Saying that strong growth in Japan would produce gains in Asia and other parts of the world, World Bank President Jim Yong Kim endorsed Prime Minister Shinzo Abe's economic stimulus program. Kim offered his support during a summit on Africa in Yokohama.
With assets dwindling, SSARIS has closed its Japan fund of hedge funds, one of a range of such funds offered by the alternatives affiliate of State Street Global Advisors. The move comes after Japanese hedge funds on average returned 6% last year, about half the rate for Asian funds outside Japan.
Japan's retail sales last month registered their first decline in three months, falling 1.1%, the Economy, Trade and Industry Ministry reported. Meanwhile, sales at the wholesale level extended their decline to eight months, easing 0.8%.
Japanese Prime Minister Shinzo Abe will nominate Haruhiko Kuroda, head of the Asian Development Bank, to be the next governor of the Bank of Japan, government sources said. Kuroda is known to share Abe's view that aggressive monetary easing will help reverse Japan's deflation. The lower house of parliament is expected to formally receive the nomination this week.