Latest news with #PolicyBoard
13-05-2025
- Business
BOJ Policymakers Find Need to Pause: Meeting Summary
News from Japan Economy May 13, 2025 13:10 (JST) Tokyo, May 13 (Jiji Press)--Bank of Japan policymakers, at the central bank's latest policy-setting meeting, found it necessary to delay further interest rate cuts for the time being amid concerns about a global economic slowdown, a summary of the April 30-May 1 meeting showed Tuesday. According to the summary, a member of the BOJ's Policy Board said that the central bank "needs to wait and see until developments in the U.S. tariff policy have become somewhat settled." While the BOJ "will enter a phase of pausing its policy interest rate hikes," the central bank "should not be too pessimistic" and "will be required to conduct monetary policy in a nimble and more flexible manner," a Policy Board member said. One member pointed out that "there are high uncertainties regarding the outlook for economic activity and prices, and the likelihood of realizing the outlook is not as high as before." At the policy meeting, the BOJ downgraded its economic growth and inflation forecasts. One member noted that the BOJ's "outlook for economic activity and prices can only be provisional at this point" and that "it could be revised considerably depending on developments." [Copyright The Jiji Press, Ltd.] Jiji Press
Asahi Shimbun
01-05-2025
- Business
- Asahi Shimbun
BOJ halves GDP growth estimate under shadow of Trump's tariffs
Bank of Japan Governor Kazuo Ueda speaks at a news conference on May 1. (Jin Nishioka) The Bank of Japan slashed its growth projection for the country by half and kept interest rates unchanged as the economy faces growing uncertainties from U.S. tariffs. In its Outlook for Economic Activity and Prices for April released on May 1, the BOJ said Japan's real gross domestic product is expected to grow at 0.5 percent in fiscal 2025, which started in April, down from 1.1 percent predicted in the previous report for January. The central bank also cut its GDP growth forecast for fiscal 2026 to 0.7 percent, down from 1.0 percent in the January report. The GDP growth forecast for fiscal 2027, included in the April report for the first time, was 1.0 percent. After a two-day Policy Board meeting on April 30 and May 1, the BOJ decided to maintain the target for the uncollateralized overnight call rate, which commercial banks charge on loans to each other, at about 0.5 percent. 'It remains extremely uncertain how countries will develop their trade policies and how such policies will affect overseas economic and price trends,' BOJ Governor Kazuo Ueda told a news conference on May 1. In March last year, the BOJ ended its 11-year ultra-easy monetary policy and lifted the negative interest rate policy, which marked its first interest rate hike in 17 years. Interest rates were raised in July and again in January, both by about 0.25 percent. But the central bank kept them steady in March, citing rising concerns about the economic policies of U.S. President Donald Trump, who returned to the White House in January. Trump levied what he calls reciprocal tariffs on April 2, causing stock prices to nose-dive and triggering the yen's sharp appreciation against the dollar, before the levies were paused hours later. Still, Ueda said the BOJ will continue to gradually raise policy interest rates if economic activity and prices move in accordance with the bank's outlook. 'We will carefully monitor domestic and overseas economies, price movements and financial market trends and make decisions without preconceived notions,' Ueda said. BOJ policymakers are expected to examine the outcome of government negotiations on U.S. tariffs and the impact on corporate activities before deciding whether to proceed with the next interest hike. In the Outlook for Economic Activity and Prices report, the BOJ also revised down its inflation projections. The central bank said the consumer price index, excluding volatile perishables, is expected to increase 2.2 percent in fiscal 2025, down from 2.4 percent in the January report, and 1.7 percent in fiscal 2026, down from 2.0 percent. The forecast for fiscal 2027 was 1.9 percent. Ueda acknowledged that the revised GDP and CPI growth projections may not be as accurate as the BOJ's conventional estimates, citing the uncertainties brought on by U.S. policies. The April report said the 2-percent price stability target for what the BOJ calls 'underlying CPI inflation,' which does not take rising import prices and other temporary factors into account, is likely to be achieved in the second half of a three-year period through fiscal 2027. The central bank effectively pushed back its goal because the January report said the target is likely to be achieved in the second half of a three-year period through fiscal 2026. While the CPI growth rate has been 2 percent or higher for three years, the BOJ has said underlying CPI inflation has yet to reach that level. The BOJ has been aiming to achieve a virtuous cycle of rising prices and wages. The CPI for Tokyo's 23 central wards, excluding perishables, increased a solid 3.4 percent in April from a year earlier, according to internal affairs ministry figures released on April 25. Service prices, which are closely aligned with wages, rose 2.0 percent, compared with 0.8 percent in March. During the 'shunto' annual spring labor offensive, companies agreed to raise wages of regular employees by 5.37 percent on average, exceeding the 5-percent mark for the second straight year, according to figures compiled by Rengo (Japanese Trade Union Confederation). The average wage increase was 4.97 percent among small and midsize companies, where fewer than 300 workers are organized. (This article was compiled from reports by Kuniaki Nishio and Chihaya Inagaki.)
01-05-2025
- Business
BOJ Keeps Policy Intact, Cuts Inflation Forecasts
Tokyo, May 1 (Jiji Press)--The Bank of Japan on Thursday decided to keep its monetary policy unchanged while cutting its inflation and economic growth forecasts. Amid growing uncertainty over the course of the global economy in the face of U.S. President Donald Trump's high tariff policy, the BOJ is closely monitoring how the Japanese economy and prices will be affected. The nine members of the Japanese central bank's Policy Board, at a two-day meeting from Wednesday, unanimously voted to maintain the policy of guiding the unsecured overnight call rate, Japan's benchmark short-term interbank lending rate, to around 0.5 pct. The policy rate was raised from around 0.25 pct in a decision made in January. In its latest quarterly Outlook for Economic Activity and Prices report, adopted at the Policy Board meeting, the BOJ pushed back the projected timing of stably achieving its price stability target of 2 pct to the latter half of the report's projection period through fiscal 2027. The central bank now forecasts that Japan's core consumer price index, which excludes often volatile fresh food prices, will rise 2.2 pct in fiscal 2025, which started last month, down from 2.4 pct in the previous report released in January. The core CPI growth outlook was revised down to 1.7 pct from 2.0 pct for fiscal 2026 and the newly disclosed growth projection for fiscal 2027 stood at 1.9 pct. [Copyright The Jiji Press, Ltd.]
USA Today
26-02-2025
- Sport
- USA Today
Monday qualifying eliminated from Cognizant Classic after 2025. Golfers are not happy
Monday qualifying eliminated from Cognizant Classic after 2025. Golfers are not happy Show Caption Hide Caption Austin Eckroat discusses title defense at Cognizant Classic 2025 Austin Eckroat has good memories at PGA National, where he returns to defend his Cognizant Classic title. The PGA Tour is eliminating seven Monday qualifiers, including the one in South Florida, to shorten tournament rounds by making fields smaller. The decision has been met with criticism from some who believe it caters to top players and undermines the sport's meritocracy. Monday qualifying has historically been an opportunity for lesser-known golfers to earn a spot in PGA Tour events, with a few even winning tournaments after qualifying. Monday qualifying has been a part of the PGA Tour since the 1960s, when it wasn't even known as the PGA Tour. But Monday qualifying in South Florida is going the way of the wooden driver, gutta-percha balls and the mashie. Gone. Like a Ludvig Aberg drive. Monday's qualifier, offering four spots in the Cognizant Classic in the Palm Beaches, was held at the Tesoro Club in Port St. Lucie, the final one held in South Florida after a ruling by the PGA Tour's Policy Board to eliminate seven Monday qualifiers. PGA Tour officials say the change is to make the fields smaller, which will quicken the pace of the ridiculously slow rounds. Many others believe it's just another example of the tour catering to the top players instead of the rank and file. And that goes against the meritocracy of professional golf. The Tour released information showing the success rate for Monday qualifiers is very low: historically only 30 to 35 percent make the cut. Only five have won a PGA Tour since 1980. The Policy Board decided to eliminate Monday qualifying for tournaments with fields of 120 – which Cognizant becomes next year – and reduce the number of qualifiers for tournaments with larger fields. More: PGA Tour Cognizant Classic: Significant changes to event meant to enhance fan experience The end of Monday qualifying is another unintended consequence of the tour's battle with LIV Golf, says Ryan French. The Michigan resident started tracking Monday qualifying in 2018 with his handle 'acaseofhtegolf1' that has attracted more than 200,000 X and Instagram followers and made him an expert on the subject. 'I don't pretend Monday qualifiers are a big part of the PGA Tour. They are a small but important part of it,' French said. 'I remember when Jay Monahan spoke at the Canadian Open after the LIV deal broke and said that the Tour was going to lean on its history. But little by little, they've torn that history apart.' Five golfers won PGA Tour events after Monday qualifying since 1980 Monday qualifying has produced notable history, including five golfers since 1980 who won the tour event later that week. The list includes Dye Preserve member Corey Conners (2019 Valero Texas Open), Arjun Atwal (2010 Wyndham Championship), Fred Wadsworth (1986 Southern Open), Kenny Knox (1986 Honda Classic) and Jeff Mitchell (1980 Phoenix Open). Masters champion Patrick Reed (2018) made it through Monday qualifying an amazing six times in 2012 to kick-start his career. The winners went from no status to Tour champion, to not knowing where the next paycheck would come from to enjoying the perks of playing golf on the highest stage. In a sport where the margin of success is razor-thin, they finally got on the correct side of the cut line. Two years ago, Ryan Gerard earned a tee time for the Honda Classic via Monday qualifying. He finished fourth at PGA National to earn $411,600, a spot in the tournament the week later and much-needed confidence. Today, Gerard is a member of the PGA Tour after making it through the Korn Ferry Tour last year and at 25 already has banked $1.7 million in career earnings. How important was Monday qualifying to his career? 'It's a little bittersweet for someone like me who got a real big break in his career through Monday qualifying to see it go away,' Gerard said. 'In essence, I made $1 million on that one qualifier, and it helped get me on the PGA Tour. 'To see people in the future not have the same opportunity is frustrating. But I don't have a seat at the (negotiating) table. In order to make new things work with the new direction, this was an unfortunate reality they had to undertake.' It doesn't take much to enter a Monday qualifier. A player had to have a verifiable handicap of below 1.4; pay a fee between $100 to $500, depending upon their tour status (plus $200 for those who must enter a pre-qualifier); and a dream to play among the world's best. No Monday qualifiers in NBA, NHL or any sport except golf 'There's nothing like Monday qualifiers in sports,' French said. 'There's no free-throw contest to join the Lakers for a night. There's no breakaway contest to play goalie for the Red Wings. You can be a pizza delivery guy, play two great rounds of golf and play on the biggest stage in the world.' But this isn't just about a Walter Mitty-like dream. Not only does South Florida have the most world-class golfers, it also has more golfers that are thisclose to making it to the PGA Tour than anywhere else. Their options have been diminished. Olin Browne Jr., the son of the three-time PGA Tour winner, has been Monday qualifying for more than a decade with limited success. He made it through both USGA qualifying stages to play in the 2023 U.S. Open, but his career path has gotten rockier with the end of Monday qualifying in South Florida. 'It makes it more of a closed shop. There's already such a narrow funnel to get to the Tour,' Browne said. 'It's definitely an end of an era. I don't know what opportunities will come after this. The tour was pretty stable throughout my dad's era and the first 10 years of my career. Now it's very unstable.' There are other unintended consequences with the demise of Monday qualifying in South Florida. The elimination takes away a large amount of money the South Florida PGA receives for running three PGA Tour qualifiers – money they in turn use to pay for programs for veterans and the disabled. 'There's no question it will have a substantial financial impact on us,' said Geoff Lofstead, executive director of the South Florida Section, PGA of America. 'These qualifiers generate a lot of revenue for the Section that supports a lot of other programs that we do. It certainly will have an impact when we lose those events. 'Administering these qualifiers is something we take a lot of pride in. It's something we know how to do, and we're pretty good at it.' As more pro golfers moved into South Florida, the quality of the Monday fields was arguably as good as some PGA Tour events held against majors. 'One year I remember counting the players who had won major championships,' Lofstead said. 'There are so many great players who live here in South Florida. They all have the ability. They just have to do it at the right time.' The demise of Monday qualifying also will affect many high-end private clubs that took pride in having recognizable golfers playing their home course. The Tesoro Club, which hosted the 2007 Ginn sur Mer Classic, a PGA Tour event, gets the honor of hosting the last qualifier Monday. 'Our members look forward to it every year,' said Matt Doyle, Tesoro's head golf professional. 'We will have 60 volunteers out here helping to get the players around (players are allowed to ride carts from a green to the next tee if it's a long distance), and 90 percent of them are members and residents. They love to watch the guys they see on TV playing their course.' Doyle has first-hand knowledge, having Monday qualified twice when he played professionally. Like most, he laments the end of what has been an integral part of the PGA Tour for most of its history. 'Eliminating Monday qualifying just cuts more jobs off the PGA Tour,' Doyle said. 'While every other sport is expanding jobs, that's not happening with golf. And that's a shame.'
Yahoo
06-02-2025
- Business
- Yahoo
President Donald Trump meets with PGA Tour commissioner Jay Monahan, Adam Scott about unification
PGA Tour commissioner Jay Monahan and Adam Scott, a Player Director on the PGA Tour's Policy Board, met with President Donald Trump on Tuesday, the PGA Tour announced. Monahan, Scott and Tiger Woods released a joint statement discussing the meeting, as the trio discussed the future of professional golf and asked Trump to get involved for the good of the game and try to get a unification of professional golf closer to the finish line. 'We know golf fans are eagerly anticipating a resolution to negotiations with the Public Investment Fund and want to thank President Trump for his interest and long-time support of the game of golf. We asked the President to get involved for the good of the game, the good of the country, and for all the countries involved. We are grateful that his leadership has brought us closer to a final deal, paving the way for reunification of men's professional golf," the joint statement read. After winning the election last year, Trump said he could get the deal done in about 15 minutes. His course in Florida, Trump Doral, is hosting a LIV Golf event this April, the week before the Masters, and he has made numerous appearances at LIV Golf pro-am in recent years. This article originally appeared on Golfweek: President Donald Trump meets with Jay Monahan, Adam Scott about merger
