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Economy

Japan’s prices rise at fastest pace since 1981

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Consumer prices in the world’s third-biggest economy rose by 4 percent in December.

Japan’s prices rose at their fastest pace in more than four decades in December, stoking expectations the country’s central bank could finally move away from ultra-low interest rates.

Consumer prices in the world’s third-biggest economy rose by 4 percent year-on-year, the sharpest rise since 1981, government data showed on Friday.

The price growth compares with a 3.7 percent rise in November, which also marked a four-decade high.

The inflation figures come days after the Bank of Japan (BOJ) opted not to shift away from its ultra-easy monetary policy, which has bucked an international trend towards higher interest rates.

Japan has since the 1990s swung between periods of sluggish inflation and deflation, encouraging policymakers to rely on low-interest rates to kick-start growth.

Although Japan’s inflation remains well below countries such as the United States and the United Kingdom, it is far above the BOJ’s long-held target of about 2 percent.

Analysts are divided on whether the BOJ may soon raise interest rates, in part because Japan’s inflation has been largely driven by rising energy prices – which climbed by 15.2 percent in December – instead of broad-based price growth.

BOJ Governor Haruhiko Kuroda, whose term will end in April, has said he favours sticking with an ultra-loose monetary policy until wages rise further.

Many Japanese companies, including the parent of casual clothing giant Uniqlo, have announced plans to increase wages amid rising prices and worsening labour shortages.

More than half of the big Japanese firms said they plan to raise wages this year, a poll by the Reuters news agency showed on Thursday, although smaller firms employing the vast majority of Japanese workers are seen as less able to afford higher pay.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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September 13, 2024

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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September 13, 2024

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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September 12, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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