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Mar 26, 2015

'Reflationist' economist Harada appointed to BOJ Policy Board

The government on Thursday appointed former Waseda University economics professor Yutaka Harada to the Bank of Japan Policy Board. Harada succeeds Ryuzo Miyao, a former economics professor at Kobe University whose five-year term on the nine-seat board ended Wednesday. A University of Tokyo graduate, ...

Mar 26, 2015

Shinsei Bank's Kudo tapped to become next president

Shinsei Bank plans to promote Managing Executive Officer Hideyuki Kudo, 51, to president in June. The appointment will be formalized at a meeting of the bank’s board after the general shareholders’ meeting on June 17. Kudo will succeed Shigeki Toma, 66, who is slated ...

Mar 26, 2015

Rakuten to buy Japan unit of U.S. currency trader FXCM

FXCM Inc., a major U.S. provider of online foreign exchange trading services announced Wednesday that it has agreed to sell its Japanese unit, FXCM Japan Securities Co., to Rakuten Securities Inc. for $62 million. The transaction is expected to close on Wednesday. It comes ...

Mar 26, 2015

China denies seeking veto power in new multilateral bank

China has not sought veto power over a new multilateral bank, a top finance ministry official said Wednesday, after a report Beijing enticed major European countries to join by offering to give up control over decisions. Britain, Germany, France and Italy have in the ...

ADB president eyes joint funding in projects with AIIB

Mar 25, 2015

ADB president eyes joint funding in projects with AIIB

Asian Development Bank President Takehiko Nakao said Wednesday that jointly funding projects with a planned Chinese-led Asian development bank is one way to form a “complementary relationship.” “We’ll cooperate if it’s formally launched,” Nakao said at a news conference in Tokyo. “It’s impossible to ...

Mar 25, 2015

Apple to build R&D facility in Yokohama

U.S. computer maker Apple Inc. plans to build a technology development facility at a former Panasonic Corp. plant site in Yokohama, Mayor Fumiko Hayashi said Wednesday. “Apple’s presence could trigger a virtuous cycle where new values and industries will be created,” she said at ...

Mar 25, 2015

China says proposed Asian bank may have branches abroad

China says its proposed Asian bank might have regional offices in other countries in a new move to mollify concern it will be a Chinese political tool. A deputy finance minister, Shi Yaobin, said Wednesday on his ministry’s website the Asian Infrastructure Investment Bank ...

Otsuka Kagu familial feud nears climax

Mar 25, 2015

Otsuka Kagu familial feud nears climax

by Kazuaki Nagata

A battle between the founder of Otsuka Kagu Ltd. and its current president, who also happen to be father and daughter, is expected to turn into a proxy fight at the company’s annual shareholders’ meeting scheduled for Friday, with the result deciding the fate ...

Mar 25, 2015

Trader Sumitomo braces for worst losses since 1997

Sumitomo Corp. said it expects an annual loss of ¥85 billion ($711 million), more than four times the number forecast by analysts, after the trading house posted additional write-downs on its resources investments. The drop in energy and commodity prices means Sumitomo will need ...

| Mar 25, 2015

Dollar lacks direction above ¥119.50

The dollar was lacking direction above ¥119.50 throughout Wednesday in Tokyo after showing some swings in overseas trading Tuesday. At 5 p.m., the dollar was quoted at ¥119.61-62, unchanged from the same time on Tuesday. The euro stood at $1.0952-0952, little changed from $1.0951-0952, ...