BOJ governor says swings in super-long yields could impact shorter durations
TOKYO, May 28 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Wednesday that large swings in super-long government bond yields could affect yields on shorter-term bonds.
"Our research has shown that changes in short- and medium-term interest rates have larger impacts on economic activities than super-long yields due to a larger weight of debt held by companies and households in those durations," Ueda told parliament.
"But we will bear in mind that large swings in super-long yields could affect long-term bond yields as well as those on short and medium-term bonds. We'll carefully watch market developments and their impact on the economy," he said.
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Belfast Telegraph
43 minutes ago
- Belfast Telegraph
Farage has brought ‘racism and hatred' to Hamilton by-election, says Swinney
The Scottish First Minster hit out at the Reform UK leader, claiming he was a 'real threat' ahead of voting in the Hamilton, Larkhall and Stonehouse by-election on Thursday. Criticism has been levelled at Mr Farage's party after a Facebook ad claimed Scottish Labour leader Anas Sarwar was prioritising Pakistani people over Scots and included a section of a speech in which he encouraged more people from south Asian backgrounds to enter politics. Addressing activists – including a number of MSPs, former MPs and candidates for the 2026 Holyrood election – in Hamilton on Saturday, Mr Swinney contrasted Reform UK with former minister Christina McKelvie, whose death prompted the by-election. 'This is a by-election that none of us wanted to be fighting, because it meant that we'd lost somebody we loved, Christina McKelvie, who was an individual that represented generosity, tolerance and inclusion,' he said. 'That was how she went about her work in this constituency and in Parliament, and that's the antithesis of what's been brought into this by-election campaign by the politics of Nigel Farage, who's brought racism and hatred right into the heart of this community, and it is repugnant. 'We are going to stand up to it in every way we can.' In response to journalists, the First Minister said he was not concerned about defamation claims stemming from his allegations of racism against Mr Farage. When the by-election was called, it was widely seen as a two-horse race between the SNP's Katy Loudon and Labour's Davy Russell, but recent weeks have seen a surge in fortune for Mr Farage's party. Speaking to the PA news agency after his speech, the First Minister said it is 'very clear' that Labour is 'out of this contest' and it is now 'between the SNP and Farage'. 'I want to make sure that Farage's politics don't get any hold in Scotland, they are damaging,' he said. In his speech, the First Minister repeatedly referenced Mr Farage, but when asked if he was increasing the chance of Reform gaining a foothold by paying the party's leader so much attention, Mr Swinney said: 'I've just got to make sure that people in this constituency are aware of the threat that Farage poses in this election. 'If Farage gets in here, then you know the agenda of NHS privatisation is what will follow, the agenda of undermining the Scottish Parliament will follow, because that's what he believes in.' Elsewhere in Hamilton on Saturday, Reform UK's candidate Ross Lambie gathered activists ahead of a canvassing session, including some bussed into the constituency from the north of England. Speaking to journalists, Mr Lambie was asked why the parties believed to be the frontrunners at the beginning of the campaign were spending so much time on Reform. 'They're doing their canvassing and they're getting the same results as we are, that's why,' he said. He added: 'We are super proud that we're not being pigeon-holed with any particular voter and we're not being boxed into certain aspects of the community. 'We're getting votes from across the area. 'If you were to chat to these volunteers, you'll find some of them were SNP voters in the past, many of them were Labour voters, Conservative voters. 'So that's the thing we're most proud of, that we're breaking down those old barriers in Scottish politics.' Mr Sarwar said Labour is still in the race for the seat in Thursday's vote. 'It's between ourselves and the SNP, every single vote is going to count,' he told PA on Saturday. 'That's why, if you want to beat the SNP, if you want a local champion, if you want to start that pathway to a new direction, the best way of doing that is to vote for one of your own – vote for Davy Russell.' The Labour leader also accused the First Minister of 'talking up Reform for a very, very long time', an assertion Mr Swinney rejects, while saying he would 'call out Nigel Farage's poison'.
Times
an hour ago
- Times
Blame Man United for their mess and stupid rules just letting them rot
Towards the end of the film This Is Spinal Tap, the band is forced to play much-diminished venues. Lead guitarist Nigel Tufnel has quit, along with manager Ian Faith, and the tour is being run by ambitious Jeanine, girlfriend of lead singer and rhythm guitarist David St Hubbins and a devotee of yoga and astrology. They arrive at the next location to see the billing 'Puppet show' with, beneath it, 'and Spinal Tap'. 'If I told them once I told them a hundred times,' says Jeanine, 'put Spinal Tap first and puppet show last'. The group look crushed. 'You got the big dressing room, though,' Jeanine says, brightening. 'Oh, we've got a bigger dressing room than the puppets, have we?' replies David. This is the point Manchester United are reaching, after their blasted tour of Asia. It can't be far off now: puppet show, and United. If there was a documentary of this trip, it would play out as a series of comic vignettes, like Spinal Tap. There was an open-top bus parade preceding a defeat by a scratch representative XI, at the end of which they were booed off; Amad Diallo gave the finger to some fans he believed had disrespected his mother; three squad members flew a further 4,000 miles to make a corporate appearance in Mumbai for a tyre company; Alejandro Garnacho was required to sign autographs for supporters and then play, having already been told by his manager to find another club; he was later captured pushing fans away and looking furious. 'Everybody's fuming,' reported The Times yesterday. That fans ended up paying for United's players to tour Kuala Lumpur on e-scooters because they couldn't get them to work, seemed to sum up the whole shambolic exercise. What is it all worth? In the region of £8 million. It doesn't even cover the £10 million hit United have taken on their Adidas contract having again failed to reach the Champions League. That a club run by billionaires — plural — is forced to prostitute itself in this way shows the shameful state it is in. Comical to their detractors, pitiful to those who remember what they were and what they used to represent. Us — it used to represent us, the power, success and prestige of the Premier League. But we'll get to that. The bottom line is this is United's doing. The club has been poorly run and it has caught up with them. Mismanagement, weak executive leadership, flawed recruitment, inconsistency in managerial appointments, United have committed all of football's cardinal sins. They deserve no better than to be where they are. What they do not deserve, however, what no club deserves, is to be afforded no way back. And this is where the involvement of the Premier League is significant. In the modern world of sports business, how do you take a club that is a worldwide brand leader, among the most recognisable names on the planet, and allow it to rot, to become a laughing stock, a byword for failure and incompetence? Not that United should be artificially promoted or propelled, not that there hasn't been ineptitude on an epic scale, but no club should be corralled by regulations that see impoverishment where there is none, trapping them in this puppet-show purgatory. United are in Asia for the same reason they are sacking minions, turfing fans out of seats they have occupied for decades and — heaven forbid — contemplating Al-Hilal's interest in Bruno Fernandes. To try to make the numbers add up. Yet these numbers are artificial. They are an invention. They were fake when United and other elite clubs campaigned for them, and they are fake now. United are not poor. United have been reduced by the rules they — and the rest of the elite — once hoped would stop that top table becoming too crowded. On one hand, it would take a heart of stone not to laugh. On the other, it is incredible the many ways the Premier League finds to undermine its product. Could you imagine Major League Baseball allowing the New York Yankees to be stuck like this? It is not that United shouldn't fail. They failed for many years before the Premier League came along and for many years after Sir Alex Ferguson left, and that's fine, that's healthy. What isn't positive is that clubs can't make mistakes anymore. Let's say Liverpool do break the Premier League record, substantially, for Florian Wirtz. That they are forced higher than Friday's £109.4 million bid. What if that doesn't work out? As long as they have the money why shouldn't they try again? Buying Wirtz isn't a bad thing. Liverpool are trying to improve their team, but also the quality of the Premier League as a result. Yet now clubs are anchored to their mistakes. United have wasted fortunes. From Antony to Ángel Di María each recruit was intended to make them better and, in turn, improve the league. Should any club be punished for that? Is it healthy that selling Fernandes, one of the most watchable players in English football, may be their only way out? Sirens should sound if Fernandes goes. He would be an enormous loss to the club and the competition, and is still in his prime at 30. Richard Masters, the league's chief executive, insists he is very relaxed about the threat of Saudi Arabia. He's asleep at the wheel, if so. Last weekend Match of the Day held its goal-of-the-season competition, whittled down to six finalists. The first entry was scored by Jhon Durán, once of Aston Villa, now with Al-Nassr. Harry Kane's understudy at England, Ivan Toney, is in Saudi Arabia too, with Al-Ahli. If the captain of United departs now it will be like the ravens leaving the tower, certainly for United. Whoever arrives to play in Ruben Amorim's 3-4-3 system, Fernandes's loss would make the whole weaker. Yes, he would be mad to move to a comparative backwater, rather than see what United could achieve with Amorim and better planning. Fernandes deserves a good team around him. He scored 19 goals and got 20 assists across all competitions last season. What would he be like with the chance to feed a top-class goalscorer? Yet this is already the longest United have gone without Champions League football in the Premier League era and, even with the financial headroom from selling Fernandes, the way back would be daunting. It would also be a game changer for English football. Is this what we do now? Pass raft after raft of regulations until clubs bleed out? Like Leicester City. Theirs was a narrative reverberating around the globe, without doubt they improved the Premier League's standing. Now Leicester are pursued into the leagues below such is the desire for vengeance having made mistakes. Think of the most positive stories this year and the clubs involved — Nottingham Forest, Aston Villa, Bournemouth — all have endured skirmishes and more over financial regulation in recent years. Is this making English football more attractive? As it continues to leak talent to foreign leagues, from Kane to Toney to Michael Olise or Dean Huijsen, it does not look it. Back to the puppet show. Ed Woodward, the former executive vice-chairman, made a lot of mistakes at United and recruitment was poor on his watch but, given his commercial background, he also saw where the club sat in the firmament. Woodward viewed United as England's first club — like Bayern Munich in Germany, or Real Madrid in Spain — and, as such, believed it was almost their duty to compete for marquee players. And that might be the height of arrogance, and certainly contributed to the recent decline — too many headline makers, not enough thought — but it is a view that would not have settled for Rasmus Hojlund if there was hope of recruiting Kane. The summer when it was decided nobody at Old Trafford had the wit, ambition or funds to go up against Daniel Levy in those negotiations, is the moment United changed. The club ran scared and has not recovered since. One lousy decision follows another. The reward for reaching the Europa League final is roughly £5 million but United must hand £3.5 million of that to Chelsea because Mason Mount started, and the fee is part of the bonus package attached to his £55 million transfer. The decision to start Mount — sadly ineffectual on the night — also led to the complete collapse of Amorim's relationship with Garnacho. The gifts keep on giving. Woodward's greatest error was thinking United had conquered the world and were so big success no longer mattered. The foreign market is fickle. The further we get from these shores the less we understand the motivations of fans. Woodward frequently boasted of United's global contingent, yet that support turned very quickly in defeat to the Asean All-Stars. United's first visit to Hong Kong since 2013 did not sell out, whereas recent games involving Liverpool, Arsenal and Tottenham Hotspur have, and swiftly. United, without a title in 12 years, are losing the teenage and twentysomething market abroad as they gravitate towards the winners in their youth. Manchester City now have an Asian presence that would be unheard of in Ferguson's time; Chelsea, too. Football evolves and United, of course, have no right to success. It is a fallacy that clubs like Sunderland or Leeds United get back to 'where they belong'. Every club belongs where it is because it has made decisions, good and bad, that have put it there. Yet clubs also deserve the right to risk, to make a mistake, to try, to have another go, to recover as quickly as they can. That is what is wrong with this system. United should have ended their dreadful campaign and gone away to rethink, regroup and return stronger. They should have long been working to assemble a squad capable of playing Amorim's game. And that costs money. But United have money — because they're Manchester United. Although not on this tour, it would seem. Tonight, and for the foreseeable future Matthew, they're going to be Spinal Tap. Newcastle recruitment supremo recruited no one — but Howe will miss him Newcastle United did not miss out on Liam Delap because they were without sporting director Paul Mitchell. Delap to Newcastle was always going to be a hard sell. He's 22 and if he wanted to be a reserve could have stayed at Manchester City. That he first took a chance on Ipswich Town shows his ambition. The low fee was a complication, too. Yes, it made Delap affordable to all, but it also reduced the imperative to make him a first-team starter. An £80 million signing has to play; one for less than half that carries an understudy's price. So Chelsea are perfect for Delap because they need a starter. Christopher Nkunku is going, Marc Guiu is still learning and while Nicolas Jackson has forged a good partnership with Cole Palmer, as the Conference League final demonstrated, he needs too many chances to score. Newcastle could only offer Delap a place shadowing Alexander Isak, which was never going to be enough. It means Mitchell, whose job was described as 90 per cent recruitment by chief executive Darren Eales, and who initially appeared to have an uneasy relationship with manager Eddie Howe, will have left without recruiting a single player. Yet Howe still won't be pleased to see him go. Newcastle now enter a third consecutive summer transfer window without a recognised director of football. Given the complications around Sandro Tonali, the last player signed in a summer window to go straight into the first team was Isak. He joined on August 26, 2022, and made his debut five days later, opening the scoring against Liverpool. Mitchell will have plans in place but his sudden absence does not suggest stability to any player with Delap's options. Newcastle's rivals are moving fast. Chelsea, Liverpool, Manchester City, even Manchester United are in advanced negotiations. Newcastle were left behind last summer when Mitchell bungled a move for Crystal Palace defender Marc Guéhi with a succession of low-ball bids. Newcastle want Guéhi still, as do Tottenham Hotspur who can offer Champions League football, but might this upheaval place them at a disadvantage? It was a great season for Newcastle, winning a first domestic trophy in 70 years, but also a lucky one. Never before has fifth place provided guaranteed entry to the Champions League. So while Howe has done an outstanding job, he most definitely needs assistance maintaining this trajectory. Mitchell leaves having achieved next to nothing. That doesn't mean he won't be missed. 92.89 million reasons why Real wanted Alexander-Arnold now Carlo Ancelotti didn't think much of the Club World Cup. Had he remained as Real Madrid manager he would have put rest and relaxation for the players after a long and difficult season up there with winning it. That the club have paid Liverpool £10 million to secure Trent Alexander-Arnold's availability, and have engaged coach Xabi Alonso already, suggests they now intend taking it very seriously indeed. Alonso will certainly be in it to win it, keen to make the best possible start, and Real Madrid will want to dominate this expanded competition with its boast of being world champions, the way they dominated the early years of the European Cup. Then there is the money — £92.89 million for the winners. That Real believe it is worth gambling 10.76 per cent of that jackpot to win it shows how highly Alexander-Arnold is regarded by his new club. Given the wages he saved Liverpool running down his old contract, the money on recruitment saved by a player coming through the ranks, and this unexpected windfall, the boos directed at Alexander-Arnold now seem as misguided as they were discourteous. Time for Chelsea's gilded youth to deliver more It has been stated here recently there are many ways of assessing experience in football, and age is certainly one. That Chelsea became the first team to win a European final without fielding a player over the age of 26 is certainly impressive. The repeated insistence that this is a young group overachieving, however, is rather enhanced. This is a very expensively assembled squad of immense promise and talent, who have played many games and experienced many successes. Including subs, the players Chelsea fielded against Real Betis have been involved in 2,994 matches, and made 202 senior international appearances. As for medals, where do you wish to start? World Cup, European Championship, Copa America, Champions League (2), Europa League, Copa Sudamericana, Recopa Sudamericana, Fifa Club World Cup (2), Uefa Super Cup (3), Premier League, Portugal Primeira Liga, Argentina Primera División, FA Cup (2), EFL Cup, Copa Del Rey, Coppa Italia, Dutch Cup, German Cup, FA Community Shield, German Super Cup, Dutch Super Cup, Argentina Super Cup. Of course, not every medal came with a starring role. Cole Palmer has a Champions League winner's medal from 2022-23, but didn't kick a ball in the campaign for Manchester City after starting against Sevilla on November 2. Even so, he was in and around it all. He wouldn't have been wide-eyed in Wroclaw and, if he was, he certainly didn't play like it. Enzo Maresca rounded on the club's critics at the end of a successful league campaign but he, more than anyone, had played down their chances all season. He isn't alone among managers in doing that but he cannot get away with it next season. There will be a level of expectation around Chelsea after this campaign. They are youthful, but far from innocent, and will be expected to be in the mix.
The National
2 hours ago
- The National
Nigel Farage has brought 'racism and hatred' to Hamilton by-election
Scotland's First Minister hit out at the Reform UK leader, claiming he was a 'real threat' ahead of voting in the Hamilton, Larkhall and Stonehouse by-election on Thursday. Criticism has been levelled at Farage's party after a Facebook ad claimed Scottish Labour leader Anas Sarwar was prioritising Pakistani people over Scots and included a section of a speech in which he encouraged more people from south Asian backgrounds to enter politics. Addressing activists – including a number of MSPs, former MPs and candidates for the 2026 Holyrood election – in Hamilton on Saturday, Swinney contrasted Reform UK with former minister Christina McKelvie, whose death prompted the by-election. READ MORE: Why the UK media 180 on Gaza is too little, too late 'This is a by-election that none of us wanted to be fighting, because it meant that we'd lost somebody we loved, Christina McKelvie, who was an individual that represented generosity, tolerance and inclusion,' he said. 'That was how she went about her work in this constituency and in Parliament, and that's the antithesis of what's been brought into this by-election campaign by the politics of Nigel Farage, who's brought racism and hatred right into the heart of this community, and it is repugnant. 'We are going to stand up to it in every way we can.' In response to journalists, the First Minister said he was not concerned about defamation claims stemming from his allegations of racism against Farage. (Image: Craig Paton/PA Wire) When the by-election was called, it was widely seen as a two-horse race between the SNP's Katy Loudon and Labour's Davy Russell, but recent weeks have seen a surge in fortune for Farage's party. Speaking to the PA news agency after his speech, the First Minister said it is 'very clear' that Labour is 'out of this contest' and it is now 'between the SNP and Farage'. 'I want to make sure that Farage's politics don't get any hold in Scotland, they are damaging,' he said. In his speech, the First Minister repeatedly referenced Farage, but when asked if he was increasing the chance of Reform gaining a foothold by paying the party's leader so much attention, Swinney said: 'I've just got to make sure that people in this constituency are aware of the threat that Farage poses in this election. 'If Farage gets in here, then you know the agenda of NHS privatisation is what will follow, the agenda of undermining the Scottish Parliament will follow, because that's what he believes in.' Elsewhere in Hamilton on Saturday, Reform UK's candidate Ross Lambie gathered activists ahead of a canvassing session, including some bussed into the constituency from the north of England. (Image: Gordon Terris) Speaking to journalists, Lambie was asked why the parties believed to be the frontrunners at the beginning of the campaign were spending so much time on Reform. 'They're doing their canvassing and they're getting the same results as we are, that's why,' he said. He added: 'We are super proud that we're not being pigeon-holed with any particular voter and we're not being boxed into certain aspects of the community. 'We're getting votes from across the area. 'If you were to chat to these volunteers, you'll find some of them were SNP voters in the past, many of them were Labour voters, Conservative voters. 'So that's the thing we're most proud of, that we're breaking down those old barriers in Scottish politics.' (Image: Gordon Terris) Sarwar said Labour is still in the race for the seat in Thursday's vote. 'It's between ourselves and the SNP, every single vote is going to count,' he told PA on Saturday. The Scottish Labour leader also accused the First Minister of 'talking up Reform for a very, very long time', an assertion Swinney rejects, while saying he would 'call out Nigel Farage's poison'.
