Page 2 - Asia Economy

Sri Lanka has made 'strong progress' on debt restructuring front, says IMF

Sri Lanka's macroeconomic policy reforms have started to "bear fruit" and the country is expected to reach agreements with external commercial creditors soon, the IMF has said ahead of the second review of it's USD 2.9 billion bailout programme to the cash-strapped country. Addressing a press conference on Friday, International Monetary Fund (IMF) Communication Department Director Julie Kozack asserted that Sri Lanka has made "sufficiently strong progress on the debt restructuring front". She said that the island nation's programme performance is "strong", with most quantitative and structural conditionality for the second review met or implemented with delay, adding that reforms are still ongoing in some areas. The second review of the IMF's Extended Fund Facility under the USD 2.9 billion bailout of Sri Lanka has been set for June 12. Kozack confirmed that the IMF's Executive Board will meet to discuss the second review and the Article IV Consultation. Under Article IV of the IM

Japanese govt launches dating apps as birth rates hit record lows

A stable population demands a fertility rate of 2.1. Yet, Japan has struggled to meet this benchmark for over five decades, a trend exacerbated by the 1973 oil crisis

Extreme temperatures across Asia push LNG imports to record highs

While China may still see lower demand compared with its record breaking shipments in 2021, demand from India and the rest of Asia has compensated for any drop-off, an expert said

Higher US bond yields push Yen to 4-week low ahead of key inflation data

The Aussie dollar was down 0.47% at $0.6618, even after Australian consumer price inflation unexpectedly rose to a five-month high in April

BOJ to proceed cautiously with inflation targeting frameworks: Ueda

'While many of the challenges we face are similar to those encountered by our counterparts, some are uniquely difficult for us,' the BOJ chief added

Nomura gives 150% salary hike to its top executives as earnings boom

The moves come after the Japanese firm spent several years improving risk controls after losing almost $3 billion in 2021 on the collapse of investment firm Archegos Capital Management

Tourism's share in global GDP to return to pre-Covid levels this year: WEF

India soars to 39th, sole South Asian nation in top 50: WEF

BOJ may face more pressure to hike rates amid declining consumer spending

The yen has depreciated by roughly 10% against the dollar so far this year despite the BOJ's decision in March to end eight years of negative rates

IMF issues warning of significant downside risks for Pakistan's economy

This uncertainty, it warns, could have profound effects on policymaking, particularly given the high cost of living and other political complexities

China's exports and imports return to growth, signalling demand recovery

Shipments from China grew 1.5% year-on-year last month

Asia stocks slip, dollar up as policymakers give mixed signals on rate cuts

Crude oil wallowed near two-month lows amid signs of easing supply pressure and continued hopes for a Middle East ceasefire

Japan describes US President Biden's 'xenophobia' comment as regrettable

Last week Biden said "xenophobia" in economies from China to Japan and India was hobbling their growth, while arguing at a Washington fund-raising event that migration has been good for the US

Yen eases despite intervention threat, as RBA keeps interest rates steady

At the RBA's last meeting in mid-March, policymakers watered down their tightening bias, although Bullock declined to say whether policy has shifted to neutral

Yen surges against US dollar on suspected intervention by Japan authorities

The difficulty in arresting the yen's slide has been made clear by the speed at which the currency has reversed direction after its spike

ADB's numbers on climate adaptation finance in Asia 'overstated': Oxfam

The Asian Development Bank's actual finance numbers for its largest climate adaptation projects in countries in Asia, including India, are "overstated" and could be off by 44 per cent, USD 0.9 billion instead of the reported USD 1.7 billion, Oxfam claimed in a report. The ADB, however, reaffirmed its figures, standing by its methodology and commitment to deliver USD 100 billion in climate financing by 2030, with USD 34 billion earmarked for adaptation and resilience. "We stand by our climate adaptation finance numbers" and the bank's determination is to fulfil its climate financing goals and its recent increase in climate finance commitments in 2023, a spokesperson of the Asian Development Bank (ADB) said, responding to the report released by Oxfam, a non-profit. The report "Unaccountable Adaptation: The Asian Development Bank's overstated claims on climate adaptation finance" focused on ADB's largest climate adaptation projects in Asia and the Pacific, examining 15 major initiative

Bank of Japan upbeat on consumption, rising service prices, pay hikes

The BOJ ended eight years of negative rates and other remnants of its unorthodox policy last month

Stocks in Asia inch higher, Yen wobbles after volatile start to week

China stocks were mixed in early trading with the blue-chip index easing 0.07%, while Hong Kong's Hang Seng index was up 0.5%

Asia stocks rise, yen slips as BOJ maintains accommodative monetary policy

Nasdaq futures advanced more than 1%, while S&P 500 futures rose 0.85%

Pakistan's benchmark share index trades at record high, breaches 72,000

The index has surged 75.5% over the past year and is up 11.5% year-to-date

Asia world's most 'disaster hit' region with rising climate crisis: Report

WMO climate report reveals record high temperatures in Asian countries with flooding and heat waves are major issues in India