Citi Sees Japan Trade Deal With 120 Target for the Yen
Citigroup Inc. expects the yen to strengthen against the dollar as US authorities seek to address the Japanese currency's weakness as part of the upcoming trade negotiations.
'While the US may have ¥100 to a dollar in mind, we think a compromise around ¥120 is more realistic,' the bank's analysts led by Osamu Takashima said in a note. The yen rose as much as 0.7% versus the dollar to 139.89 on Tuesday.
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My DeWalt 20-volt cordless drill/driver combo set is a beaut—powerful, smooth, comfortable in the hand, and not too expensive; I got it on sale for about a hundred bucks. It's also a tribute to the wonders of the transnational supply chain, its components traversing the earth before they came together and found their way to my door. The drill and driver were made in Mexico, but their batteries were made in China, as were the battery charger and the handy tote bag that came with it. DeWalt, a brand familiar to every woodworker and DIY enthusiast, is a division of Stanley Black & Decker, a global conglomerate headquartered in Connecticut that owns brands including Craftsman, Porter-Cable, Bostitch, and many others. In 2024, it sold $15.4 billion worth of tools. While the company does some domestic manufacturing, its power tools—drills, saws, routers, and the like—are all made abroad. 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I'm sure he's right, but I haven't been able to bring myself to spend the money just yet.
CNBC
an hour ago
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Nintendo Switch 2 hype leads to shortages, special store opening hours
Nintendo's flagship Switch 2, the successor to one of its most popular consoles, went on sale on Thursday with excitement and hype from fans leading to special store opening hours and shortages in some markets. The Japanese gaming giant is hoping the console can help sustain a monster rally in its shares which have risen nearly five-fold since the original Switch was released in March 2017. Nintendo is also hoping the Switch 2 can match the success of the original Switch, which has sold more than 152 million units and is the second-highest-selling device in the company's history, behind the Nintendo DS. And current demand looks strong, according to analysts. "Today is the biggest console launch of all time, so as expected, there is a frenzy of Nintendo fans checking stock availabilities at their local stores or eagerly awaiting deliveries," George Jijiashvili, senior principal analyst at advisory firm Omdia, told CNBC by email. The Switch's popularity is widely credited to its innovative portable design, which merged consoles with mobile gaming. People could play the game on their TV, then attach the controllers to the console's display and take it with them. Nintendo President Shuntaro Furukawa said in April that 2.2 million people in Japan had entered the lottery to purchase the Switch 2 on launch day. Furukawa said it was "beyond" Nintendo's expectations and is more than the company will be able to deliver to stores on Thursday. The shortages in Japan are expected to persist. "Demand in Japan for Switch 2 is sky high actually, perhaps higher than anywhere else," Serkan Toto, CEO of Tokyo-based games consultancy Kantan Games, told CNBC. "You cannot walk into a store anywhere in Japan to pick up a Switch 2 without a pre-order, and this will not change over the next weeks and months." In China, major online retailer said it had received 400,000 reservations for the console which began shipping on Thursday. Not everyone who reserves a console will end up purchasing one. In the U.S., Best Buy opened some stores across the country at midnight on Thursday (or late Wednesday depending on the time zone) for in-store purchases. Walmart said it was opening orders at midnight ET online as well as in-store at Supercenters at 6 a.m. ET. Walmart's website currently shows the console as sold out. In the U.K., there appears to be more availability. Amazon's U.K. page shows the Switch 2 available for delivery on Friday. Other retailers, like Currys and toy store Smyth's, also appear to have it in stock. "Given the pent-up demand, a launch day sell-outs were inevitable. However, we believe Nintendo is well prepared and expect supply to stabilize in the weeks that follow," Omdia's Jijiashvili said. Last month, Nintendo said it expects to sell 15 million units of the Switch 2 console in the fiscal year ending March 2026. However, analysts have said that is conservative. Kantan Games' Toto said he is forecasting sales of 20 million units in the first year. Omdia said it is expecting sales of 14.4 million Switch 2 consoles in 2025 alone, which would be ahead of the original Switch's debut year.
