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Former Fed chief Bernanke endorses BOJ's inflation goal

Former head of the U.S. Federal Reserve, Ben S. Bernanke, endorsed the Bank of Japan’s extraordinary easing measures to break free of persistent deflation and underlined the importance of coordinating monetary policy with fiscal stimulus. “Despite improvement in the Japanese economy, I think there’s still a strong case for the ...

Moody's cuts China's rating on debt fears

May 24, 2017

Moody's cuts China's rating on debt fears

Moody’s on Wednesday slashed China’s credit rating for the first time in almost three decades citing concerns about the country’s rising debt and slowing growth, but Beijing rejected the downgrade as “inappropriate.” The move comes as China tries to clean up a toxic brew ...

Western Digital offers ¥2 trillion for Toshiba's chip unit

/ May 24, 2017

Western Digital offers ¥2 trillion for Toshiba's chip unit

Western Digital has offered ¥2 trillion ($17.8 billion) to buy Toshiba’s chip unit put up for sale by the embattled Japanese conglomerate, sources said Wednesday. Western Digital Chief Executive Officer Steve Milligan and Toshiba President Satoshi Tsunakawa held talks Wednesday over the potential acquisition. ...

Shoko Chukin Bank raided over shady loans

May 24, 2017

Shoko Chukin Bank raided over shady loans

Government officials Wednesday raided the offices of Shoko Chukin Bank, a state-linked lender for small and medium-sized firms, over improper loans issued under a state-backed program to help crisis-hit companies. The Financial Services Agency, the Ministry of Economy, Trade and Industry and the Finance ...

May 24, 2017

Nationwide department store sales jump 0.7% in April

April sales at department stores nationwide rose 0.7 percent from a year earlier on a same-store basis, up for the first time in 14 months, an industry group has announced. Overall sales at 229 outlets operated by 80 companies totaled ¥452.7 billion. The growth ...

/ May 24, 2017

Toshiba may seek buyers for Westinghouse starting this fall

Toshiba could begin the process to sell a majority stake in Westinghouse Electric this fall as the U.S. company makes its way through a bankruptcy proceeding, according to Mark Marano, Westinghouse’s chief operating officer. Tokyo-based Toshiba has “signaled pretty clearly to the market” that ...