CNA938 Rewind - Strengthening Singapore's agriculture sector
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CNA
14 minutes ago
- CNA
BOJ debated chance of resuming rate hike, July summary shows
TOKYO :Some Bank of Japan policymakers warned of mounting inflationary pressures and one signaled the chance of resuming interest rate increases by year-end, a summary of opinions at the July meeting showed, keeping alive the possibility of a near-term rate hike. While several board members warned of lingering uncertainty over the fallout from U.S. tariffs, one welcomed Japan's trade deal with the U.S. as "great progress" that heightened the likelihood of achieving the BOJ's forecast, the summary showed on Friday. One member said the BOJ needed "at least two to three more months" to assess the impact of U.S. tariffs, adding the impact on Japan's economy could remain "minimal" if the U.S. economy withstands the hit better than initially thought, it showed. "In that case, it may be possible for the Bank to exit from its current wait-and-see stance, perhaps as early as the end of this year," the member, whose identity was not disclosed, was quoted as saying. A few others in the nine-member board also signaled the possibility of resuming interest rate hikes. The BOJ must continue to raise rates when possible because its policy rate, at 0.5 per cent, is below levels considered neutral to the economy, another opinion showed, adding that the bank should not become overly cautious and "miss the opportunity" to hike. "It's important to raise rates in a timely manner" to avoid being forced to hike rapidly later and inflict huge damage to the economy, a third opinion showed. Some warned of growing inflationary risk with one opinion saying the BOJ is "now at a phase where it needs to place more emphasis on the upside risks to prices", the summary showed. At the July 30-31 meeting, the BOJ kept rates steady at 0.5 per cent but revised up its inflation forecasts and offered a less gloomy outlook on the economy than three months ago. In a quarterly outlook report released after the meeting, the BOJ also spelled out explicitly for the first time the risks of persistent food price rises fanning broad-based inflation - laying the groundwork for resuming interest rate hikes. The hawkish tilt reflected receding pessimism over U.S. tariffs, after Japan struck a trade deal with President Donald Trump last month that lowered levies for imports of goods, including its mainstay automobiles.
CNA
14 minutes ago
- CNA
Japan's Topix index rises above 3,000 for first time
TOKYO :Japan's Topix index rose above the psychological 3,000-point mark on Friday for first time ever. The Topix gained as much as 1.3 per cent to a record 3,028.44. The Nikkei share average rose as much as 1.6 per cent to 41,739.23, the highest since July 25.
Business Times
43 minutes ago
- Business Times
Daiwa House Logistics Trust H1 DPU drops 8.6% to S$0.0224
[SINGAPORE] The manager of Daiwa House Logistics Trust (DHLT) on Friday (Aug 8) posted a distribution per unit (DPU) of S$0.0224 for its first half ended Jun 30, down 8.6 per cent from S$0.0245 in the previous corresponding period. This was attributed to higher interest expenses and lower realised exchange gains. The higher interest expenses were mainly due to new borrowings drawn for acquisitions and a higher interest rate as a result of the refinancing and restructuring of onshore yen borrowings in November 2024, said the manager. Net property income (NPI) for the period stood at S$22.5 million in Singapore-dollar terms, up 6.1 per cent from S$21.2 million previously, in light of the contributions from D Project Tan Duc 2 in Vietnam and newly added freehold logistics property DPL Gunma Fujioka in Japan. Gearing stood at 40.7 per cent as at Jun 30, with a weighted average lease expiry of 6.5 years. The interest coverage ratio including distribution for perpetual securities was 6.6 times, and portfolio occupancy was 93.2 per cent. For the Japan portfolio, NPI in yen terms declined 0.5 per cent this half year to 2.39 billion yen (S$20.8 million) from 2.4 billion yen in the corresponding year-ago period, as contributions from DPL Gunma Fujioka, DPL Ibaraki Yuki and DPL Kawasaki Yako were offset by vacancies and higher property-related expenses. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Gross rental income in yen was 1.1 per cent higher at 2.8 billion yen for the period, from 2.77 billion yen. The manager warned that new supply of logistics space in Japan is expected to decline due to rising costs for construction and land, though the fundamentals of the Japan logistics market are expected to remain strong. Industries such as e-commerce are expected to provide support for demand. As for Vietnam, its other market, DHLT's manager said occupancy rates for industrial and logistics facilities generally improved due to factors such as the growing economy and e-commerce activities. Jun Yamamura, chief executive of the manager, said: 'Apart from the vacated space in DPL Sendai Port, leasing activities have been healthy in H1 FY2025... We will continue to work on the remaining vacant space in DPL Koriyama and DPL Sendai Port.' The manager also stated that US trade policy is likely to bring about near-term uncertainty, even as long-term fundamentals of the logistics sectors in DHLT's operating markets remain healthy. 'We remain vigilant of the near-term market uncertainties as we continue to focus on improving the occupancy of the portfolio,' said Yamamura. Units of DHLT closed 0.9 per cent or S$0.005 higher at S$0.575 on Thursday.
