HAS BEEN ACCELERATING WE WILL EXPECT THAT TO ALSO AFFECT GROWTH. PAUL: DOES THAT MEAN MORE INFLATION? IT CAN. OUR VIEW IS FOR INFLATION TO MOVE FORWARD. PAUL: THERE IS ANOTHER WILDCARD THAT IS U.S. POLITICS. MIDTERMS COMING UP FOR THE END OF NEXT YEAR. MORE EMINENTLY THE POTENTIAL RISK FOR ANOTHER SHUTDOWN OF THE END OF JANUARY. HOW IS THAT FACTORING INTO YOUR THINKING? WE THINK THAT WILL BE A STORY NEXT YEAR. WE THINK THE FIRST HALF OF THE YEAR SETS UP FOR A BETTER MARKET ENVIRONMENT’S GIVEN THE ECONOMIC DATA AND THE STABILITY. THERE IS UNCERTAINTY ABOUT THE MENTOR ELECTIONS. THIS COULD LEAD TO MORE POLICY UNCERTAINTY. PAUL: OUR GUEST IS STICKING AROUND. WE WILL TALK A LITTLE BIT MORE ABOUT THE INVESTMENT MOVES. INTO BOND MARKETS AS WELL. STAYING WITH THE RATE OF MOVES AT THE MOMENT. THE EUROPEAN CENTRAL BANK LEFT POLICY SETTINGS AND CHANGE FOR A MEETING WITH INFLATION OF THE REGION HOVERING AROUND TARGET. CHRISTINE LAGARDE SPOKE AFTER THE DECISION. THE ECONOMY HAS BEEN RESILIENT. IT GREW BY 0.3% IN THE THIRD QUARTER. MAINLY REFLECTING STRONGER CONSUMPTION AND INVESTMENT. THE PATTERN OF SERVICES LED GROWTH IS LIKELY TO CONTINUE IN THE NEAR TERM. PAUL: MEANWHILE THE BANK OF ENGLAND GOT TO A THREE YEAR LOW IN A NARROW VOTE. THE GOVERNOR SAID THE APPETITE FOR MORE MOVES NEXT YEAR IS LIMITED. I HAVE BEEN VERY ENCOURAGED BY THE PROGRESS WE HAVE MADE ON INFLATION. I HAVE BEEN SAYING FOR SOME TIME THAT WE HAVE THIS HUMP THIS YEAR. I THOUGHT IT WOULD COME DOWN. IT HAS NOT. IT IS COMING OUT FASTER THAN WE THOUGHT IT WOULD. I’M PARTICULARLY PLEASED BECAUSE IT HAS BEEN AN EASIER FOOD PRICE INFLATION WHICH IS VERY IMPORTANT. ALL INFLATION IS IMPORTANT. BUT FOOD PRICES HIT THOSE ON LOWER INCOMES A LOT AS WELL. I WOULD SAY NOW WE ARE ON A PATH WHERE WE WILL PROBABLY BE AROUND THIS LEVEL FOR A FEW MONTHS. WE THINK COME SPRING WE SHOULD SEE ANOTHER SHARP DROP. HOPEFULLY TO AROUND TARGET. THAT IS ENCOURAGING. FOR ME IT WAS A STRONG BASIS TO CUT TODAY. LOOKING FORWARD, I DO THINK WE WILL CONTINUE TO HAVE SOMETHING OF A GRADUAL PATH. WE WILL COME BACK FOR THE MEETING AT THE END OF JANUARY. IN DO THAT. THE CALLS GET CLOSER. AS WE COME DOWN, WE WILL APPROACH A LEVEL WHERE WE WILL MAINTAIN INFLATION I WILL NOT BE TOO COLD. IT IS VERY HARD TO KNOW EXACTLY WHERE THAT LEVEL IS. WE ARE APPROACHING THAT LEVEL. MATHEMATICALLY. AS WE COME CLOSER. I WOULD EXPECT THE PACE OF CUTS TO EASE OFF AT SOME POINT. I WILL NOT JUDGE EXACTLY WHERE THAT IS BECAUSE IT IS SOMEWHAT ♪LET’S GET TO SOME OF THE TOP OF TECH STORIES WE’RE TRACKING. TIKTOK SAYS IT HAS PAUL: AN INTERNAL MEMO FROM THE CEO SAYS EMPLOYEES THAT AGREEMENTS HAVE BEEN MADE WITH ORACLE, SILVERLAKE, AND MGX. ORACLE SHARES JUMPED IN AFTER HOURS TRADING AFTER THE NEWS. THE DEAL IS EXPECTED TO CLOSE IN JANUARY. CHINESE REGULATORS ARE ALSO GET TO SAY THAT THEY WERE APPROVE THE DEAL. OPENAI IS REPORTEDLY AIMING TO RAISE $100 BILLION TO FUND ITS NEXT BIG PUSH IN ARTIFICIAL INTELLIGENCE FOR THE WALL STREET JOURNAL SAYS IT COULD VALUE THE COMPANY AT $830 BILLION IF IT HITS THE TARGET. FUNDRAISING COMES AFTER INVESTOR EXCITEMENT STARTS TO COOL. THEY HAVE SECURED MAJOR DEALS. THE COMPANY SAYS IT NEEDS MASSIVE CAPITAL TO BUILD ADVANCE MODELS AND STAY AHEAD OF RIVALS LIKE GOOGLE. OUR GUEST IS STILL WITH US. THANK YOU FOR STICKING AROUND. I WANT TO PICK UP ON THE AI THEME. IN TERMS OF OPENAI POTENTIALLY USING SOVEREIGN WEALTH FUNDS, THEY KEEP PILING UP. WHERE WILL THE MONEY COME FROM? THE AI SUPER CYCLE ARE SHOWING NO SIGNS OF LETTING UP. I THERE HAS BEEN NO EVIDENCE THAT THEY ARE LOOKING TO SLOW DOWN. THAT RAISES THE QUESTION. WITH ALL OF THIS AI DRIVEN, WHERE WOULD BE FUNDED? THAT IS ONE AVENUE. WITHIN THE CREDIT MARKETS THERE IS CONCERN ABOUT HOW MUCH THERE IS. PAUL: SORRY, I JUST HE TO INTERRUPT YOU BECAUSE WE HAVE THE MOMENT WE ARE ALL WAITING FOR. THE BANK OF JAPAN DECISION. THEY AS EXPECTED RAISE RATES BY 24 BASIS POINTS. THE DECISION UNANIMOUS. 9-0 LEADING UP TO THIS DECISION ALL THE ECONOMISTS SURVEYED BY BLOOMBERG ALSO EXPECTED THE RATE TO GO UP BY 25 BASIS POINTS. IF YOU OTHER HEADLINES COMING IN. THE BOJ SAYING JAPAN’S REAL RATE IS AT A SIGNIFICANTLY LOWER LEVEL. THE BANK OF JAPAN WILL KEEP RAISING THE RATES IF THE ECONOMY AND PRICE OUTLOOK IS REALIZED. THEY WILL RAISE RATES IN LINE WITH ECONOMIC AND PRICE IMPROVEMENTS. ACCOMMODATIVE CONDITIONS ARE NEEDED TO KEEP SUPPORTING THE ECONOMY. THE BOJ JUDGE APPROPRIATE TO ADJUST EASING FOR THE PRICE TARGET. IN THE CATEGORIZING — WE HAVE NIKKEI RISING FOLLOWING THIS. I WANT TO GO TO ANOTHER GUEST WE HAVE STANDING BY WHO SPENT 35 YEARS OF THE BANK OF JAPAN AS WELL AS SERVING AS A THIS IS. I KNOW YOU HAVE NOT HAD A LOT OF TIME TO DIGEST THOSE HEADLINES COMING OUT OF THE BOJ BUT THE HEADLINE DECISION IS VERY MUCH AS ANTICIPATED. I WONDER IF YOU COULD GIVE US YOUR REACTION TO THAT ALSO BACK. AS YOU MENTIONED, TODAY’S DECISION HAS BEEN WELL TELEGRAPHED SINCE THE DECEMBER 1. THERE WAS NOT ANY SURPRISE TO ANYBODY. AT THE SAME TIME, WE ARE REALLY SURPRISED. THIS SENTIMENT DOES NOT INCLUDE POLICY PRINCIPLES GOING FORWARD. THIS TIME AROUND THE SENTIMENT ON PAPER OF AN ADDITIONAL PARAGRAPH THAT SAYS ABOUT THE INTEREST RATE TO STAY VERY LOW. IN TERMS OF THE REAL RATE. THE BOJ WILL CONTINUE RAISING INTEREST RATES IN A GRADUAL MANNER. THAT IS THE KIND OF THING WE WILL BE SEEING. IT IS ACTUALLY HERE TODAY. PAUL: YOU MENTIONED THE POLICY PRINCIPLE GOING FORWARD MISSING IN THE HEADLINE SO FAR. DO YOU ANTICIPATE THAT THAT COULD HELP — COME UP IN THE GOVERNOR’S PRESS CONFERENCE LATER? WHAT DO YOU EXPECT TO HEAR AROUND THAT? USUALLY THAT FINAL STATEMENT OR PARAGRAPH BY THE GOVERNOR IN THE PRESS CONFERENCE THIS AFTERNOON. ACTUALLY THAT PARAGRAPH PUT FORWARD IN A STATEMENT THIS TIME AROUND. THEY INDICATED THAT THE BOJ IS TRYING TO MAKE A LOT OF EFFORT TO CONVEY THEIR GUIDANCE OF THE MARKET POLICY GOING FORWARD. SO THAT PEOPLE WILL NOT BE CONFUSED BY THE FIRST HEADLINE OF THE BOJ TODAY. PAUL: I WANT TO BRING YOU IN HERE AS WELL AND GET YOUR PICTURE. IN TERMS OF WHERE WE MIGHT BE HEADED NEXT. I THINK A LOT OF WHAT HAS COME OUT HERE IS QUITE IN LINE. YES. PAUL: I’M SORRY PLEASE CONTINUE. CAN YOU HEAR ME OK? PAUL: YES. PLEASE CARRY ON. WHAT WE HAVE HEARD TODAY SO FAR I HAVE NOT DUG INTO THE DETAILS YET BUT IT SEEMS LARGELY IN LINE WITH EXPECTATIONS. AS WE LOOK FORWARD WE WOULD EXPECT MORE UPWARD PRESSURE ON RATES IN JAPAN. PAUL: WHEN YOU SAY CONTINUED UPWARD PRESSURE, WHERE IS THE POTENTIAL CEILING? HOW MANY INCREASES WOULD YOU EXPECT TO SEE NEXT YEAR AND WHAT WOULD BE THE CADENCE OF THOSE? WHERE YOU SEE THE NEUTRAL RATE? IN TERMS OF INCREASES, NOT EXPECTING A RAPID PACE BUT IN TERMS OF INCREASES MAY BE A COUPLE MORE WITHIN NEXT YEAR. OVER THE COURSE OF THE YEAR. TIMING IS A BIT UNCERTAIN. PAUL: I WANT TO TAKE IT BACK TO YOU IF I CAN. YOU ARE A FORMER BANK OF JAPAN ASSISTANT GOVERNOR. THAT DECISION TODAY WAS UNANIMOUS. 9-0 IN FAVOR OF LIFTING RATES BY 25 BASIS POINTS. YOU SAT AROUND THE TABLE. CAN YOU GIVE US AN IDEA OF WHAT MIGHT’VE BEEN DISCUSSED AT THAT MEETING AND WHAT THE TONE OF THE CONVERSATION MIGHT HAVE BEEN LIKE? I THINK THE MAIN FOCUS OF THIS MEETING IS WHAT KIND OF INFORMATION THE BOJ WOULD TALK ABOUT IN TERMS OF THE FORWARD GUIDANCE OR THE FUTURE PROSPECT OF POLICY GOING FORWARD. THE ONE OBVIOUSLY IMPORTANT FACTOR AROUND THAT IS HOW THE PRESS WILL HANDLE IT NEXT YEAR AND THE YEAR BEYOND. TODAY’S DATA WAS PUT OUT RIGHT BEFORE THE MEETING. ACTUALLY THE UNDERLYING IS ABOUT 2%. HOW QUICKLY THAT WILL CONVERT AROUND 2% IS ONE OF THE DISCUSSION POINTS AT THIS MEETING. I THINK THEY ARE ACTUALLY DISSENTING ON THE DEAL ABOUT THE ARTIFICIAL OUTLOOK. THAT MIGHT BE A HECTIC DISCUSSION IN THIS MEETING ABOUT THE FUTURE PROSPECT OF INFLATION. PAUL: TALK TO US A LITTLE BIT MORE ABOUT THE INFLATION OUTLOOK. HOW DO YOU SEE THAT UNFOLDING? TODAY’S NUMBERS THAT WE RECEIVED EARLIER THIS MORNING KNOW ONLINE. DO YOU THINK CPI WILL CONTINUE TO TRACK THE WAY IT HAS BEEN? ACTUALLY HOW TO INTERPRET WHAT HAS BEEN IN THE PRICE FRONT IS REALLY A STICKING POINT IN THE DISCUSSION. BECAUSE ON THE ONE HAND HEADLINE INFORMATION IS VERY STRONG. AROUND 3% TODAY. BUT UPWARD PRESSURE HAS BEEN COMING FROM FOOD PRICES, ENERGY PRICES. A LOT OF PRICE PRESSURE. IT MIGHT ACTUALLY BE LOWER. THAT IS IN THE DISCUSSION GOING FORWARD. IN MY VIEW, THE DECEMBER AND FEBRUARY MEETING OF NEXT YEAR WILL HAVE SOME KIND OF CPI FRESH HEADLINES. HOW FAR IT COULD GO AROUND 2% OR EVEN A BIT DEEPER TO A LOWER LEVEL BEYOND 2%. I THINK IT WOULD BE STILL SOMETHING WE DO NOT KNOW YET. PAUL: THERE IS ALSO A FISCAL STIMULUS COMING FROM THE GOVERNMENT. HOW WILL THAT BE FACTORING INTO SOME OF THE BOJ’S DELIBERATIONS? TO SOME EXTENT THIS TAKES INTO ACCOUNT THE DISCUSSION OF THE FRESH OUTLOOK. IN MY VIEW THE FISCAL STIMULUS MIGHT BE INTERPRETED BY THE MARKET AS A LITTLE BIT EXAGGERATED. BECAUSE OF THE SUPPLEMENTAL BUDGET. IT IS REALLY BIG. TO SOME EXTENT IT IS BIG BUT AT THE SAME TIME IT IS NOT SURPRISINGLY BIG. THERE IS STIMULUS TO THE ECONOMY. THE IMPACTS MIGHT BE VERY LIMITED. I DON’T THINK YOU HAVE TO OVERVALUE THE STIMULUS SIDE FROM THE GOVERNMENT. I THINK THAT WOULD BE AROUND THE BOJ. PAUL: ALSO CONNECTED TO THE STIMULUS IS OBVIOUSLY WE MIGHT SEE A LITTLE BIT MORE DEBT NEEDING TO BE ISSUED. WHAT IS YOUR OPINION ON HOW WE MIGHT SEE THIS IN BOND ISSUANCE FROM JAPAN? WHERE DO YOU THINK YIELDS MIGHT BE HEADING? BOND ISSUANCE IS IN LINE WITH THE EXPECTATION. WHICH IS A REASONABLE RANGE. ACTUALLY IT IS NOT REALLY INCREASING SO MUCH. COMPARED TO THE INITIAL BUDGET OF THE SUPPLEMENTAL BUDGET. THE ISSUE IS FROM LAST YEAR. I DON’T THINK THERE IS ANY FACTOR LIKE THAT. AT THE SAME TIME THERE IS AN INCREASING IMPRESSION ON OUR BASIS THAT THE CURRENCY WEAKENING. THAT COULD BE HIGHER. YOU STILL HAVE TO REMEMBER THAT CURRENTLY REGULATORY IS ONLY 1.9. THAT IS SERIOUSLY LOW COMPARED TO GERMANY. GERMANY ACTUALLY HAS A VERY EXCELLENT PHYSICAL CONDITION. STILL A AAA PAPER. THE JGB IS ONLY 2%. STILL VERY LOW. NOTHING FOR THE JGB TO MOVE UP. EVEN WITHOUT INTEREST. JUST TO REFLECT THE FUNDAMENTALS. I THINK IT COULD GO HIGHER. PAUL: DO YOU HAVE ANY CONCERNS ABOUT THE AMOUNT OF DEBT THAT IS BUILDING UP IN JAPAN? I AM THINKING PARTICULARLY OF THE DEBT TO GDP RATIO. ACTUALLY THE GDP RATIO HAS BEEN AROUND MORE THAN 200% OF GDP FOR ALMOST 10 YEARS. THEY SHOULD HAVE BEEN WORRIED ABOUT THAT LEVEL 10 YEARS AGO. IF THEY WERE NOT WORRIED ABOUT THAT. IF ANYTHING OVER THE LAST FEW YEARS THE RATIO HAS BEEN DECLINING. THERE IS TRUTH. I DON’T THINK THERE IS ANY REASON WHY WE NEED TO BE WORRIED ABOUT THE DEBT LEVEL NOW. IF YOU DO NOT WORRY SO MUCH ABOUT THE DEBT LEVEL 10 YEARS AGO. PAUL: ALRIGHT, WELL, WE WILL JUST CHECK IN ON JAPANESE MARKETS AS THEY DO REOPENED HER LUNCH. AHEAD OF THE OPEN AND WE WERE PRETTY MUCH HIGH. WE ARE GAINS VERY BROAD BASED, JUST A COUPLE OF AREAS IN THE RED, ONE OF THEM CONSUMER DISCRETIONARY, NOT PERFORMING WELL. FINANCIALS BETTER BY 1.1%. WANT TO TAKE A LOOK AT THE YEN, THAT HAS SOFTENED A LITTLE ON THE BACK OF THIS DECISION, 156.57. LOOKING AT THE STATE AS A CURRENCY, THE YEN RANGE BOUND BETWEEN THE 150, 158 LEVEL. WHERE IS THE PATH OF TRAVEL FROM HERE? I THINK THERE’S PRESSURE FOR A WEAKER YEN BECAUSE THE INTEREST RATE IN JAPAN IS LOW EVEN AFTER TODAY’S HIGH. THE U.S. ECONOMY IS — GOING FORWARD. THAT’S FUNDAMENTAL AROUND THE CURRENCY MARKET. THAT’S WHY THE ECONOMY IS VERY RANGE BOUND. THESE COULD BE POTENTIAL GAME CHANGERS BUT I DON’T THINK THERE’S AN IMMINENT ELEMENT THAT COULD MOVE THE CURRENCY. PAUL: YOU MENTIONED THERE WAS NO MENTION OF POLICY PRINCIPLE GOING FORWARD AND NO MENTION OF TIMING. ONE ASSUMES THE GOVERNOR WILL TAKE A LOT OF QUESTIONS IN THE PRESS CONFERENCE AS WELL. WHERE DO YOU SEE THE PACE OF RATE INCREASES HEADING FROM HERE IN JAPAN? THE GOVERNOR IN THE PRESS CONFERENCE THIS AFTERNOON DIDN’T PREDICT A CADENCE. HE WILL PROBABLY CONTINUE RAISING RATES AS THE ECONOMY IMPROVES. MY VIEW IS THE BOJ WILL CONTINUE RAISING RATES. WE ARE REACHING 1.5%. A CONSPICUOUS FACT IS THAT RIGHT AFTER THE DIFFERENTIATION BEGAN, I THINK IT’S THE TIMING OF THE DECISION, NEXT YEAR, IT’S HOW THE CURRENCY MARKET WILL EVOLVE. PAUL: INTERESTING POINT. YOU THINK WE SEE ANOTHER SHARP DEPRECIATION IN THE END, COULD THAT BRING THE TIMETABLE FOR RATE HIKES FORWARD? FOR EXAMPLE, AS I MENTIONED EARLIER, THE U.S. ECONOMY IS SURPRISINGLY STRONG AND THE YEN IS UNDERCOVER — UNDER PRESSURE. IN THAT CASE, THE BOJ PUTS FORWARD. IF ANYTHING HAPPENED, IT’S MORE PRONOUNCED, THEY MIGHT BE CUTTING THE INTEREST RATE IN THE TERRITORY, MAYBE THEY HAVE TO WAIT UNTIL THE END OF NEXT YEAR. PAUL: WE’VE HAD A VERY SLOW PACE OF RATE INCREASES SO FAR, AS WE’VE BEEN DISCUSSING. YOU THINK THEY WILL SPEED THINGS UP OR HAS THE BOJ GOT THE PACING JUST RIGHT? I THINK THIS IS ABOUT RIGHT. JAPAN’S REAL ECONOMY IS NOT THAT STRONG. THIS IS IMPROVING AT A RAPID PACE. OVERALL GDP IS HOVERING AROUND 5% GROSS. I DON’T THINK THERE IS A CLEAR REASON FOR THE BOJ TO RUSH IN A RATE HIKE CYCLE IN TERMS OF THE IMPACT ON THE ECONOMY. THE CONCERN ABOUT THE RISKS, COMING FROM THE EXCHANGE RATE DEPRECIATION. THAT’S WHY I THINK THE BOJ IS A HIKE. PAUL: YOU MENTIONED THE REAL ECONOMY IS NOT PARTICULARLY STRONG. CAN YOU GIVE US INSIGHT ON THE COMING QUARTERS? THE NEXT QUARTER IS NEGATIVE. THE FOURTH QUARTER WE COME BACK TO COME UP PROBABLY NOT COMPENSATING ENOUGH FOR THE NEGATIVE GROWTH IN THE SECOND QUARTER — THIRD QUARTER, I’M SORRY. I THINK THE TREND GROWTH IS SOMEWHERE BETWEEN 5% AND 1%, IT’S NOT FANTASTIC. OF COURSE IT CONTINUES TO RECOVER BUT NOT FANTASTIC. PAUL: I MENTIONED WHEN MARKETS REOPENED WE ARE SEEING A BROAD-BASED RALLY IN THE NIKKEI AT THE MOMENT WITH THE EXCEPTION OF A FEW SECTORS. WE HAVE AN ENVIRONMENT OF RISING RATES. LEVELS OF INFLATION JAPANESE CONSUMERS ARE NOT USED TO. WHERE DO YOU SEE CONSUMER SENTIMENT HEADED IN JAPAN? I THINK CONSUMER SENTIMENT IS GRADUALLY IMPROVING. IT WILL RAPIDLY DECLINE THE NEXT SIX MONTHS. WAGE GROWTH CONTINUES TO BE THE SAME LEVEL GOING FORWARD. RIGHT NOW, WAGE GROWTH IS AROUND 2.5%. THIS IS LIKELY TO CONTINUE BASED ON THE FORMATION AVAILABLE. INFLATION WILL DECLINE FROM 3% TO AROUND 2%. SOMETIME NEXT YEAR, WAGE GROWTH WILL BE HIGHER AND WILL BECOME HIGHER THAN THE INFLATION RATE. REAL WAGES HAS BEEN IN NEGATIVE TERRITORY, NEXT YEAR, POSITIVE TERRITORY. PAUL: ALL RIGHT. FORMER BANK OF JAPAN ASSISTANT GOVERNOR, INC. YOU FOR JOINING US TODAY WITH YOUR TIME AND EXCELLENT ANALYSIS. MUCH APPRECIATED. LET’S LOOK AT WHERE MARKETS STAND. WE ARE SEEING THE RALLY PICK UP A LITTLE STEAM IN JAPAN, WE ARE UP A LITTLE MORE THAN BEFORE THE LUNCH BREAK AND THE BOJ DECISION. THE NIKKEI UP HIGHER BY 1.1% AND THAT’S THE BEST-PERFORMING SECTOR. UTILITIES AND MATERIALS LAGGING CONSUMER DISCRETIONARY. THE OTHER ASSET, THE JAPANESE YEN, ONE $.50 POINT 07, STARTING TO WEAKEN AGAIN. THE BANK OF JAPAN SAID REAL INTEREST RATES ARE EXPECTED TO REMAIN SIGNIFICANTLY NEGATIVE. ACCOMMODATIVE FINANCIAL CONDITIONS WILL CONTINUE TO SUPPORT ECONOMIC ACTIVITY. IF YOU’RE WAITING FOR FURTHER TIGHTENING YOU MIGHT WANT TO CONTINUE WAITING LONGER. SOME OF THE OTHER ASSETS MOVING ON THE BOARD, MOSTLY POSITIVE DAY ACROSS THE ASIA PACIFIC BECAUSE THE OTHER PIECE OF KEY DATA WE GOT IS U.S. CPI NUMBERS, DESCRIBED AS A SWISS CHEESE READ FULL OF HOLES BECAUSE THE FED IS AFFECTED BY THE SHUTDOWN TOWARD THE END OF THE YEAR. HOWEVER, ENCOURAGING, IT SHOWED COURSE CPI AND THE PACE OF INCREASE WE SEEN IN FOUR YEARS, THE FED DESCRIBED THE DATA AS ENCOURAGING. NOT THE EXACT WORDS BUT THE SENTIMENT. HOPES OF FURTHER FED EASING. WE ARE SEEING THAT PROPELLING MANY MARKETS IN THE ASIA-PACIFIC HIGHER AS WELL. WE HAVE THE KOSPI BETTER BY TWO THIRDS OF 1% INTO THE HANG SENG INDEX BETTER BY HALF OF 1%. CRUDE CONTINUING TO LOSE STEAM AS A SOME OF THOSE GEOPOLITICAL CONCERNS WE ARE ADDING TO SUPPLY PRESSURE BEGAN TO BACK OFF A LITTLE. THE NARRATIVE ABOUT THE GLUT STARTS TO RESUME. THE HEADLINE OF THE HOUR, EVERYBODY SAW THAT COMING, THE BOJ RAISING THE OVERNIGHT CALL RATE TO .75 PERCENT SO THE 25% INCREASE AS EVERYBODY EXPECTED AND THE DECISION WAS UNANIMOUS. OF GET TO TOP GLOBAL STORIES. THE CANADIAN PRIME MINISTER SAYS A DEAL TO LOWER U.S. TARIFFS ON SECTORS SUCH AS STEEL AND ALUMINUM IS UNLIKELY IN THE NEAR TERM. THOSE TALKS MAY BE ROLLED INTO BROADER NEGOTIATIONS AROUND YEAR’S OF THE U.S. CANADA AND MEXICO TRADE AGREEMENT. CANADA HAS BEEN HIT PARTICULARLY HARD BY THE TARIFFS. PRESIDENT TRUMP HAS ASSIGNED AN EXECUTIVE ORDER MOVING CANNABIS INTO A LESS RESTRICTIVE FEDERAL CATEGORY AND A POTENTIAL MAJOR SHIFT TO THE LEGAL AND COMMERCIAL LANDSCAPE FOR THE PLANT. HE ORDERS THE JUSTICE DEPARTMENT TO MOVE CANNABIS TO SCHEDULE THREE. MARIJUANA IS CURRENTLY IN THE HIGHEST CLASS ALONGSIDE HEROIN AND LSD. WANT TO EMPHASIZE THE ORDER I’M ABOUT TO SIGN IS NOT THE LEGALIZATION — IT DOESN’T LEGALIZE MARIJUANA. IT IN NO WAY SANCTIONS ITS USE AS A RECREATIONAL DRUG. PAUL: THE U.S. POLICE SAY A MAN SUSPECTED OF LAST WEEKEND SHOOTING AT BROWN UNIVERSITY HAS BEEN FOUND DEAD AT A STORAGE FACILITY IN NEW HAMPSHIRE AFTER TAKING HIS OWN LIFE. LET’S BRING IN OUR SENIOR EDITOR WITH MORE. TELL US ABOUT THE LATEST AND THE CIRCUMSTANCES THAT LED TO THE DISCOVERY. AS OUR COLLEAGUES REPORT, THERE WAS A REMARKABLE CONCLUSION TO TWO MAN HUTS — MANHUNTS. BROWN UNIVERSITY IN PROVIDENCE, RHODE ISLAND, WHERE LAST SATURDAY A GUNMAN SHOT 11 STUDENTS AT A CAMPUS BUILDING AND KILLED TWO OF THEM. ON MONDAY, A PROFESSOR AT M.I.T. WAS MURDERED IN HIS HOME. IT TURNS OUT THE PERSON RESPONSIBLE FOR BOTH OF THESE CRIMES IS ONE AND THE SAME ACCORDING TO FEDERAL AUTHORITIES AND AUTHORITIES IN PROVIDENCE AND BOSTON AND STATE AUTHORITIES AS WELL. THE MOTIVE IS YET UNCLEAR BUT THERE ARE CONNECTIONS SHOULD THE SUSPECT WAS FOUND DEAD AT A STORAGE FACILITY IN NEW HAMPSHIRE AND WENT TO SCHOOL IN PORTUGAL WITH THE M.I.T. PROFESSOR AND WAS A PHD STUDENT IN PHYSICS AT BROWN ABOUT 25 YEARS AGO. PAUL: YOU MENTIONED WE DON’T HAVE A MOTIVE FOR THIS YET. ONE ASSUMES INVESTIGATORS ARE CONTINUING TO LOOK INTO THIS. ARE THERE ANY LEADS AT THE MOMENT? THERE ARE MANY. AS THEY USED TO SAY, IN MY POLICE REPORTING DAYS, THIS WAS THE RESULT OF OLD-FASHIONED DETECTIVE WORK. A WITNESS IN PROVIDENCE CAME FORWARD AND TOLD THE POLICE ABOUT SOMEONE SHE HAD INTERACTED WITH AFTER SEEING THE OATH DISTRIBUTED TO THE MEDIA OF SOMEONE I THOUGHT MIGHT HAVE SOMETHING TO DO WITH THIS. NEAR THE BROWN CAMPUS. THAT LED TO A RENTAL CAR THAT HAD BEEN LEASED IN THE SUSPECTS NAME. AFTER THAT THEY KNEW WHO THEY WERE LOOKING FOR. THAT LED THEM TO NEW HAMPSHIRE. AS FAR AS HOW IT BEGAN, WE DON’T KNOW. THE SUSPECT WAS LAST KNOWN TO LIVE IN MIAMI, FLORIDA. WHY HE WOULD SHOOT STUDENTS IN A CLASSROOM STUDYING FOR FINAL EXAMS AND THEN KILL A PROFESSOR NEAR BOSTON IS ONE OF THE THINGS THE AUTHORITIES ARE LOOKING AT RIGHT NOW. PAUL: STILL A LOT OF UNANSWERED QUESTIONS. I’M WONDERING TO WHAT DEGREE HAS NOT BEEN HAMPERED, THERE’S A LACK OF SECURITY CAMERA FOOTAGE, WHICH SEEMS EXTRAORDINARY CONSIDERING THE SIZE OF THE CAMPUS. THIS WAS AN OLDER BUILDING ON THE CAMPUS APPARENTLY, SO THERE WERE NOT MANY SECURITY CAMERAS. AS THE PRESIDENT OF BROWN POINTED OUT TONIGHT, THE SUSPECT HAD SOME FAMILIARITY WITH THE CAMPUS. AS I UNDERSTAND IT, HAD TAKEN CLASSES IN THAT BUILDING. HE WASN’T A STRANGER TO THE CAMPUS EVEN THOUGH HE WAS A STUDENT QUITE SOME TIME AGO. THIS WAS VERY FRUSTRATING BECAUSE UNLIKE A LOT OF THESE CASES WHERE MASS SHOOTINGS, THE SUSPECT EITHER KILLS HIMSELF RIGHT AWAY OR IS CAUGHT IMMEDIATELY, THIS PERSON TOOK PRECAUTIONS APPARENTLY, ALTHOUGH NOT ENOUGH, AND WAS ABLE TO ESCAPE UNTIL TONIGHT. PAUL: ALL RIGHT, OUR SENIOR EDITOR WITH THE LATEST DEVELOPMENTS ON THAT CASE, THE SHOOTING AT BROWN UNIVERSITY. LET’S GET YOU TO LIVE PICTURES OUT OF INDIA. A CEREMONY IN MUMBAI ABOUT TO GET UNDERWAY AS INDIA WRAPS UP A SIZZLING YEAR FOR IPOS WITH ANOTHER POTENTIAL BLOCKBUSTER. I WILL BRING YOU MORE ON THAT AS WELL, INCLUDING THE COMPANY’S OFFICIAL START OF TRADE. I WANT TO LOOK AT THE INDIAN OPEN ALSO. WE HAVE A COUPLE OF VIDEOS — A COUPLE OF VIDEO SYNCRETIC STORIES. THERE’S BEEN A CHANGE IN POLICY WHEN IT COMES TO NUCLEAR ENERGY. ANY PRIVATE INVESTOR SHOWING INTEREST IN BUILDING NUCLEAR REACTORS CAN WITH A CHANGE IN THE LAW ALLOWING FOR PRIVATE OWNERSHIP. SEEING SOME TAILWINDS FOR INDIAN EQUITIES AT THE MOMENT. THE NIFTY BANK INDEX A LITTLE SLOWER BY ABOUT 2/10 OF 1%. IT FOLLOWS ON FROM THE BROADER THEME ACROSS THE REGION TODAY. THE RISK ON SENTIMENT, ONE PRESUMES DRIVEN BY THE ENCOURAGING CPI DATA OUT OF THE U.S. EVEN THOUGH THAT IS LIKENED TO SWISS CHEESE DUE TO THE NUMBER OF HOLES IN IT INSPIRED BY THE SHUTDOWN. WE WILL BRING YOU THE LATEST ON THAT DEBUT IN A MOMENT. WE HAVE THAT AND PLENTY MORE AHEAD. THIS IS BLOOMBERG. ♪ PAUL: CHECKING ON A CRUDE PRICES, LOOKS LIKE NORMAL SERVICE HAS BEEN RESUMED, PRICES LOWER AGAIN, WE SAW A GEOPOLITICAL BUMP EARLIER THIS WEEK WITH THE U.S. ARMADA OFF THE COAST OF VENEZUELA AND NOT A LOT OF PROGRESS ON RUSSIA AND UKRAINE TRADE TALKS — TRADE, WHAT AM I TALKING, PEACE TALKS. THERE ARE GLUT CONCERNS THAT CONTINUE TO PRESSURE PRICES. FOR MORE, LET’S IT TO STEPHEN. THE POLITICAL PRESSURES I MENTIONED SEEM TO HAVE REVERSED SOMEWHAT. IS THE WORLD THINKING ABOUT OVERSUPPLY AGAIN? I THINK THE WORLD CAN’T STOP THINKING ABOUT OVERSUPPLY. WE HAD A HUGE STORY ABOUT THE INCOMING GLUT AND WHERE IT’S COMING FROM. IT IS A STORY OF SUPPLY. WHEN YOU READ THAT STORY, THE ANALYSTS, TRADERS, PEOPLE ARE SEEING PRICES COULD GO LOWER. THE ONLY THING KEEPING US IN THE $60 RANGE FOR BRENT SEEMS TO BE THE GEOPOLITICAL RISK, THE WAR PREMIUM FROM THE ONGOING WAR IN UKRAINE AND WHAT TRUMP IS SAYING ABOUT VENEZUELA. EVEN THOUGH VENEZUELA ISN’T A HUGE SUPPLIER IN THE GRAND SCHEME OF THEMES — OF THINGS. IT STILL ADDS A LEVEL OF RISK TO THE MARKET. WE ARE LOOKING AT AN OIL MARKET FACING INCREASES FOR MAJOR SUPPLIERS ALMOST ACROSS THE BOARD. YOU’VE GOT OPEC-PLUS INCREASING SUPPLY THROUGH MUCH OF THE YEAR, ALSO U.S. SUPPLY THAT COULD POTENTIALLY HIT A RECORD THIS YEAR AND CONTINUE THAT LEVEL FOR NEXT YEAR. ON TOP OF THAT, OTHER COUNTRIES THAT YOU WOULDN’T NORMALLY THINK OF AS SUPPLIERS ALSO BOOSTING OIL OUTPUT. YOU’VE GOT CHINA PRODUCING ESSENTIALLY AS MUCH OIL AS IRAQ, WHICH IS ENORMOUS. THEY ARE DEVELOPING THEIR OWN DOMESTIC RESOURCES. ARGENTINA IS DEVELOPING SHALE OIL RESOURCES AS WELL REQUIRING LESS SUPPLY FROM OTHER COUNTRIES AND LOOKING EVEN TO EXPORT SOME OF THE OIL AND GAS, ESPECIALLY MAYBE LNG LATER IN THE DECADE. WE ARE ENTERING A MARKET ESPECIALLY HERE OVERSUPPLY. WE HAVE GEOPOLITICAL EVENTS KICKING AROUND THAT MIGHT INCREASE PRICES ONE DAY BUT IT SEEMS THE TREND IS OIL PRICES WILL GO LOWER. PAUL: IT BEGS THE QUESTION WHICH OF THESE BIG PRODUCERS CAN PRODUCE SUPPLY AT THE LOWEST COST? STEPHEN: THAT’S A VERY GOOD QUESTION BECAUSE WHEN YOU LOOK AT OPEC, FOR EXAMPLE, OIL PRICES ARE BELOW WHERE THEY NEED TO BALANCE THEIR BUDGET. YOU WOULD OFTEN HEAR 70, $80 PER SOME OF THESE MIDDLE EASTERN COUNTRIES FOR BRENT. WE ARE BELOW THAT. FOR OIL MAJORS AS WELL, YOU HAVE BIG PRODUCERS, SHELL AND OTHERS, THAT NEED OIL TO BE HIRED TO BALANCE THEIR PORTFOLIO. I THINK ONE THING TO LOOK AT SPECIFICALLY IS WHAT HAPPENS WITH SHALE DRILLERS, THEY WILL BE ABLE TO MOURN EMILY TAKE OFF SUPPLY. PAUL: I NEED TO GET TO BREAKING NEWS OUT OF JAPAN, THE 10 YEAR YIELD RISING TO 2%, A LEVEL WE HAVEN’T SEEN SINCE 2006 AND IT’S IN THE WAKE OF THE BANK OF JAPAN DECISION TO LIFT RATES BY 25 BASIS POINTS, .75% IS THE HIGHEST LEVEL IN 30 YEARS. LOW BY GLOBAL STANDARDS BUT IS MOVING MARKETS IN JAPAN AT THE MOMENT. YIELDS ACROSS THE CURVE, THE 10 YEAR ACROSS THAT LEVEL, THAT’S SOMETHING WE HAVEN’T SEEN GETTING ON 20 YEARS. STEPHEN, YOU WERE TALKING ABOUT WHO CAN PRODUCE AT THE LOWEST COSTS, THE PRESSURE THAT MUST HAVE BEEN FELT ON SOME OPEC COUNTRIES. WHAT IS OPEC GOING TO DO IN 2026? THEY’VE ALREADY SIGNALED A PAUSE FOR THE FIRST QUARTER, BUT THEN WHAT? STEPHEN: CERTAINLY I THINK THE QUESTION IS WILL THEY CONTINUE — THEY WILL PAUSE IN THE FIRST QUARTER. WHAT DID THEY DO FOR THE LAST THREE QUARTERS OF THE YEAR? AND WILL THEY INCREASE ADDING BARRELS TO THE MARKET? DO THEY WANT MARKET SHARE AT THE EXPENSE OF COST AND KEEPING THEIR BUDGET UNDERWATER? OR DO THEY GO THE OPPOSITE WAY, WHICH IS A TO REDUCE SUPPLY? THEY’VE DONE THAT IN THE PAST AND IT DOESN’T SEEM TO BE SAUDI ARABIA’S STRATEGY AT THE MOMENT. THINGS CAN CHANGE BUT THE BIG QUESTION IS WHAT IS RUSSIA DOING. HE’S THAT ONE WILDCARD WHETHER IF A PEACE DEAL HAPPENS, YOU HAVE THE U.S. PULLING BACK SANCTIONS. YOU COULD SEE MORE SUPPLY ENTERING THE MARKET UNINTERRUPTED EVEN THOUGH A LOT OF IT IS STILL GOING TO INDIA AND CHINA. WITHOUT THE WAR RISK, PRICES COULD FALL AND THAT GOES TO OPEC SAYING ARE YOU GOING TO ALSO BE REDUCING YOUR OUTPUT? THAT’S SOMETHING THEY WILL LIKELY HAVE TO DISCUSS. THERE ARE A LOT OF IF’S IN THE STATEMENT. GOING FORWARD A LOT OF EYES WILL BE ON OPEC AFTER THE FIRST QUARTER. PAUL: THANK YOU FOR YOUR ANALYSIS. STEPHEN LEADS OUR ASIA ENERGY COVERAGE FROM SINGAPORE AND HE WILL JOIN US NEXT HOUR AS WELL TO TALK ABOUT THE POLICY CHANGE ABOUT NUCLEAR ENERGY IN INDIA. LET’S TAKE A LOOK AT HOW YIELDS ARE PERFORMING ACROSS JAPAN. THE 10 YEAR HUNTING THROUGH THE 2% OF A FOR THE FIRST TIME SINCE 2006. STILL, ED ROGERS POINTS US TO REACT TO THE BOJ DECISION AND GIVE US HIS OUTLOOK FOR MARKETS IN JAPAN AND BEYOND. ALSO A LOOK AT WHAT LIES AHEAD FOR INDIA’S EMBATTLED CURRENCY IN 2026. THOSE CONVERSATIONS IN A MOMENT. PAUL: WELCOME BACK, YOU ARE WATCHING “INSIGHT.” LIVE PICTURES FROM THE BANK OF JAPAN WITH THE STORY OF THE HOUR. THE BANK OF JAPAN LIFTING RATES BY 25 BASIS POINTS TO .75% LEVELS WE HAVEN’T SEEN SINCE THE 1990’S. EVERYBODY SAW IT COMING. THE BANK OF JAPAN WAS UNANIMOUS IN THE DECISION. THEY ARE ALSO SEEING THE PRICE TREND IS INLAND WITH A TARGET INTO THE OUTLOOK IN THE SEVEN — SECOND HALF, NO REAL SIGNALING ON THE KADANT OR FUTURE HAVE — SIGNALING ON THE CADENCE OR FUTURE RATE HIKES. THEY WILL CONTINUE ON A SLOW A STUDY TIGHTENING. THE NIKKEI MOVING HIGHER AND THE AND BRIEFLY FELL THROUGH 156 ALTHOUGH WE ARE BACK AT 155.84 NOW. THE INTERESTING MOVE WAS THE 10 YEAR YIELD THAT HAS RISEN ABOVE 2%. WE WILL BE WAITING FOR THE PRESS CONFERENCE WHERE HE WILL BE TAKING THAT IN A FEW HOURS. HE WILL BE TAKING QUESTIONS ON WHAT THE FUTURE PATH OF TIGHTENING IS FROM HERE PARTICULARLY WITH AND I TO WHAT WILL HAPPEN ON THE FISCAL STIMULUS SIDE AND WHAT IT MIGHT MEAN FOR INFLATION. ELSEWHERE, ASSET PRICES MORE BROADLY MOVING HIGHER. THE KOSPI WITH THE REGIONAL — REASONABLE DAY. THE HANG SENG INDEX ALSO IN POSITIVE TERRITORY. WE HAVE INDIAN STOCKS A SHORT WHILE AGO. 10 YEAR YIELDS HANGING ON IN JAPAN. THE BANK OF JAPAN RAISING THEIR INTEREST RATE TO THE HIGHEST LEVEL SINCE 1995. LET’S GET MORE CONTEXT ON HOW THE MARKET IS DIGESTING MOVES. WE ARE JOINED BY OUR SENIOR EQUITIES REPORTER. A LITTLE POP IN THE NIKKEI. WHAT WERE MARKETS REACTING TO, SOME OF THE COMMENTARY? YEAH, THE POSITION WAS NO SURPRISE BUT THERE’S AN ELEMENT WHERE PEOPLE WERE OVERLY CAUTIOUS, THAT’S WHAT YOU SEE WEAKENING, IT’S BETTER EVEN THAN THE FUTURES. BANKS SAW SOME PROFIT TAKING. THERE WAS AN ELEMENT OF POSITION CLEARING. YOU HAVE TO KEEP THE CONTEXT IN MIND, THIS IS THE FOURTH RATE HIKE UNDER THE CURRENT GOVERNOR OF THE BANK OF JAPAN. DESPITE THE NARRATIVE THAT RATE HIKES WILL CHANGE, THE WEAKNESS WE’VE WITNESSED FOR SO MANY EONS HASN’T CHANGED. THIS IS MORE POSITION CLEARING, MORE OF THE CAUTION THAT EXISTED BEFORE THE POSITION CAME OUT. JAPANESE BOND FUTURES ALSO SET TO DROP. THE NIKKEI HAS BEEN FIRM. PAUL: WE ALSO HAVE THE YIELD ON THE 10 YEAR AT ABOUT 2%, WHICH WE HAVEN’T SEEN SINCE 2006. WHAT IS THE BOND MARKET TELLING US ABOUT WHAT THE BANK OF JAPAN IS DOING ABOUT INFLATION? WE ARE GETTING COMMENTARY THAT SAYS THERE NO IMMINENT THREAT OF MORE RATE HIKES. YIELDS ARE RISING AND GIVEN HOW MARKETS ARE REACTING, THERE ARE MORE RATE HIKES EXPECTED. EVEN THE BANK OF JAPAN HAS BECOME MORE COMFORTABLE ABOUT ITS ASSESSMENT OF THE ECONOMY AND INFLATION. THERE MAY BE MORE RATE HIKES EXPECTED TO COME IN 2026 BUT THE YEN HAS NOT STOPPED WEAKENING WE HAVE TO WAIT AND WATCH. PAUL: SPEAKING OF, THE PRESS CONFERENCE IS UP NEXT. WHAT SORT OF QUESTIONS IS HE LIKELY TO BE TAKING? I THINK MARKETS AND INVESTORS ARE LOOKING AT WHAT HE MAKES OF JAPAN’S A FISCAL HEALTH AND WHEN HE MAKES OF THE YIELD, THE ASSESSMENT HE GIVES ON INFLATION. OVERALL, I THINK THESE ARE THE THINGS PEOPLE ARE WATCHING FOR. LET’S SEE HOW THE YEN REACTS. THIS FIRST MOVE HAS LARGELY BEEN BECAUSE OF POSITION CLEARING. WHAT HAPPENS DURING THE PRESS CONFERENCE IS EVEN MORE IMPORTANT FROM AN ASSET PRICE POINT OF VIEW. PAUL: OUR EQUITIES REPORTER. LET’S GET MORE ON THE CORPORATE IMPACT OF HIGHER RATES, A WEAKER YEN IN JAPAN. LET’S GET TO OUR GUEST. I’M HOPING YOU’VE HAD A FEW MINUTES. I’M WONDERING WHAT STOOD OUT FOR YOU? THANK YOU FOR HAVING ME. I THINK WHAT STANDS OUT IS THE BANK OF JAPAN, TO BE VERY DEPENDENT TO BE PREDICTABLE. THE DIRECTIONALITY AND PRICE MOVING, EVERYTHING IS AS EXPECTED. WE’VE SEEN A SMALL MOVE IN DOLLAR YEN, I THINK WE ARE NOW BACK A LITTLE ABOVE 5580. THEY’VE BEEN CLEAR IN TELEGRAPHING AND THIS IS NOT A SHOCK AND AWE? — AWE BANK OF JAPAN AND THEY WANT TO BE TRADITIONAL AND ENCOURAGING OF WHAT YOU SHOULD BE THINKING ABOUT. PAUL: TOP MARKS FOR COMMUNICATION. EVERYBODY SAW THIS COMING AND THAT WAS CLEARLY THE INTENTION THE BOJ HAD. THE QUESTION NOW TURNS TO WHAT IS NEXT. DO YOU EXPECT A PLODDING CADENCE OF RATE HIKES, WHEN IS THE NEXT ONE COMING? I’M IN THE CAMP THAT’S IS PROBABLY SIX MONTHS FROM NOW. NOT A SHOCK AND AWE BANK OF JAPAN, AGAIN. THE THINGS WE SHOULD BE FOCUSING ON, THE FISCAL OUTLOOK, I THINK THE PREMIER HAS BEEN VERY CLEAR. THE SPEND ISRAEL. THAT MEANS THE INFLATION THAT IS EMBEDDED WILL CONTINUE. I THINK HOW THAT SPILLS INTO THINGS LIKE WAGES AND WATCHING WHERE THE GOVERNMENT WILL BE ALLOCATING SIGNIFICANT SUMS OF MONEY IN THE SUPPLEMENTAL BUDGET, THOSE ARE THINGS TO THINK ABOUT AND WE WILL SEE THE IMPACT. VERY MUCH LIKE LOOKING AT THE 10 YEAR TO TRULY UNDERSTAND WHAT THE MARKET THINKS ABOUT THIS. GOING BACK TO MORE NORMALIZED NUMBERS ON THE YIELD SIDE, I THINK THAT’S SOMETHING, PEOPLE SHOULD UNDERSTAND WHAT THAT MEANS WITH REGARDS TO FIXED INCOME AND EQUITY INVESTMENT IN JAPAN. PAUL: WHAT DOES IT MEAN TO YOU IN TERMS OF FIXED INCOME AND EQUITY INVESTMENT, WHERE’D YOU PUT MONEY TO WORK IN JAPAN? GIVEN THE AMOUNT OF INCOMING CALLS FROM GLOBAL INVESTORS, IT’S REDISCOVER THE PAN. THE VAST MAJORITY OF THE WORLD OF GLOBAL INVESTORS IS STILL VERY UNDEREXPOSED TO JAPAN. WHAT DOES THAT MEAN? GOOD NEWS FOR JAPANESE EQUITY MARKETS. ON THE FIXED INCOME SIDE, IT IS A RELATIVELY STABLE PLACE. IT’S NOT WHERE HUGE FORTUNES WILL BE MADE, NOT MASSIVE MOVES, SIX MONTHS TILL THE NEXT RAISE AND WILL LIKELY BE AN INCREMENTAL RAISE. WHAT MAKES IT SUPER EXCITING FROM OUR POINT OF VIEW IS INVESTORS UNMASKED, IF YOU WILL, I THINK SOME WILL CHANGE FROM INVESTMENT TOURISTS TO MORE COMMITTED TO THE JAPANESE BASE FOR THE MEDIUM TO LONG-TERM AND THAT IMPLIES A SIGNIFICANT POTENTIAL STEP UP, PARTICULARLY IN THE PUBLIC EQUITY SPACE. PAUL: THE WEEKEND HAVE SEEN PLENTY OF REALTORS IN JAPAN — REAL TOURISTS IN JAPAN. YOU EXPECT MORE INVESTMENT TOURISTS? ED: WE ARE TELLING INVESTORS, JUST BY AT. — BUY IT. THAT’S NOT WHERE WE WILL BE IN TWO YEARS TIME. IN A MONTH, I DON’T KNOW. AT SOME POINT, THE INCREMENTAL RATE RAISES HERE COUPLED WITH, I THINK YOU WANT TO BE AWARE MUCH TO UNDERSTAND DOLLAR-YEN YOU HAVE TO UNDERSTAND U.S. RATES, THERE IS MORE POTENTIAL VOLATILITY COMING OUT OF A NEW FED CHAIR AND THE RUN UP TO THE MIDTERM ELECTIONS IN THE UNITED STATES. WHAT WE ARE TELLING INVESTORS IS THIS IS A SUPERCHEAP ENTRY POINT, GO AHEAD AND BUY IT. SOME OF IT IS PART YOUR MONEY IN YEN TRADE AND WE WILL EVENTUALLY GO BACK TO THE ONE 40’S, MAYBE ONE 30’S, BUT IT’S NOT NOW OR SIX MONTHS FROM NOW, IT IS ONE TO TWO YEARS FROM NOW. POSITION YOURSELF AHEAD OF TIME AND DON’T WAIT. PAUL: I WANT TO TALK ABOUT SPECIFIC EQUITY PLAYS IN A MOMENT BUT IN TERMS OF DOLLAR YEN AND THE TRAJECTORY, DO YOU THINK ENTRY POINTS COULD GET MORE ATTRACTIVE AS YOUR BASE CASE FOR MORE WEAKNESS OR WILL WE ARE TRAPPED IN THIS RANGE A WHILE? ED: I WOULD BE MUCH MORE CONCERNED DOLLAR-YEN IS GOING TO 160 THAN 150. IF YOU WANT TO BE THE PERFECT MARKET TIMER, YOU COULD WIN A LITTLE BIT AND GET A LITTLE CHEAPER ACCESS POINT. IF YOU HAVE A ONE OR TWO YEAR VIEWPOINT IT’S ONLY MARGINAL, THE AMOUNT OF FX GAIN. MY ADVICE WOULD BE ALLOCATE NOW RATHER THAN TRYING TO MARKET THE FX RATE. PAUL: WE OFTEN SPEAK ABOUT THE NEED TO BE SELECTIVE WITH EQUITIES, DO YOU NEED TO BE SELECTIVE IN JAPAN? COULD YOU BY THE INDEX OR AN ETF? IS THERE ANYTHING YOU LOOK AT OR AVOID? ED: IT DEPENDS ON YOUR GOALS. THERE IS A BETA TAILWIND UNDENIABLE THAT I THINK WILL CONTINUE GIVEN THE INTEREST RATES FOR THE UNITED STATES AND JAPAN. I THINK IF YOU LOOK AT GENERAL EARNINGS AND FUN A MENTAL METRICS YOU WOULD LOOK AT FOR JAPANESE CORPORATIONS, IT’S A HEALTHY ENVIRONMENT SO YOU CAN JUST BUY A CHEAP ETF. IF YOU REALLY WANT BANG FOR YOUR BUCK YOU ARE UNDERSTANDING WHERE JAPAN IS AS FAR AS CORPORATE DEVELOPMENT, WHERE’S THE TOKYO STOCK EXCHANGE, WHAT IS THEIR ROLE AND THE DESIRE FOR THE JAPANESE GOVERNMENT, WHERE DO THEY SEE IMPROVEMENT IN INVESTMENT? THEY WANT MORE UNICORNS GOOD THEY WANT A BETTER VENTURE CAPITAL ECOSYSTEM. THEY ARE IN A GREAT POSITION TO LEVERAGE IT, THE EXISTING 20% OF JAPANESE GDP, BASED ON MANUFACTURING. HOW DO YOU GET THE MOST OUT OF THAT? HOW DO YOU BECOME — WHAT IS THE LEVERAGE POINT FOR THE LIGHT MANUFACTURING THAT THE UNITED STATES GAVE UP ON 30 YEARS AGO THAT CHINA TOOK OVER? AND THE GEOPOLITICAL REALITY IS JAPAN IS FRONT AND CENTER. ONE OF THE REASONS IT IS FRONT AND CENTER WITH SO MANY INVESTORS IS THE GEOPOLITICAL SITUATION, NOT JUST THE METRICS ON THE ECONOMY. IT’S THE GEOPOLITICAL RISK AND THE NEED FOR JAPAN, AND I SAY NEED SPECIFICALLY, TO BECOME THE VITAL INDUSTRIAL ENGINE OF MANUFACTURING FOR THE UNITED STATES AND MANY ALLIED COUNTRIES LIKE NATO. LET’S TALK ABOUT ECONOMIC SECURITY, WHICH INCLUDES AUSTRALIA TO THE PHILIPPINES ALL THE WAY UP TO SOUTH KOREA. JAPAN CONCEIVABLY SHOULD BE THE ENGINE OF GROWTH FOR MANY SECTORS IN THE MANUFACTURING SPACE WHERE THEY HAVE CAPABILITY THAT DOESN’T EXIST IN THE UNITED STATES FOR LEVERAGE. PAUL: JAPAN ALSO ONE OF MANY COUNTRIES CURRENTLY BUILDING CHIP MANUFACTURING CAPABILITIES ALSO. DO YOU SEE ANYTHING IN THE TECH AND AI SPACE THAT STANDS OUT IN PARTICULAR WHERE YOU COULD SEE OUTSIZED GAINS? ED: ABSOLUTELY. SHIPS, THE ROBOTICS SPACE, CERTAIN PARTS OF THE ENERGY SPACE. JAPAN IS VERY FOCUSED AND PEOPLE SHOULD BE PAYING A LOT OF ATTENTION TO THE PRIME MINISTER. WHAT SHE SAYS AND WHAT SHE’S FOCUSED ON, I THINK THERE’S A MUCH MORE UNIFIED GOVERNMENT STANCE IN A JAPAN ABOUT THE NEED TO UNDERSTAND THE GOALS AND WHAT IS THE ROLE OF THE MINISTER OF FINANCE, WHAT IS THE ROLE OF PRIVATE BUSINESSES, PUBLIC BUSINESSES, PRIVATE SPACE VENTURE CAPITAL? I THINK THERE’S A REALLY HEALTHY ECOSYSTEM DEVELOPING FOR ALLOCATION OF RISK CAPITAL AND IF YOU BELIEVE THAT, THAT’S WHY IF YOU WANT ALPHA AND OUTSIZED RETURNS, YOU’RE NOT THINKING ABOUT BUYING A JAPANESE ETF, YOU ARE THINKING WHAT ARE THE JAPANESE COMPANIES THAT WILL POTENTIALLY BE LINED UP TO IPO AND BE A UNICORN? IPO OVER THE NEXT THREE TO FIVE YEARS. THAT’S THE MOST INTERESTING SPACE IN JAPAN FOR US RIGHT NOW. PAUL: YOU’VE LAID OUT A VERY BULLISH CASE FOR JAPAN. ARE THERE ANY SECTORS OF THE ECONOMY YOU FEEL MAY LAG? WE’VE SEEN INFLATION FOR MANY PARTS OF THE WORLD, SO 3% WOULD NOT BE CONSIDERED OUTRAGEOUS, FOR JAPAN, IT IS AT LEVELS MANY CONSUMERS ARE SIMPLY NOT USED TO. WHAT YOUR ATTITUDE TOWARD CONSUMER STOCKS AND OTHER SECTORS OF THE ECONOMY MIGHT BE FEELING THE PAIN FROM UNFAMILIAR INFLATION? ED: 30 YEARS OF DEFLATION, TO BE HONEST, HAS LEFT — WHAT IS NORMAL? IF YOU’RE TRYING TO COMPARE APPLES TO APPLES, INFLATION, JAPAN VERSUS OTHER G7 OR G20, IT IS A CHALLENGING COMPARISON. THE JAPANESE CONSUMER IS USED TO THE PRICE OF EGGS BEING THE SAME FOR 30 YEARS AND IT GOES UP FIVE TIMES. THAT’S A CAUSE FOR CONCERN POTENTIALLY. I THINK AS FAR AS POLITICAL RAMIFICATIONS AS WE SEE PLAYING OUT IN UNITED STATES, THE AFFORDABILITY DISCUSSION. OUR VIEW IS JAPAN IS FAR MORE POLITICALLY STABLE. THE GOAL OF ACHIEVING THE INFLATION AND THE REASON WHY THE JAPANESE, BANK OF JAPAN, HAS BEEN VERY SLOW AND STEADY IS IT SUITS EVERYBODY TO SEE THE ONGOING INFLATION IN JAPAN. IT IS MEETING A GOAL THAT IS 30 YEARS OLD TO CREATE SUSTAINABLE INFLATION. IF IT GOES A LITTLE LONGER, THAT’S OK, NOBODY WILL PANIC. PAUL: BEFORE WE LEAVE YOU, IF YOU WERE SITTING IN THE PRESS CONFERENCE WITH THE GOVERNOR, WHAT WOULD YOU ASK HIM? ED: I WOULD SAY, WHAT MIGHT CHANGE YOUR VIEW ON SLOW AND STEADY OUTLOOK FOR SOMETHING THAT REQUIRES YOU TO BE MUCH MORE PROACTIVE? CAN YOU GIVE US GUIDANCE ON AREAS OF CONCERN. A NUMBER THAT INFLATION WOULD HIT THAT MIGHT TRIGGER MORE THAN AN INCREMENTALIST RESPONSE BECAUSE THAT’S POSSIBLE. OUR VIEW IS THERE COULD BE POSSIBLE SURPRISES TO THE UPSIDE GOING FORWARD. PAUL: ED ROGERS, GREAT TO TALK TO YOU, CEO AND CIO OF ROGERS INVESTMENT ADVISORS. LET’S GET YOU BACK TO MUMBAI, THE OFFICIAL START OF TRADING IN A FEW MINUTES, SHARES A SET TO JUMP 20% ACCORDING TO PREMARKET FIGURES. MORE ON AIR INDIA FOCUS LATER IN THE HOUR. PRICED AT 2165 RUPEES AT THE HIGH-END. I HAVE ONE AIM — WHAT WILL THE UNITED STATES OF AMERICA DO? IF RUSSIA COMES WITH AGGRESSION AGAIN. WHAT SECURITY GUARANTEES WILL THERE BE? WITH WHAT POWER WILL THEY STOP MOSCOW? PAUL: THE UKRAINIAN PRESIDENT SPEAKING IN BRUSSELS IS A EUROPEAN LEADERS SEEK A DEAL ON THE USE OF FROZEN ASSETS TO FUND A LOAD FOR KYIV. WE’VE BEEN TOLD ALLIES HAVE PUT TOGETHER A PLAN FOR SECURITY AROUND ANY PEACE DEAL WITH RUSSIA. SOURCES SAY AN 800,000 MEMBER UKRAINIAN ARMY WOULD BE THE FIRST LINE OF DETERRENCE AND THE U.S. WOULD PROVIDE INTELLIGENCE AND THE EUROPEAN COALITION WITH STATION TROOPS BEHIND THE FRONT LINES. UKRAINE’S PRESIDENT SAYS WASHINGTON WILL MAKE THE PLAN LEGALLY BINDING WITH A VOTE IN CONGRESS. EU LEADERS MEETING IN BRUSSELS HAVE AGREED TO A $106 BILLION LOAN TO UKRAINE, THE FUNDING WILL BE DELIVERED USING JOINT DEBT RATHER THAN FROZEN RUSSIAN ASSETS. LET’S GET TO OUR EDITOR. TELL US ABOUT THE DETAILS, THE STRUCTURE OF THE LOAN AND WHY NOT RUSSIAN ASSETS? JILL: I THINK AT THIS POINT, THE IMPORTANT THING TO REMEMBER IS THIS IS ALL IN THE CONTEXT OF ONGOING NEGOTIATIONS THAT WE ARE LOOKING AT IN TERMS OF WHETHER OR NOT THERE CAN BE AN END TO THE WAR IN UKRAINE. AT THIS POINT, YOU ARE STILL LOOKING AT THIS REALLY COMPLICATED NEGOTIATION STRUCTURE. THIS COMES JUST A FEW DAYS AFTER WE HEARD OF NEGOTIATIONS INVOLVING THE U.S. TRYING TO REACH A PEACE DEAL, MAYBE BEFORE THE END OF THE YEAR POTENTIALLY IN JANUARY. AS YOU ARE SEEING FROM SOME OF THE LEADERS IN THE EU, THEY ARE TRYING TO CREATE A STRUCTURE WHERE THEY CAN GET TO THE POINT WHERE THEY ARE BRINGING PUT IN BACK TO THE NEGOTIATION TABLE, THERE ARE UNANSWERED QUESTIONS ABOUT THE POTENTIAL DEALS, WHAT THEY LOOK LIKE, AND IF THEY CAN ULTIMATELY REACH SOMETHING THAT SEES A BROADER PEACE STRUCTURE. PAUL: HOW WILL THIS LOAN STRENGTHEN UKRAINE’S HAND? JILL: WHEN YOU’RE TALKING ABOUT THE POTENTIAL FOR ASSETS, YOU’RE LOOKING AT A PLACE THAT CREATES AT LEAST A FAVORABLE ENVIRONMENT AND YOU CAN HAVE THOSE DISCUSSIONS. ULTIMATELY WHAT REMAINS AT ISSUE, WHEN IT COMES TO ONGOING BROADER NEGOTIATIONS, YOU’RE TALKING ABOUT THE WAR, THERE ARE TERRITORIAL CONCERNS. KYIV IS LOOKING TO NOT GIVE UP TERRITORY. IT’S BEEN A STICKING POINT. PUT IN IN RUSSIA, OVER THE LAST MANY MONTHS, IS HELD UP HIS NEGOTIATIONS, WHETHER THIS IS SOMETHING THAT BREAKS THE PROGRESS I THINK WE HAVE TO SEE BUT YOU ARE SEEING EARLY POSITIVE COMMENTS FROM EUROPEAN LEADERS. PAUL: THIS IS A LOAN, THE IMPLICATION IS IT HAS TO BE PAID BACK. WHAT ARE THE CONDITIONS FOR UKRAINE REPAYING THE MONEY? JILL: AT THIS POINT, WE ARE STILL SIFTING THROUGH DETAILS AND LOOKING AT HOW IT FITS INTO THE BIGGER PICTURE ISSUES. PAUL: ALL RIGHT, OUR MANAGING EDITOR. HERE ARE OTHER TOP STORIES WE ARE FOLLOWING. THE CHINESE FOREIGN MINISTER HAS EXPRESSED SUPPORT FOR VENEZUELA AFTER PRESIDENT TRUMP’S BLOCKADE. I’M TOLD BEIJING OPPOSES UNILATERAL BULLYING. THIS AFTER COMES LATEST ESCALATION. U.S. POLICE SAY A MAN SUSPECTED OF LAST WEEKEND’S SHOOTING AT BROWN UNIVERSITY HAS BEEN FOUND DEAD AT A STORAGE FACILITY IN NEW HAMPSHIRE AFTER TAKING HIS OWN LIFE. AUTHORITIES IDENTIFIED THE 48-YEAR-OLD FORMER BROWN STUDENT AS A PERSON OF INTEREST IN BOTH THE UNIVERSITY KILLINGS AND THE MURDER OF AN M.I.T. PROFESSOR IN BOSTON. THE ATTACK AT THE IVY LEAGUE SCHOOL KILLED TWO PEOPLE AND WOUNDED NINE. LET’S LOOK AT HOW BENCHMARKS ACROSS THE ASIA PACIFIC TRACKING AT THE MOMENT. THE BIG NEWS OF THE HOUR, JAPAN CUTTING — NOT CUTTING, INCREASING RATES IN JAPAN BY 25 BASIS POINTS UP TO THREE QUARTERS OF 1%. WE HAVE RATES IN JAPAN AT THE HIGHEST LEVEL WE’VE SEEN IN 30 YEARS. THE NIKKEI GIVING UP SOME GAINS WE SAW IN THE WAKE OF THAT DECISION. HIGHER BY ABOUT 1%, INITIALLY IT WAS ABOUT 1.5%. BANK OF JAPAN SAYS THIS IS IN LINE WITH THE TARGET IN THE SECOND HALF, 10 YEAR YIELD HEADING TOWARD 2% FOR THE FIRST TIME SINCE 2006. BROAD-BASED GAINS ACROSS THE ASIA-PACIFIC TODAY. WE ALSO GOT NUMBER’S OUT OF THE U.S. EVEN THOUGH THERE WAS SOME ITEM MEANT — SOME DATA MISSING BECAUSE OF THE SHUTDOWN. THIS IS BLOOMBERG. ♪ LET’S DO THIS TOGETHER. 10, 9, 8, SEVEN, 6, 5, 4, 3, 2, 1! [FANFARE PLAYS] PAUL: RINGING THE BELL MAKES IT OFFICIAL, A DEBUT IN MUMBAI AFTER PLENTY OF POMP AND CEREMONY IN THE BUILDUP. ALREADY AS ANTICIPATED, A BIT OF A POP IN SHARES MOVING HIGHER TO THE TUNE OF 22%. THE COMPANY DID RAISE $1.2 BILLION IN ITS SHARE OFFERING AHEAD INTENTIONALLY OF THE LAST OFFERING OF THE YEAR. THE OFFERING IS WELL OVERSUBSCRIBED, A LOT OF OPTIMISM, WHAT WAS DRIVING THAT? THE IPO WITH STRONG PARTICIPATION FROM INSTITUTIONAL INVESTORS. THESE ARE BIG NAMES, BLACKROCK, INDIA LIFE INSURANCE CORPORATION AMONG THE INVESTORS. THIS IPO WILL TAKE INDIA’S IPO FOR THE YEAR. THERE IS HOPE THAT FOR THE NEXT YEAR WE HAVE AN EQUALLY STRONG LINE. WHAT’S INTERESTING IS IT’S SEEN AS A PLAY ON INDIA’S MUTUAL FUND INDICES. IT USED TO BENEFIT FROM CONSISTENT HOUSEHOLD INFLUENCE INTO STOCKS. INDIA HAS BEEN ASSUMING ANOTHER 3 BILLION PER MONTH FROM MUTUAL FUND INVESTMENT PLANS AND THAT MAKES IT ATTRACTIVE TO INVESTORS. PAUL: YOU MENTIONED THE PIPELINE FOR 2026. CAN YOU TELL US WHAT THE SUCCESSFUL LISTING TODAY MEANS FOR THE ENTHUSIASM IN THE IPO ENVIRONMENT IN INDIA MORE BROADLY? MORE THAN 60 IPOS HAVE BEEN APPROVED BY THE INDIAN REGULATOR. IT COULD BE A SIMILAR MONEY MANAGER, A TOP LENDER. THERE IS ALSO THE MUTUAL FUND UNIT AND APART FROM THAT WE EXPECT THE STOCK EXCHANGE COULD EXPLORE LAST YEAR. THE IPO IS PRETTY STRONG. PAUL: OUR ASIA EQUITIES REPORTER IN MUMBAI. LET’S LOOK AT HOW INDIAN MARKETS ARE PERFORMING. THE MOOD OVERALL IS ONE OF OPTIMISM, THE SENSEX PUSHING HIGHER BY ABOUT TWO THIRDS OF 1%. ALL OF THE MAJOR INDEXES ARE HIGHER. MODEST RISK ON SENTIMENT. RUBY BLACK — BACK BELOW 90. IT HAS STRENGTHENED AFTER THE INTERVENTION FROM THE RBI THIS WEEK. IT SEEMS TO HAVE WORKED IN THE SHORT-TERM BUT RISKS REMAIN TO THE CURRENCY. THE IPO, THE INDIAN RUPEE JUST ABOVE 90. LET’S TALK ABOUT THE STATE BACK, THE COMEBACK, AFTER WEEKS OF SOFTNESS IN THE LAST FEW SESSIONS, IT’S GAINED ABOUT 1% AGAINST THE DOLLAR. THE RBI IS BELIEVED TO HAVE STEPPED IN AGGRESSIVELY, BUYING BONDS WITH 500 BILLION RUPEES TO CALM THE MARKETS. THIS SEEMS TO SEND A SIGNAL TO INVESTORS BETTING ON WEAKNESS. BUT FOREIGN OUTFLOWS AND TRADE UNCERTAINTY KEEP THE CURRENCY VULNERABLE. FOR MORE, LET’S GET TO OUR SENIOR EDITOR. IN THE WAKE OF THE INTERVENTION FROM THE RBI, CAN WE SAY THE BATTLE IS WON YET OR IS THERE POTENTIALLY FURTHER WEAKNESS IN STORE? FAR FROM ONE. THE INTERVENTION EARLIER THIS WEEK HAS HELPED THE RUPEE RECOVER FROM 1991 LEVELS, TO WHAT YOU POINTED OUT, THE RELIEF WILL BE SHORT-LIVED. THE FUNDAMENTAL PROBLEM OR REASON FOR THE RUPEE WEAKNESS IS CAPITAL OUTFLOWS AND THE ABSENCE OF AN INDIA AND U.S. TRADE DEAL HAS ADDED FURTHER PRESSURE EVEN IF YOU CALL IT SENTIMENTAL PRESSURE. IT NOW CALLS FOR FURTHER WEAKENING IN THE RUPEE, A RANGE FROM BETWEEN 93 TO 95 LEVELS FOR THE FIRST PART OF 2026 AND THE KEY QUESTION, WHAT IMPACT WILL THIS HAVE ON THE COUNTRY’S GROWTH AND ECONOMY? TO ANSWER THAT I’M JOINED BY A CIO AND SENIOR MANAGING PARTNER. ALSO JOINING US, HEAD OF RESEARCH AT STANDARD CHARTERED BANK. WHAT DO YOU MAKE OF THE RUPEE’S UNDERPERFORMANCE THIS YEAR, AGENTS WORST-PERFORMING CURRENCY, DESPITE THE RELIEF THIS WEEK? THINK WHAT YOU HIGHLIGHTED AT THE BEGINNING LAYS OUT WHAT DRIVES THE RUPEE WEAKNESS NICELY. THE CORE OF THE PROBLEM, I WILL BREAK IT DOWN, DRIVING RUPEE WEAKNESS AND PROBABLY THESE THREE FACTORS WILL REMAIN, THE RUPEE WILL BE UNDER PRESSURE. THE FORECAST IS 93 BY THE END OF DECEMBER. THERE ARE THREE FACTORS. ONE IS WEAKNESS AND CAPITAL FLOWS BIT IF YOU LOOK AT LAST YEAR, INDIA’S CAPITAL INFLOWS WERE THE WEAKEST SINCE THE GLOBAL FINANCIAL CRISIS. IT IMPROVED A LITTLE BIT THIS YEAR BUT IT’S ONE OF THE WEAKEST. NEXT YEAR WE DON’T THINK IT WILL IMPROVE. IT’S PRIMARILY LED BY SOFT INFLOWS UNTIL YOU GET THOSE TURNING AROUND IN A SUSTAINABLE WAY, I THINK THE WEAKNESS IN THE RUPEE WILL REFLECT THE WEAKER EXTERNAL INFLOWS AND THAT THEME WILL REMAIN DOMINANT. SECOND, INCREASED TOLERANCE OF THE RBI LEVEL FOR A WEEK RUPEE BECAUSE THEY ARE TRYING TO HAVE A CAPITAL INFLOWS STORY. EVEN IF YOU ADJUSTED. AS YOU COLLECT RESULTS, BUILDING RESULTS HIGHER IS VERY LOW, IT’S IMPORTANT THAT THE RUPEE CAN BE A SHOCK ABSORBER. EVEN IF IT GETS INFLOWS NEXT YEAR, A PULLBACK LOOKS UNLIKELY. RBA WILL USE EVERY OPPORTUNITY TO REBUILD THE ETHICS RESERVE. WHAT WE’VE SEEN THE LAST MONTHS WILL REMAIN DOMINANT INTO 2026. WHAT LEVEL DO YOU EXPECT THE RBI INTERVENTION TO BE THE MOST ACCURATE. YOU EXPECT THE RUPEE TO ACHIEVE THAT IN THE FIRST 3, 4, MONTHS OF THE YEAR? IN THE FIRST QUARTER, WE ARE EXPECTING A BALANCE OF PAYMENT SURPLUS. IT COULD POSSIBLY TURN INTO POSITIVE TERRAIN. CAPITAL INFLOWS MIGHT SEE RISK BITE — RISK BITE. INTERVENTION MIGHT NOT BE NEEDED AS STRONGLY. THE STRATEGY WILL BE SMOOTHING THE RUPEE RATHER THAN DEFENDING A PARTICULAR LEVEL. I THINK THE BROADER MESSAGE IS WE NEED TO TAKE THAT AS THE BROADER GUIDING LIGHT INTO 2026. OK, THANK YOU. OVER $80 BILLION LEAVING THE COUNTRY THIS YEAR, WHAT WILL CHANGE THAT NEXT YEAR? A COUPLE OF THINGS. BETWEEN FBI AND FBI, SOME OF IT IS FUNGIBLE, THE BIGGER REASON WE’VE SEEN WEAKER FLOWS THIS YEAR HAS BEEN THE BUOYANT AND DEEP INDIAN CAPITAL MARKETS WE SAW A LISTING BEFORE THE PROGRAM STARTED, IT’S GIVEN THE OPPORTUNITY TO ARRANGE OF LARGER STRATEGIC INVESTORS INCLUDING THE LARGEST BEING GLOBAL PRIVATE EQUITY. MONEY OFF THE TABLE AND TURN MONEY TO LLP’S. THAT’S BEEN OVERWRITING ESPECIALLY IN PRIVATE EQUITY GLOBALLY. DEMANDING DISTRIBUTIONS. OUTSIDE THE U.S., INDIA IS ONE OF VERY FEW MARKETS THAT OFFER DEPTH AND LIQUIDITY TO ALLOW LARGE-SCALE EXITS FOR INVESTORS. THAT’S BEEN TAKEN VERY AGGRESSIVELY THE LAST FEW YEARS. THAT’S BEEN THE BIG REASON. WILL THAT REVERSE NEXT YEAR? I THINK TO A CERTAIN EXTENT WHAT WILL REVERSE IS THE GROSS INFLOWS ARE LIKELY TO BE HIGHER, DRIVEN BY A COUPLE THINGS. VALUATIONS ARE SOMEWHAT BETTER THAN 12 MONTHS AGO. LIKE ALL CYCLES, WE WENT THROUGH A DOWN CYCLE INTO 2025. WE ARE LOOKING LIKE, GIVEN THE HIGH-FREQUENCY INDICATORS, TO REVERSE THE CYCLE. THERE’S LIKELY TO BE EARNINGS UPGRADES FROM THE NEXT QUARTER ALL THE WAY. THAT WILL ATTRACT MORE MONEY. LAST BUT NOT LEAST IS A GLOBAL COORDINATED USING OF CENTRAL BANKS, WHICH WE — THAT SEEMS TO BE COMING DOWN. ITS DATA DEPENDENT BUT THERE’S VERY LITTLE TO SHOW THERE IS MERIT IN KEEPING RATES HIGH LOOK AT INDIA, REAL INTEREST RATES AMONG THE HIGHEST IN THE WORLD. NOMINAL GDP GROWTH TODAY, THE SPREAD BETWEEN NOMINAL GROWTH IS ONE OF THE LOWEST IN HISTORY. THAT EFFECTIVELY MEANS IT’S LESS ATTRACTIVE FOR TRUTH TEACHER INVESTORS — STRATEGIC INVESTORS TO INVEST IN PRODUCTIVE ASSETS. THE SPREADS ARE NOT THERE. THERE’S NOT A MASSIVE AMOUNT OF INCENTIVE FOR PRODUCERS OR MANUFACTURERS TO SET UP NEW CAPACITY. THAT’S GOING TO DRIVE POLICYMAKING THIS YEAR AND THAT’S WHERE THE RUPEE WEAKENING IS A GOOD OUTCOME TODAY. IT ACTS AS A SHOCK ABSORBER. IT LEAVES MONETARY AND FISCAL POLICY ALONE TO FOCUS ON WHAT IS TRULY IMPORTANT, WHICH IS GROWTH AND JOBS, THAT’S WHAT WE EXPECT THE CENTRAL BANK TO DO FOR 2026, FOCUS ON REVIVING GROWTH AND BY THAT I MEAN NOMINAL GROWTH. WE HAVE HEALTHY REAL GROWTH ON THE MACRO SIDE. DRIVING GROWTH ACROSS THE BOARD SHOULD BRING BACK THE HEADLINE GROSS INFLOWS. TALKING ABOUT THE ADVANTAGES OF A WEAKENING RUPEE WHAT IS THE OVERALL MACROECONOMIC IMPACT OF A WEAKENING CURRENCY FROM THE IMPORTERS POINT OF VIEW, ALTHOUGH WE ARE LUCKY IT’S UNMANAGEABLE, BUT ALSO EXPORT COMPETITIVENESS? I WILL ANSWER YOUR FIRST — SECOND QUESTION FIRST. I THINK WE ALSO HAVE TO REMAIN COGNIZANT OF THE FACT THAT INDIAN EXPORTERS ARE PRICE MAKERS — TAKERS RATHER THAN MAKERS. WE ALSO HAVE THE UNCERTAINTY AROUND THE U.S.-INDIA TRADE DEAL. IT HELPS BUT IT’S INCREMENTAL SUPPORT FOR EXPORTERS RATHER THAN MASSIVE SUPPORT. HOW DOES IT IMPACT IMPORT? I THINK IT WAS RIGHTLY SAID, IT’S NOT A POSITIVE BUT AT THE SAME TIME, GIVEN COMMODITY PRICES ACROSS THE WORLD REMAIN EXTREMELY LOW, THE SENSE IS THE IMPACT IS LIKELY TO BE LIMITED. YOU SPOKE ABOUT CRUDE OIL PRICES AND IT’S INTERESTING TO SEE THAT EVEN THOUGH THEY’VE CORRECTED, IF YOU COMPARE IT TO THE START OF THE FINANCIAL YEAR, IT’S REMAINED PRETTY STRONG. IT’S MARGINALLY HIGHER THAN LAST YEAR AT THE SAME TIME AND THAT’S BECAUSE WE ARE REPORTING A LOT MORE. THERE ARE FACTORS, WE ARE GROWING AT A FASTER PRICE — FASTER PACE. COMMODITIES LIKE GOLD ARE GOING THROUGH HIGH PRICES. I THINK THE REST OF THE COMMODITY SPACE, LOW PRICES SHOULD COUNTER LARGE IMPACTS FROM A WEAKER RUPEE. HOW DOES THIS SET US UP FOR THE GOVERNMENT’S KEY AGENDA POINTS IN 2026 OR FY 27, SO ASSUMING NO DEAL IS FINE. ASSUMING NO DEAL IS ASSIGNED, WHAT ARE THE KEY PRIORITIES NEXT YEAR? WE ARE A MONTH AWAY FROM THE UNION BUDGET. IT SEEMS THE AGGRESSION IS USED BY ECONOMISTS. IT DOESN’T LOOK LIKE EITHER GOVERNMENT IS IN A HURRY, WHETHER THE U.S. OR INDIA. WE’VE SEEN BULLISH STATEMENTS BUT NONE OF THOSE LOOK LIKE EITHER SIDE IS BENDING OVER BACKWARDS TO GET A DEAL DONE. TAKE IT AS POSITIVE NEWS WHEN IT COMES RATHER THAN TRYING TO PRICE IN THAT IT COULD COME IN A SHORT TIME. THE DECISION ON THE RUPEE IS A GOOD PORTEND. I’LL BE AT IMPERFECT, IT’S STILL A DEFENSE AGAINST LOSING IN THE IMPORT MARKET. WE ARE 2X ANY OTHER COUNTRY ON THE EXPORT SIDE. THE GOVERNMENT CAN FOCUS SHARPLY ON ENSURING DOMESTIC LEVERS OF GROWTH, WHICH ARE PRIMARILY THE ENGINES OF GROWTH BECAUSE EXPORTS ARE TOUGH, THEY COME INTO PLAY. WHEN YOU SAY DOMESTIC LEVERS OF GROWTH? CONSUMPTION. WE’VE DONE TAX CUTS THIS YEAR. WE DONE TAX CUTS AND MORE SHOULD BE DONE. IN A COUNTRY CONSOLIDATING, WE’VE DONE TAX CUTS, MINTED SPENDING POWER, WHAT CAN THEY DO? FIRST OF ALL, I THINK WHILE THEY’VE DONE A GREAT JOB, IDEALLY IT WOULD BE GREAT IF THE GOVERNMENT LET IT LOOSE A LITTLE BIT IN 2026. WE’VE SEEN THE IMPACT OF A TIGHTENING FISCAL FOR THREE OR FOUR YEARS. AT THIS CURRENT MOMENT IT DOESN’T SEEM TO BE THE MOST OBVIOUS POLICY CHOICE TO BOOST GROWTH. LET IT WEAKEN AND LET THAT BE THE SHOCK ABSORBER. THAT’S ASK THE ECONOMIST. WHAT DO YOU MAKE OF A SHIFT AND FISCAL CONSOLIDATION THAT THE GOVERNMENT HAS OFFERED NO EVIDENCE SO FAR? AND QUICKLY, YOUR KEY IS TO WATCH FOR IN 20 26. I THINK I HAVE A DISAGREEMENT . I COMPLETELY AGREE FISCAL POLICY HAS BEEN CONSOLIDATING SINCE COVID, BUT COVID WAS A CRISIS AND WE CANNOT HAVE — WE ARE RUNNING A FISCAL DEFICIT COMBINED AND THAT HIGH BY ANY STANDARDS. THE GOVERNMENT AS WELL AS THE RBI HAVE PUSHED A LOT OF COUNTERCYCLICAL MEASURES IN A SHORT SPAN OF TIME. I THINK THE TIME IS NOW TO FOCUS ON STRUCTURAL ISSUES. IF INDIA WANTS TO AVOID RUNNING IN CIRCLES AGAIN AND AGAIN, IT’S IMPORTANT STRUCTURAL ISSUES, WHETHER ABOUT EASE OF DOING BUSINESS, TAX CONSISTENCY, THOSE ARE AT RISK. IF YOU LOOK AT THE GROWTH INFLATION DYNAMICS, THEY MAKE INDIA LOOK LIKE IT’S A SWEET SPOT, BUT IT HASN’T REALLY ATTRACTED IN THE SINGLE MARKETS. THERE’S FAR MORE STRUCTURE THAN JUST FOCUSING ON COUNTERCYCLICAL MEASURES THAT CAN COMPLEMENT BUT CANNOT BE A REMEDY FOR WHAT AND YET HAS BEEN GOING THROUGH THE LAST COUPLE OF YEARS. ALL RIGHT. SOME HEAVY LIFTING. THANK YOU FOR JOINING US. WE ARE HEADED TO BREAK BUT STAY TUNED, MORE ON BLOOMBERG PAUL: INDIAN LAWMAKERS HAVE PASSED A BILL TO OPEN THE COUNTRY’S NUCLEAR INDUSTRY TO PRIVATE INVESTMENT, IT COULD BE WORTH MORE THAN $200 BILLION. AS PART OF EFFORTS TO SUPPORT THE ECONOMY AND WEANING ITSELF OFF CARBON. FOR MORE, LET’S GET BACK TO STEPHEN, WHO NEEDS OUR ASIA ENERGY COVERAGE OUT OF SINGAPORE. TELL US A LITTLE MORE ABOUT THE DETAILS OF THESE LAW CHANGES AND HOW THEY WILL ALTER THE CURRENT STATE OF NUCLEAR POWER GENERATION IN INDIA. STEPHEN: THERE ARE TWO MAJOR PIECES OF THIS, ONE IS IT GETS RID OF THE DECADES-OLD NUCLEAR MONOPOLY WITHIN INDIA AND ALLOWS OTHER THESE TWO BUILD REACTORS AND BRING MONEY IN AND TAKE ON PROJECTS. IT ALSO GETS RID OF LIABILITY LAWS OR LESSONS THEM FOR TECHNOLOGY PROVIDERS. IN 2010, INDIA INTRODUCED RULES FOR TECHNOLOGY PROVIDERS LIKE WESTINGHOUSE OR ANY COMPANY FROM EUROPE OR CHINA THAT SELLS THE TECHNOLOGY TO INDIA. THEY WILL BE LIABLE IN THE CASE OF AN ACCIDENT LIKE A NUCLEAR MELTDOWN OR OPERATIONAL ISSUE. IT’S UP TO LITIGATION AND OTHER PENALTIES. THAT HELD UP A LOT OF IMPORTANT DEALS BETWEEN INDIA AND FOREIGN SUPPLIERS. A LOT OF PROJECTS STALLED BECAUSE OF THAT. REDUCING THE LIABILITY RULE AND OPENING THE SECTOR, THE IDEA IS TO PAVE THE WAY FOR PROJECTS TO MOVE FORWARD. A LOT OF QUESTIONS REMAIN. THESE ARE NOT CHEAP PROJECTS, THEY COST BILLIONS OF DOLLARS. IT REQUIRES BANKS TO GET ON BOARD. IT REQUIRES TOWNS AND COMPANIES TO GET INVOLVED. WHILE THIS IS ONE OF THE BARRIERS, A NUMBER OF OTHER THINGS NEED TO CLEAR BEFORE WE SEE PROJECTS RAMP-UP. ONLY ABOUT SEVEN NUCLEAR POWER PLANTS IN INDIA AT THE MOMENT. REALISTICALLY SPEAKING, WHERE ARE WE LIKELY TO SEE THE NUMBERS HEAD AND WILL IT PUT A DENT IN INDIA’S CARBON PUT — FOOTPRINT? STEPHEN: THERE’S WITH THE GOVERNMENT WANTS TO DO, INCREASE CAPACITY 11 FOLD THROUGH 2047, THAT WILL COST OVER $200 MILLION AND THAT’S ONE OF THE LARGEST BUILD OUTS IN NEW LOW-POWER SECOND ONLY TO WHAT THE CHINA IS DOING AT THE MOMENT. WHERE THEY LAND? I DON’T HAVE A CRYSTAL BALL. I DO THINK IT’S CLEAR THAT IF THEY ARE ABLE TO DRASTICALLY INCREASE THE AMOUNT OF NUCLEAR REACTORS THEY HAVE, EVERY REACTOR IS ONE LESS NEEDED FOR COAL. INDIA IS DEPENDENT ON CALL. MOST OF ITS POWER MIX IS GENERATED BY COAL AND IT’S VERY POLLUTING. IT’S THE MOST POLLUTING FOSSIL FUEL. BY RAPIDLY INCREASING OVER THE NEXT TWO DECADES, YOU ARE GOING TO SEE LESS DEPENDENCE ON FOSSIL FUEL. PAUL: WE ARE OUT OF TIME. THANKS FOR JOINING US, STEPHEN. BEFORE WE GO, A LOOK AT OUR GUESTS MONDAY. THE KENNEDY SCHOOL FELLOW WILL POINT US TO WEIGH ON THE OUTLOOK FOR PROPERTY IN CHINA, AND JL ELLA WITH THE LATEST RESEARCH ON INDIA’S RESEARCH — INDIA’S INVEST IN LANDSCAPE.

Insight with Haslinda Amin, a daily news program featuring in-depth, high-profile interviews and analysis to give viewers the complete picture on the stories that matter. The show features prominent leaders spanning the worlds of business, finance, politics and culture.

Chapters:
00:00:00 – Insight with Haslinda Amin Begins
00:01:35 – Allspring Global Investments’ Janet Rilling on BOJ
00:11:55 – BOE Governor Andrew Bailey
00:14:29 – TikTok says deals signed for new US joint venture
00:16:42 – BOJ hikes rate to highest level since 1995
00:17:50 – Former BOJ Assistant Governor Kazuo Momma
00:44:10 – Brown, MIT professor murder suspect found dead
00:50:18 – Big Take: Oil prices keep falling with the world awash in oil
01:07:25 – Rogers Investment Advisors’ Ed Rogers on BOJ decision
01:08:01 – Officials: EU security plan has robust protection
01:09:00 – Officials: EU security plan has robust protections
01:17:26 – India Focus: ICICI Prudential AMC surges in India debut
01:23:46 – Panel: Somnath Mukherjee and Anubhuti Sahay on rupee’s swings
01:33:35 – India overhauls nuclear law to allow private investment
——–
More on Bloomberg Television and Markets

Like this video? Subscribe and turn on notifications so you don’t miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9
Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more.

Connect with Bloomberg Television on:
X: https://twitter.com/BloombergTV
Facebook: https://www.facebook.com/BloombergTelevision
Instagram: https://www.instagram.com/bloombergtv/

Connect with Bloomberg Business on:
X: https://twitter.com/business
Facebook: https://www.facebook.com/bloombergbusiness
Instagram: https://www.instagram.com/bloombergbusiness/
TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en
Reddit: https://www.reddit.com/r/bloomberg/
LinkedIn: https://www.linkedin.com/company/bloomberg-news/

More from Bloomberg:
Bloomberg Radio: https://twitter.com/BloombergRadio

Bloomberg Surveillance: https://twitter.com/bsurveillance
Bloomberg Politics: https://twitter.com/bpolitics
Bloomberg Originals: https://twitter.com/bbgoriginals

Watch more on YouTube:
Bloomberg Technology: https://www.youtube.com/@BloombergTechnology
Bloomberg Originals: https://www.youtube.com/@business
Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake
Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol
Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts