TOKYO – ANZ Bank believes the Bank of Korea will be under strong pressure to react following today’s surprise move by the Bank of Japan to expand of its quantitative and qualitative monetary easing measures. Financial market reaction was swift, with the USD/JPY moving from 109.4 just before the announcement to a high of 111.5, and the Nikkei rallying 4.8%. Markets across Asia were also impacted.
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TAIPEI – Output from Taiwan’s Export Processing Zone, encompassing 10 campuses in Kaohsiung, Pingtung and Taichung, grew 12.36% on-year for the first three quarters of 2014 to US$10.6 billion, recording a trade surplus of US$3.8 billion, according to the Ministry of Economic Affairs.
BEIJING - The success of Shanghai’s Free Trade Zone in transforming Government functions, facilitating investment and trade, and improving the business environment has received accolades from Chinese President Xi Jinping, who said the FTZ business model should now be copied at other suitable sites across China where conditions are right. Xi told a meeting of China’s top regulators that the experience gained in the Shanghai FTZ “is like seeds cultivated in a test field, and now we will plant them across a greater range of sites, in a hope that they will bear more fruit”.
BEIJING - Vincent Mo, founder and Chairman of SouFun Holdings Ltd (China’s biggest real estate information website), is predicting that Chinese property prices will fall as much as 10% in 2014 and that this will continue well into next year, in what he generally describes as “an adjustment after the rapid increase in the past two years”. He added that prices will likely stabilise around the middle of 2015, and he expects the market to have “another hot cycle in one to two years”.