While You Were Sleeping
December 6 2013
|No Overnight Asian News
Kuroda $235,000 Salary Highlights Goldman Concern — Bloomberg — Bank of Japan Governor Haruhiko Kuroda’s payslip is 38 percent less than his predecessor’s 15 years ago, underscoring Goldman Sachs Group Inc.’s warning that wages must rise for Abenomics to succeed. The central bank chief’s pay is about 24 million yen ($235,000) for the year ending March 31, down from an inflation-adjusted 39 million yen in fiscal 1998, based on a BOJ statement on Nov. 29. Swaps signal an average inflation rate of 1.2 percent over the coming five years, compared with 2.03 percent in the U.S. and 1.38 percent in the euro zone.
China Reforms Seen Adding Less Than Half Point to Growth — Bloomberg — China’s broadest economic reforms since the 1990s will add less than half a percentage point to annual growth this decade, a survey showed, underscoring the likelihood of a cut in the nation’s expansion target. Fourteen of 19 economists see policies from a Communist Party summit last month boosting gross domestic product either by a negligible amount or less than 0.5 percent a year compared with their previous outlook, according to the Bloomberg News survey. Ten analysts say China will need at least a small amount of monetary, fiscal and credit stimulus to meet the government’s “bottom line” of 7 percent growth in the next five years.
Westpac Bets on $72 Billion Australia Road to Rail Boost — Bloomberg — Australian banks are set for a lending boost as Prime Minister Tony Abbott champions ventures to revitalize the economy, accelerating some of the more than A$80 billion ($72 billion) of infrastructure projects. The upgrade of Sydney highways and a Melbourne-to-Brisbane railway are …
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