Japan PM Abe meets with top economic aides on Brexit response

Investing.com - Japanese Prime Minister Shinzo Abe is meeting top economic aides Monday to discuss how to respond fiscally and via monetary policy to the negative impact of Britain's decision to leave the European Union.
Finance Minister Taro Aso and Bank of Japan Deputy Governor Hiroshi Nakaso are among the officials meeting at the Prime Minister's Official Residence at 0800 JST (2300 GMT Sunday), an official said.
They had a similar meeting Friday when global share prices and the sterling plunged and the yen rose.
The government is expected to compile another economic stimulus package while the Bank of Japan stands ready to increase its fund injections into financialmarkets.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Scottish leader may try to block 'Brexit' as turmoil spreads

LONDON (AP) — Scotland's Parliament could attempt to block Britain from leaving the European Union, the Scottish leader said Sunday as the turmoil following the historic referendum spread and the leader of the opposition Labour Party faced an open revolt ...

New forex policy’ll boost real estate sector

By Kingsley Adegboye

The new flexible foreignexchange policy announced by the Central Bank of Nigeria, CBN, last week is believed to be a turning point for most business organisations currently struggling under the nation's harsh economic climate. This optimism was expressed by the Managing Director of Propertygate Development & Investment Plc, a Lagos-based real estate development and investment company, Mr. Adetokunbo Ajayi, at an interview session during the 7th Annual General Meeting of the company held in Lagos at the weekend.

Describing the new policy as a positive step and a commendable effort by CBN, Ajayi said: "We know how the forex situation was before in the country. The only source of forex into the country before was the little we were getting. Exporters couldn't bring in money because of the restriction on forex, and people were afraid then to bring in foreign exchange into the country.

"But with this bold step by the government, there is hope that the economy will begin to take shape, and with the inspiration we have seen from the announcement of the new flexible forex policy so far, we believe that confidence will begin to return to the economy. For the real estate sector in particular, when naira begins to be priced appropriately, investors can bring in money to boost real estate transactions, as developers will have funds for their operations.

You know the market will determine itself this time. This time, there is no restriction limiting the quantum of foreign exchange you can source. So, with this flexibility, we believe the sector will experience boom in no time," Propertygate boss stated.

Reviewing the performance of the year ended December 31, 2015, the managing director said the company recorded success in its financial results for the year, pointing out that notable improvements were recorded in its various financial indicators. According to him, gross revenue increased significantly compared to year 2014, just as other areas of operations witnessed improvement in the year compared to year end 2014 which included gross profit.

Central Bank to Tackle Crisis, But Impact Shock Brexit Survive

Trying to cope with a slump appears Sterling against the US Dollar this morning (25/6), after plunging 10% to its lowest level in 31 years after the announcement of the referendum results Brexit. However, the currency is still at a low level due to the widespread market uncertainty. Other foreign currency was not yet out of the upheaval.



Uncertainty Impact Press Brexit Sterling And EuroThe pound last observed moving in the range of 1.3665 against the US dollar, rising from 1.3228 record low levels. Traders interviewed by Reuters said that the BoE Mark Carney leadership statement about the readiness of the central bank to provide extra support has helped restore Sterling.EUR / USD also climbed from 1.0914, its lowest level in nearly four months, to around 1.1100an. Nevertheless, analysts expect political and economic turmoil after Brexit will last for months. Because the market is still nervous face of uncertainty about how central banks will react to respond to selection of the UK, how they impact the economic growth of the region, and whether this will be a precedent for countries other woods to come out of the EU.Richard Scalone of TJM Brokerage Chicago told Reuters, "The uncertainty is still at a very high level". Sterling warns he could slumped to $ 1.28 at the end of the year, while the euro could slip to below parity against the dollar. Multinational bank BNP Paribas is predicting the consequences Brexit expand. Although inflation is expected to rise, the BoE projected to cut interest rates from 0.5% to 0%, enable the injection of liquidity, and add as much as 100 billion QE GBP.

Safe Haven Responding to DiverseMeanwhile, uncertainty would encourage Dollar and Yen to rise because of the high demand for safe haven. Yen, in this case, still the main choice of market participants. USD / JPY was observed still in a position slipped 3.5% to 102.38, after touching its lowest level in two and a half years at 99.11.Speculation will the Bank of Japan intervention to stem the yen's rise, but so far officials Sakura new country just talk. Finance Minister Taro Aso reportedly said that Prime Minister Shinzo Abe has instructed him to cooperate with the Bank of Japan as well as coordinating with G7 counterparts in responding to market movements. At the same time, he expressed his dislike of excessive volatility in the forex market and that it will respond to the movement of the market when needed.On the other hand, the dollar jumped to 0.9726 against the Swiss franc after the Swiss National Bank (SNB) became the first major bank to intervene and devalue its own currency. The dollar index (DXY), which measures the strength of the greenback against six other major currencies, was observed to increase by 2 percent to 95 473, just a little slip of the highest peak in three months at 96 703.