BANGKOK: Thailand , may re- list , cannabis , as a opioid by year- end, its prime minister said on Wednesday ( May 8 ), in a beautiful U- turn only two years after becoming one of the primary countries in Asia to decriminalise its outdoor use. The movements come in spite ofContinue Reading
SINGAPORE: When the major part of Maris Stella High School ( MSHS) moves to a limited single- program for a few years, Mr Jared Lim faces a possible operational pain.  ,
He does own four children in Primary 1, 2, 4 and 5 in 2028. The younger two students will begin their day training, while the older two may start with the night program.
It may require Mr. Lim to consider taking his kids to school and picking them up at regular intervals throughout the day.
The father of seven said,” We ca n’t be going back and forth if they finish in school at three or four different times,” noting that both he and his wife work full-time.
The class will switch to its holding page at 2 Mattar Road while the school at , Mount Vernon will be rebuilt from 2027 to 2029, making the momentary change to a limited single-session.
After moving to Mattar Road, the class will try to increase the number of pupils in Primary 1. It may also , become vocational and get in girls in 2027.
MSHS ( Primary ) will revert to a single session when it moves back to Mount Vernon, tentatively in 2030.
Before the limited single-session is implemented, parents are already considering how to deal with administrative issues.
Mr. Lim, a graduate of the institution, claimed that he and his partner have taught them how to use public transportation to get home from school.
The permanent location is next to the Bartley MRT stop on the Circle Line, while the holding location is close to the Downtown Line.
” Fortunately, the MRT ( station ) is next to the school itself, so we’ve followed them, we’ve guided them”, said Mr Lim.
We do n’t worry about that part of Singapore’s transportation system because it is “pretty efficient,” but we do try to pick them up when they arrive at the stations on their way home.
His older kids may wait for their younger siblings to travel up by public transportation.
In 2030, Mr. Lim intends to reopen the school at its permanent location and resume single session, making his only daughter, the youngest child, to MSHS ( Primary ).
The positive aspects of the school’s transition to collegiate include the fact that she can attend the same school as her boys, he claimed.
Another graduate, Mr Royston Png, is content that the college will be rebuilt to deliver better services. However, it also means that his brother, who is in his PSLE time, may proceed to the holding blog.  ,
” It’s only disruptive because it ( will require ) more time to get to the school”, he added.  ,
Since the start of the time, his son has been coming home from school on the MRT – a 15- second trip.
” So it’s an adjustment in the sense that we need to tell him how to get to college and come back himself”, he said, describing the move as an inconvenience.  ,
This inconvenience may drag on because he hopes his son will transfer to MSHS ( Secondary ).
While the college is being rebuilt, the intermediate section may also relocate to a short-term location. According to Google Maps, it will take his brother 40 minutes to get to the intermediate school’s holding blog, compared to the current 15 minutes.  ,
” If the school could have let me know earlier, it ( would have affected my decision ) about sending him to Maris Stella”, Mr Png said.
Due to the difficulty of getting into the universities in the west near their past residence, the home moved closer to Maris Stella. Additionally, his son has colleagues whose families moved to a residence hall opposite the everlasting school.
He claimed that” some people have moved to Bartley and sold their homes in Potong Pasir so that their child can walk to school.”
Hearing that the school would be rebuilt was never a shock, according to another alumnus, but the decision to unisex the institution was.
He applauded the decision, claiming that it would “improve societal lines for the children because they can communicate with both boys and girls.”
Mr Gan, whose two children are in Key 3 and 6 in MSHS, said his sons now take the MRT to college.
The world is beginning to consider what a Trump administration may think just over six months before the US vote. The rest of the world is more interested in making foreign policy decisions than Americans may be weighing up the differences between the two candidates ‘ local laws.
Donald Trump has previously hinted at some places he is particularly good to solve: China, NATO, Ukraine and Gaza among them. His most recent as leader, as well as his most recent statements, sign developments that may be in store.
According to Harvard’s Stephen Walt, a professor of international matters,” Trump’s international decisions in his first expression have been characterized as having a few successes and many more problems.”
Joel Rubin, deputy assistant secretary of state for parliamentary politics in the Obama administration, characterized Trump’s” America First” word as” America first, but actually America alone”, emphasizing Trump’s separatist qualifications. But was his forceful demeanor have a beneficial effect on other countries?
In his first name, Trump had a tense connection with NATO. After declaring the firm “obsolete” in January 2017, he afterwards backtracked on this location. However, much of the injury with America’s NATO friends had already been done, and relations remained chilly.
Trump has suggested that if he were to win, he had cut US funding for NATO or, in fact, violate Article 5 of the organization’s founding treaty, which states that other nations would come to their aid if one NATO member was attacked physically. This has already sparked worry throughout Europe.
Some Western allies have heeded Trump’s initial warnings and are now starting to spend more money on defense and, in some cases, to recruit more soldiers and recruit more reservists to support Russia.
Some may argue that Trump intended to boost America’s military spending and ability among his European allies, which he did, and that this is now a Trump success.
Trump is not the first US president to ask NATO friends to spend more on defense; most US presidents have sent the same information to NATO. Trump’s comments were harsh, and his supply was threatening, which caused him to differ.
James Mattis, a former head of security for the Trump administration, claimed in his initial discussions with Trump that” Trump would want to make NATO””.
However, in a subsequent administration, Trump is likely to appoint significantly fewer establishment figures who want to remain up for global alliances. Previously, it is reported that a particular unit has been established to select new appointees who are totally in tune with Trump’s point of view ahead of November.
Trump’s past administration spent a lot of time focusing on China’s US competitors and how the two nations ‘ relations needed to change. Trump’s foreign policy speech heavily emphasized the US-China conflict as both as a member and as president.
Trump announced about US$ 30 billion in tariffs on Chinese goods in January 2020 in an effort to persuade US consumers to instead purchase American goods. Despite this, there is general agreement on these methods that both the US and Chinese markets have been harmed by them.
Trump’s resumption of business possible signals a transfer to this stern policy toward China. He suggested that his strategy included imposing tariffs of more than 60 % on Chinese products in an interview with Time newspaper.
There is every reason to believe that Trump will once more pursue a related tough-on-China policy if elected, despite the fact that his earlier tariffs may not have been successful.
His interactions with specific leaders and autocrats, whose linguistic language was somewhat similar to Trump’s, are another theme that will probably come up again in his first term in office.
From Vladimir Putin to Recep Tayyip Erdogan, Kim Jong Un to Jair Bolsonaro, Trump’s connections with other world officials were noted for how helpful and pleasant he was to these” heavyweight” characters.
Trump tends to believe that having more control with these frontrunners would give him that effect. His claim that he could” address the Ukraine war in a day” may have been fueled by this raised perception of his power. However, examining his past behavior reveals that his “friends” are not always in agreement.
The Greek leader reacted blatantly to Trump’s advice when he wrote to him in 2019 to urge him never to establish military action against Syrian Kurdish forces.
If Trump were to win the election, Trump would not be funding the Russian government’s struggle against the Russian war, calling on Europe to bear the costs. Putin may come away with the impression that he does n’t need to halt US military operations in Ukraine or worry about a US response as a result of this statement.
Trump has been called the “most pro-Israel” president in history, and his Peace to Prosperity strategy has been called a significant change over past efforts.
The program included a resolution to grant the Palestinians the right to establish Jewish settlements in the West Bank, grant East Jerusalem its capital, and grant them access to” 15 % of ancient Palestine,” according to the PLO.
Trump also dubiously moved the US embassy from Tel Aviv to Jerusalem, which sparked criticism from Muslim officials. Both Israel and the Palestinians claim Jerusalem as their investment. But recently he has been hinting that he was not content with the Israeli prime minister, Benjamin Netanyahu, and was critical of his command.
Given the legacy left behind by his first term, it’s unlikely that a second Trump administration will be able to provide the Gaza conflict into focus.
Trump’s primary concern was after Iran and the danger it posed. If he is elected, his answer to the most recent Iranian drone assault on Israel demonstrates that this situation is likely to remain the same in 2025.
Trump reiterated a tweet from 2018 warning the Egyptian leader to be wary of threatening the US. Trump’s extreme rhetoric toward Iran is likely to continue.
Another Trump administration, in line with battle statements and his past actions, could lead to further isolation and a backslide in US commitments to international organizations. A Trump win in November would have no impact on the rest of the West, given this Trump 2.0 international plan.
Christopher Featherstone is Associate Lecturer, Department of Politics, University of York
The Conversation has republished this essay under a Creative Commons license. Read the original post.
Let’s face it: every senator aspires to the Fed’s authority to set interest rates. Let’s get real before we discuss the ideas Trump officials are hatching to abandon that authority.
Donald Trump would n’t be the first to attempt to snag some of that power. Harry Truman, Lyndon Johnson, and Richard Nixon were his forebears in the creation of the initiative.
Yet those president who sat silently while the central bank raised or declined to raise interest rates certainly winced. High interest rates may lose votes. No leader wants them.
Neither would farmers, ranchers and various business loans. If taking away the Fed’s independence keeps interest rates low, then, is n’t that a good thing?
Let’s start by acknowledging that the Fed is n’t completely independent. Congress created it in 1913 and what Congress does, Congress can remove. In 1978, Congress changed the Fed’s going orders, mandating that it do peak work as well as price security.
Also, elected leaders determine who serves on the Federal Reserve Board. The Senate confirms the governors ‘ appointments, and the senator nominates them.
But previously confirmed the rulers serve 14- yr terms, which gives them a substantial degree of independence. They can only be removed for a specific reason, and not because the leader or Congress disagree with their plan choices.
And that’s not the Fed’s just protection from elections. The Federal Open Market Committee, the agency that determines monetary policy, has another structure. The FOMC’s seven administrators are elected by private businesses that are Federal Reserve System members, and they are presided over by five president of the 12 Federal Reserve institutions.
Politicians can and do show their differences with the available- market committee’s decisions, occasionally in warmed terms. But that’s all they can accomplish, aside from the nuclear option, to drastically alter the entire central banks program. Our financial politicians have the freedom to make controversial decisions without having to lose their jobs.
Why does the US protect its social decision-makers from political meddling on this basis? Often high interest rates are important, without them inflation may spin out of control.
But even when they are needed, imposing them requires a degree of political confidence not ordinarily required of those who must face the public every two, four, or six years. Better to assign their 14-year words to appointed professionals.
It’s not just the US that has come to this conclusion. For the same grounds, the majority of nations have quasi-uniform key banks.
What Trump’s officials are allegedly considering falls under the nuclear-options umbrella.
According to The Wall Street Journal’s Fed writer Nick Timiraos, the president had been consulted on attention- level decisions. White House assessment of final restrictions would be done. The Treasury do monitor the Fed’s choices regarding emergency lending.
Oh, and Trump did take Jerome Powell’s place before his 2026 expression as head of the Fed. Powell was appointed chairman by Trump, but he expressed disappointment at the Fed’s subsequent rate increases during his administration.
Unless Congress went on, the propriety of all this is controversial. There would almost certainly been dispute. It would n’t be surprising if the courts derailed the proposals.
The first step may likely be in the financial industry. They’d put a meltdown. To know why, it’s good to join four information:
Investors see reckless economic policy as a barrier because of the Fed’s independence. They worry that even when economic conditions demand that interest rates be set at a high, politicians will continue to set them small. Fugitive inflation is a serious danger, that is, if lawmakers are setting interest charges.
Odds are higher, in other words, that an attack on the Fed’s independence had really cause a lengthy- term bond selloff.
This is why these proposals are n’t a good thing, even for business loans. They fail to account for the crucial role that the businesses play in determining interest rates. The White House would probably remove them due to financial chaos. For producers and landowners, there’s also the problem that when bond yields jump higher, but would mortgage rates.
According to Timiraos, the proposals Trump’s advisors are plotting have n’t yet received the candidate’s blessing. It will be better for the economy, owners, the national debt and business loans if they never do.
Past lifelong Wall Street Journal Asia journalist and editor , Urban Lehner , is writer professor of DTN/The Progressive Farmer.
This , content,  , initially published on May 3 , by the latter news business and then republished by Asia Times with authority, is © Copyright 2024 DTN/The Progressive Farmer. All rights reserved. Follow , Urban Lehner , on , X @urbanize
SINGAPORE: Maris Stella High School ( MSHS) and Woodlands Ring Secondary School ( WRSS) will be rebuilt in the next few years, the Ministry of Education ( MOE ) announced on Monday ( May 6 ).
From 2027 to 2029, MSHS ( Primary ) and MSHS ( Secondary ) will be rebuilt at their permanent sites at 25 Mount Vernon Road to “provide better facilities and enhance students ‘ educational experience”, MOE said in a press release.
Due to the rebuild, MSHS ( Primary ) will move to the former MacPherson Primary School site at 2 Mattar Road, while MSHS ( Secondary ) will move to the former Bedok North Secondary School Site at 20 Jalan Damai.
The new extra school’s location is only 4.6 kilometers aside from its permanent home, whereas the new holding page for the main area is only 2.7 kilometers away.
When MSHS ( Primary ) relocates to its holding site in 2027, the Marist Brothers Provincial Council and the board of directors of MSHS Ltd. agreed to become co-educational.
In 2027, the institution may also consider increasing the number of Primary 1 students.
In order to accommodate this larger intake, MSHS ( Primary ) will also conduct a partial single-session visit to the holding facility while the institution’s permanent campus is being rebuilt, according to MOE.
When its permanent campus is ready, tentatively in 2030, MSHS ( Primary ) will revert to operating on a single- session basis, according to MOE.
The continuous location at 25 Mount Vernon Road will continue to be used to determine the distance between the primary schools during the temporary transfer.
MSHS ( Secondary ) will remain as an all- boys school” for now”, said MOE.
After months of intensive and by all accounts still ambiguous flight diplomacy, US-led efforts to build a ceasefire in the Gaza Strip and secure the release of Jewish hostages held by Hamas militants are in purgatory.
Additionally, US efforts to date show no sign of a possible royal agreement to put an end to the Israeli-Palestinian conflict by laying a foundation for the establishment of a Palestinian state in peace with Israel.
Reports from Israel, Egypt, and the US list a number of unproven achievements, including a temporary ceasefire lasting up to 40 days, the transfer of hundreds of Palestinians imprisoned inside Israel, and the beginning of a south to north section for Israeli civilians camped nearby to bomb out areas elsewhere in the area.
Washington put pressure on Hamas to embrace a plan that Israel approved over the weekend. Hamas was pressurized by US Secretary of State Antony Blinken, who has spent months trawling through the Middle East to come up with the best bargain yet.
” Hamas has before it a plan that is incredibly, exceptionally good, on the part of Israel”, Blinken said. Hamas is the only thing standing between the citizens of Gaza and a peace at this time. They have to consider, and they have to decide fast”.
The proposal, which Egypt and Qatar’s negotiators even supported, falls short of really ending the present war, which is set to break out in its eighth month.
It even skirts a plan to put an end to Israeli-Palestinian conflict by moving toward a Palestinian state that would be independent of Israel. The so-called” two-state option,” a plan that dates back to the 1990s, was revived by US President Joe Biden as a means of achieving lasting peace in the Middle East.
The plan is at best just a peace that leaves you with no obvious way out of that violent conflict. Israel claims that the only thing it wants to accomplish is “restoring calm,” a kind of turning back in time since Hamas launched a day-long, violent assault on Jewish neighborhoods close to the Gaza Strip on October 7, 2023.
Hamas troops killed 1, 200 residents, among them women and children. Israel’s hostile assault on the Gaza Strip has killed more than 34, 000 residents, according to Hamas numbers.
Currently, a report claims Hamas is considering the peace request. Other than the possible life-saving effects of an immediate end to fighting, another more concentrated political issues are compulsions for the US and its two mediation partners, Egypt and Qatar, to push for a resolution.
In particular, US politicians has made President Joe Biden anxious for some sort of arrangement, even if only a small block in the crime.
Biden’s handling of America’s aid for Israel in the war poses a number of social issues at home.
On the one hand, the majority of his own Democratic Party supports his decision to give arms to Israel, but some people believe he has not been outspoken enough in supporting Israel’s reported goal, which is to destroy Hamas, both militarily and diplomatically.
A member of Biden’s group also believes that he has effectively allowed Israel to punish Israeli civilians unfairly for their role in Hamas ‘ anger.
Middle Eastern voters in the United States, who have a history of supporting Biden’s group but who are horrified by the massacre in Gaza, are vocal critics of Biden.
In Michigan, which is in the swing state, they may rob Biden of significant political support for the November national election. Also, pro- Arab student groups have demonstrated at big British universities, suggesting Biden could even drop a section of the youth vote.
Biden’s team has taken great care to explain his policy on Gaza and taken into account the concerns of all parties.
” No country should have to live next door to a danger that is truly murderous as Hamas has been,” said John Kirby, a spokeswoman for Biden. Therefore, while we make no bones about the fact that we have some problems with some of the ways things are being done, we also make no bones about the fact that Israel will continue to include American support for the battle they’re engaged in to put an end to Hamas ‘ risk.
Egypt worries that a significant number of Palestinian refugees would overflow into the Sinai Peninsula if Israel entered Rafah, which is located at the Egyptian-Gaza border, in addition to trying to appease private opinion. More than a million refugees from other regions of the Strip have now gathered there.
A wave of thousands of migrants may raise concerns about a new “nakba” in Arabic for the” catastrophe” that occurred in 1948 and again in 1967 when tens of thousands of Palestinians fled or were driven into exile in the West Bank, Gaza, and the Arab-occupied nations.
Qatar, meanwhile, has benefited from its long-standing ties with Hamas, which most European governments have labeled a criminal organization, to tarnish its popularity and status as a negotiator in Middle Eastern disputes.
However, it is possible that the problems and agendas of the interlocutors do not correspond with the requirements of the combatants.
Israeli Prime Minister Benjamin Netanyahu is the subject of intense national condemnation, both for his refusal to prioritize the liberation of hostages and for his inability to prioritize the security of his country.
He has argued that Hamas ‘ main goal may be its damage, even though he approved of a peace agreement and expressed problem for the safe return of hostages.
On Tuesday, Netanyahu told Blinken that Israel is ready to abuse Rafah despite Biden’s demand, delivered over the weekend, not to do so.
” We will provide Rafah because we have no other selection”, Netanyahu , said Tuesday in remarks translated from Hebrew. We will take down the Hamas troops that, and we will accomplish all of our war’s goals, including the release of all of our hostages.
Hamas, however, might not be served socially or diplomatically by a temporary ceasefire.
After weeks of Israeli achievement both from the air and on the floor, a ceasefire would give its soldiers, whose present number is unknown, a rest. Additionally, it would offer some relief to besieged civilians who have endured the burden of Hamas ‘ aggression.
Hamas is evidently looking for a way to declare some sort of victory, but Quixotic, by having stopped the Jewish progress. The Muslim organization is therefore seeking some kind of assurance that the battling will end in a positive way.
In keeping with that strategy, Hamas leaders explicitly rejected Blinken’s request for quick action on the ceasefire agreement and provided no response timetable. Blinken, in change, scolded the team:” No difficulties, no apologies”, he said.  ,
Most spectators are skeptical about the potential for a substantial agreement.
According to Mairav Zonszein, an analyst on Israel-Palestine issues at the International Crisis Group,” The US, Egypt, and Qatar all have very powerful interests of their own, for several reasons, why they’re trying very hard right now to force both sides into agreeing to a deal.”
” I’m skeptical about Hamas agreeing to a deal that does n’t include a permanent ceasefire baked into it.”
If Israel moves in on Rafah, United Nations Secretary-General Antonio Guterres painted an apocalyptic photo. He claimed that an attack may “be an intolerable increase, killing thousands more civilians and forcing hundreds of thousands of thousands of people to flee.”
Tokyo — Dealers are pondering whether the Group of Seven may be experiencing a dollar crisis as a result of the Japanese yen’s 12 % decline this year.
The good news: no already. The terrible news, though, is that there are still seven weeks left in this year of harmful living for Japan’s money. especially when you consider Tokyo leaders ‘ lack of urgency in allowing the yen to flow.
This unsettling Asia has given the country’s markets a 1997-like feeling as central banks work to maintain exchange rates. The conflict with currency traders is raging, from the Malaysian ringgit’s 26-year lows to Indonesia’s main bank’s surprise price increase next week.
In Manila and Bangkok, northern banks are shelving price- reduces programs. In Seoul, Governor Rhee Chang- young says the Bank of Korea is ready to “deploy stabilizing methods” amid “excessive” won techniques. In Beijing, authorities are mulling their possibilities as negative forces complicated China’s view.
China, of training, is the biggest problem. Does the market of President Xi Jinping and the yen collide in a downward spiral that will lead to a new currency war?
” They probably should — to boost exports, help deflation and help domestic growth” , , says Brad Bechtel, global head of foreign exchange at Jefferies Financial Group Inc.” But I do n’t think they will”.
We see the chance for further near-term failure, according to Khoon Goh, mind of Asia study at ANZ Bank, as the authorities have been steadily allowing the inland spot to change.
The Taiwanese renminbi is now trading at 7.24 to the US dollar. Devaluation that resembles a 2015 seems out of the problem because it would waste taxpayer-funded money on expanding global faith in the yuan. And the more the yuan falls, the more difficult it becomes for big house builders to pay off-shore bonds, raising the risk of default.
In the meantime, making the yuan a major election hot button as Democrats devoted to Donald Trump and Democrats led by US President Joe Biden battle it out on various fronts ahead of the November 5 vote.
But the longer Tokyo keeps Asia in anticipation, the greater the risk of a local panic ala the 1997- 98 Asian financial crisis. Money traders, for instance, are convinced Japan is constantly intervening to block the yen’s fall. In reality, though, officials are generally winking at earth industry.
The going- through- the- movements vibe is on distinct show. Yes, it seems fairly obvious that the Bank of Japan made an action to support the renminbi on Monday. The BOJ’s first venture into foreign exchange markets since October 2022 appears to have been led by the unexpected$ 48.2 billion decline in its current account.
Finance Minister Shunichi Suzuki would be at the speaker shortly and frequently making the case if this were a move to improve the renminbi for actual. He may be working the devices with leaders in Washington, Berlin, London, Ottawa, Paris and Rome to get the G7 on board.
From the events of late 2022, when Tokyo last acted on the yen, Suzuki’s team knows full well that unilateral intervention does n’t work. It jolts the business for a few days, but then the dollar’s cut begins anyhow.
In some ways, this is the value of 25 years of creating your international brand, your financial design, and an underestimated exchange price.
A number of Asian finance ministers have been around since at least the end of the 1990s. A G7 country has become addicted to an ultra-weak exchange rate, but what has endured is a beggar-thy-neighbor policy that resembles Argentina’s.
There are no noticeable changes that Tokyo is making. It’s more of a line in the sand for the yen-dollar exchange rate than a test of political virtue signaling.
Suzuki and his former boss, Prime Minister Fumio Kishida, are merely telling China and the US that the yen is n’t moving up to 170 to the money or higher.
However, in the days and weeks to come, the renminbi might remain heading there as well. Not because Suzuki or Kishida do n’t want it to but because, well, they kind of do.
Tokyo authorities are beginning to notice the benefits of the yen hitting 160, which is the weakest since 1990, amid all the articles. For the third consecutive month in March, abroad shipments increased. The 7.3 % get in March season- on- season followed a 7.8 % rise in February.
It’s undoubtedly the best item Asia’s second-largest business has to offer as of the second half of an increasingly erratic 2024.
” The prospect for Japan looks fragile”, information Stefan Angrick, senior economist at Moody’s Analytics.
The local business, Angrick adds, “has been very poor as wage increases have trailed prices, which has kept homeowners reluctant to invest. This, in turn, has kept companies hesitant to invest. Continue a trend of upsetting gross domestic product releases by continuing a trend of slow economic growth in Japan’s first third of the year.
This considerably complicates the BOJ’s way ahead. Everything that Governor Kazuo Ueda’s group believed they knew about 2024 is going wrong. China’s economy is n’t bouncing back with great force, the Federal Reserve is n’t cutting interest rates and the dollar’s powerful rally is n’t losing momentum.
Japan’s market also has recession fears in the rearview mirror. At the same time, prices in the Tokyo region, a great proxy for national developments, is now rising at a , 1.6 % season- on- year , price, below the BOJ’s 2 % target.
Currency traders are aware that Ueda’s BOJ may have missed its window for a significant rate increase or two. The yen is slowly but surely returning to the levels it was before officials were alleged to have intervened.
That’s not to say strategists are n’t baffled by the yen. The yen is regarded by Global Dragonomics as” the biggest anomaly in global financial markets,” with its value estimated to be 40 % below purchasing power parity measures.
As such, Gavekal writes,” the yen’s weakness is having wide- ranging global repercussions, from fueling a carry trade that boosts emerging market debt, to weighing on US exports and thus President Biden’s re- election prospects. Markets are on the lookout for direct foreign exchange interventions to strengthen the yen because the BOJ is yet to find the weak currency reason enough to change its monetary policy position.
Or not. As Asia’s second- biggest economy loses momentum, inflation recedes and Kishida’s approval numbers flatline, is the BOJ really about to slam on the monetary brakes?
Again, Tokyo policymakers ‘ lack of urgency speaks louder than intervention threats. As Richard Katz, author of” The Contest for Japan’s Economic Future”, notes, Japan “has plenty of ammunition” to stop the yen from falling too far.
” Even though it now runs a trade deficit most years, Japan still runs a , surplus , in a broader measure, the international current account”, Katz explains. ” That’s because it earns so much from its investments abroad, and those earnings keep growing”.
In 2023, net income on these investments , totaled 34 trillion yen ( US$ 215 billion ), amounting to 6 % of nominal GDP.
The most important thing, Katz says, is not to panic over a yen in freefall. ” If it looked like capital flight was beginning”, he explains,” Japan could use its currency reserves to shore up the yen. However, it’s very unlikely that it would need to do so.
Katz points out that Japan and other nations have experienced currency shocks, such as Asia’s 1997-98 crash or the 2010 European debt crisis. ” They”, he adds, “had run year after year of current account , deficits , and, as a result, were big international , debtors”.
For now, though, the “yen is weak because Japan’s economy is weak and its exporters are increasingly uncompetitive”, Katz says. So, intervention can primarily delaying the unavoidable for a short while or preventing markets from reaching too far.
This area of weakness is fundamentally bigfooting. The economy’s underperformance is a key reason why Kishida’s approval ratings are in the low- to- mid- 20s. In the weeks to come, the BOJ’s deliberations will be affected by this dynamic.
Although the BOJ technically is independent, its scope of independence is more limited than that of the US Fed or the European Central Bank.
For example, a government representative attends BOJ policy meetings. What truly sovereign monetary institution maintains rates at or close to zero for 25 years?
For Ueda, the lessons from 2006 probably loom large in his own deliberations. Governor Toshihiko Fukui successfully fought against quantitative easing and other board members to force two additional official rates increases in 2006 and 2007.
Yet Fukui’s attempt to normalize rates failed. The Tokyo establishment reacted strongly, complaining that Japan Inc. was n’t ready for tighter credit. Soon after, the economy slid into recession. Once Masaaki Shirakawa replaced , Fukui , in 2008, he quickly cut rates back to zero and restored QE.
Then, in 2013, Haruhiko Kuroda joined him to increase BOJ stimulus efforts even more and ultimately end deflation. In 2013 alone, the Nikkei 225 Stock Average , surged 57 %. Today, it’s rallying to the point where the benchmark is now trading near its all- time 1989 high.
Finding a way to normalize rates without putting an end to the Nikkei’s bull run is Ueda’s balancing act. And without being the most recent BOJ leader to suffer the consequences of a recession, falling stock, or both.
All of which explains why Tokyo is less eager to reverse the yen’s decline. And why Asia has little choice but to rely on Japanese officials to understand how to handle the yen’s pounding.
Follow William Pesek on X at @WilliamPesek
Social unity would furthermore continue to be important, as culture, language and religion remain Singapore’s standard problem lines, said Mr Lee.
Despite efforts to create a common identity for Singapore, the population will always be drawn by “external troops.”
Singaporeans never reject their different racial roots and shared religious values, he said, referring to the affinities between the various ethnic groups and China, India, as well as the wider Muslim-majority area and the world Arab community.
” They can be threats, but we do not want to reduce these abundant cultural and historical ethnicities”, said the Prime Minister.
Singapore must be aware of different potential conflicts, but racial and religious harmony may continue to be a work in progress.
These include conflicts between the set and have- females, Singaporean- born and naturalised people, social conservatives and liberals, and current and future generations, which can be exploited socially,  , he said.
As the Singaporean personality is not stable, the government has to “guide that development, as best we may, carefully and thoughtfully”, he said, highlighting techniques on Section 377A and caregivers wearing the tudung.
According to Mr. Lee, tripartism has been a significant factor in Singapore’s advancement when speaking to unionists from the National Trades Union Congress (NTUC).
He pointed to 1969 as a key turning point when an “adversarial approach” between unions and employers was replaced with a” cooperative, tripartite” strategy.
Trust and confidence among tripartite partners continued to be built through challenges like Singapore’s recession in 1985, the 1997 Asian financial crisis, 2008 global financial crisis and the COVID- 19 pandemic, he said.
” Through the symbiotic relationship with the PAP, the NTUC has done right by workers, and helped them and their families , to enjoy a better life” . ,
In the face of uncertainty in terms of geopolitical and economic policy, he added, the unions will continue to play an even greater role.
” Looking ahead, there are certainly dark clouds on the horizon, but also many opportunities”, said Mr Lee.
Singapore can act as a reliable partner when rival nations are uncertain about one another. Its stability is also advantageous when other nations” change directions” and change leaders “every few months,” he said.
Mr. Lee compared the progress Singapore made during his 20 years as prime minister to his own 20 years.  ,
Under his premiership, Singapore has become “much better off”.
According to Mr. Lee, Singapore’s plans to transform and modernize the economy have succeeded, which has attracted multinational corporations and assisted Singapore businesses in expanding their markets overseas.  ,
The government has expanded support measures with CDC vouchers and other forms of assistance, according to Mr. Lee, despite the worrying inflation and rising living costs.  ,
New HDB towns were also built, but older towns were not left behind.  , Through various upgrading programmes, the government has rejuvenated older estates, kept them up to date and made them fit for a more elderly population, he added.  ,
” This is why, unlike public housing projects elsewhere in the world, our HDB estates never turn into slums or ghettoes” . ,  ,
Public transport has also improved, he said. In the last 20 years, Singapore has added three more MRT lines, the Circle, Downtown, and Thomson-East Coast. In the upcoming years, two more lines, the Cross Island and Jurong Region lines, will be added.  ,
Rail reliability issues have “improved significantly” and Singapore’s MRT system is now ranked among the best in the world.  ,
According to Mr. Lee, the government also made a significant investment in a “first-class healthcare system.”
” We have kept our healthcare system up to scratch, we’ve tuned it up after COVID. And we want to make sure that if another pandemic like COVID strikes us, we can be more certain that we will be prepared to take the load and see everyone through.”
He continued,” The educational system now adopts a more comprehensive and comprehensive approach that encourages lifelong learning.”  ,
Students have multiple options and diverse pathways that are not limited to just traditional arts and science courses, but also specialised programmes in music, dance, sports, robotics, among others.  ,
” ‘ Every school is a good school’… it is a good slogan, because it contains a lot of truth”, said Mr Lee. ” In Singapore, unlike in some other countries, your postal code does not determine your destiny” . ,
Mr. Lee added that by using programs like Comcare to improve social programs and Workfare to supplement lower-wage workers ‘ incomes, he had also made an effort to make Singapore a more inclusive place.
The elderly, the disabled, the elderly, and those with lower income groups are among the beneficiaries of programs like MediShield Life, CareShield Lift, CPF Life, and Silver Support.  ,
According to Mr. Lee, a solid foundation has been laid for future generations, and this benefit should not be taken for granted.  ,
Singapore now has enough reserves to deal with challenging circumstances, international support that “gives us a seat at the table,” a cohesion that “hangs together in the darkest hours,” and a vibrant and inclusive economy.  ,
” Make the most of these advantages, never throw them away”, said Mr Lee. ” Stay united, think long term and maintain our political stability. That is the way forward for Singapore” . ,
He continued,” Every confidence” in his team now that Deputy Prime Minister Lawrence Wong will take over the title in two weeks.  ,
Mr Wong’s fourth- generation, or 4G, team will “have their hands full” dealing with issues which will arise, and realising their Forward SG agenda.
” I ask all Singaporeans to rally behind them, and work together to make Singapore succeed, for your sake.  ,
That is our plan for the future: for each generation to bestow Singapore with the best of its abilities so that the next generation can succeed in becoming a better Singapore and ultimately lead our nation onward and upward. ”  ,
Looking back on his 40 years in politics, the Prime Minister said he was satisfied with what has been achieved.
” It has been my great honour to , have served you, including as your PM. I’ve made an effort to guide you and to govern Singapore in the way you deserve, and to mobilize Singaporeans to demonstrate what we can accomplish together, he said.
” As I prepare to hand over Singapore in good order to my successor, I feel a sense of satisfaction and completeness.  ,
Mr. Lee remarked,” I have done my duty, and I am very glad I chose this path of public service all those years ago,” to a standing ovation from the crowd.  ,
He thanked his Cabinet, the public service, the labour movement and Singaporeans for their support.
Mr. Lee then took a deep bow before receiving another standing ovation, to which he clearly became upset.
Americans may be surprised to learn that the United States is n’t very dependent on international business given the recent spate of news about it. In fact, the US is one of the least trade-focused countries in the world when measured against the gross domestic product ( GDP ), which economists occasionally refer to as the “openness index.”
In 2022, the US deal- to- GDP ratios was 27 %, according to the World Bank. That means that the combined GDP of the US was 27 % of the region’s GDP. That’s far below the world average of 63 %.
Just two of the 193 nations that the World Bank examined were less active in international commerce than the US. Those were Nigeria, at 26 %, and Sudan at 3 %. Most world economic powers scored considerably higher, with Germany at 100 %, France at 73 %, the UK at 70 %, India at 49 %, and China at 38 %. Who knew?
What do these statistics actually mean? A trade-to- GDP ratio may be influenced by a number of factors, which is challenging. For instance, a nation can have a lower amount in large part due to its high taxes or other protectionist measures. Nigeria, Ethiopia and Pakistan come to mind in this regard. Some, such as Turkmenistan, have reduced ratio because they’re geographically distant.
A country with a big, rich, and developed economy that can provide the majority of its goods and services domestically may contribute to a lower trade-to-GDP ratio. We believe that this explains a bit about the country’s exceedingly small amount.
On the other hand, exceptionally high numbers of well over 300 % are found in a few small countries due to necessity, area or both. Places like Luxembourg and the microstate of San Marino are both in high-trade Europe and are too small to support considerable commerce.
However, strategically placed locations like Singapore and Hong Kong have historically prospered as correct trade entrepôts. And Djibouti, in East Africa, is extremely performing a similar work.
Additionally, it is crucial to examine the evolution of trade-to-GDP numbers over period. As for the US, the ratio rose from 9 % in 1960 to just under 11 % in 1970 to 25 % by 2000.
Since then, the ratio has ranged from 22 % in 2002 to 31 % in 2012 – remaining low compared with almost every other country. Throughout its history, the US has had a comparatively small trade-to-GDP amount.
The US generally erected the liberal, open organisational structures that currently dominates the world economy during World War II and shortly thereafter. It was simple for US social leaders to support relationship in somewhat free deal until the steep increase of trade-to-GDP numbers from 1970 to 2000.
A system of open industry and fixed transfer rates that were linked to the Bretton Woods Agreement, which established the World Bank and the International Monetary Fund in 1944, and the General Agreement on Tariffs and Trade in 1947, were successful in promoting business and rise after World War II.
Additionally, those laws stabilized assets and balance of payments transactions. A new world monetary order was established by the US and was supported by freshly industrialized nations that had lost their balance during the war.
As international markets rebounded, the US certainly lost some of its hold in the agricultural and manufacturing industry during the 1950s and 1960s. However, its small trade-to-GDP ratio and intellectual support for anti-communist allies helped to lessen local political unrest relating to trade issues. International trade’s contribution to US economic dislocations was limited by capital controls and a number of congressional and political fixes.
The significant increases in trade-to-GDP ratio for the US and the universe as a whole during that time indicate that things had drastically altered in the 1970s. The demise of state-centered economic rules was a crucial factor. That encouraged the expansion of global trade agreements, which made it possible for goods and money to move more freely. Additionally, during this time, cheaper products from Taiwan and Japan began to arrive in the US.
Productivity-boosting innovations in generation, transportation, and communication pose bigger challenges to the stability of wartime working-class livelihoods. The onset of China’s economy in 1979 and the fall of the Soviet union between 1989 and 1991 were two more significant elements.
In the 1990s, two significant free-trade advances occurred. Unheard of investment, trade, and migration transfers were made possible by the 1993 North American Free Trade Agreement, which opened the north and south of the US. Therefore, in 2001, China gained “permanent standard business relations position” with the US, so smoothing its entry into the World Trade Organization.
Both instances saw significant job losses in American manufacturing as a result of the economic vitality brought about by the movements.
As the US industry- to- GDP ratio climbed rapidly from 20 % in 1990 to almost 30 % by 2010, trade became an increasingly higher- profile issue in US politics. Critics were particularly concerned about the possibility that trade would harm American jobs and living standards.
After NAFTA’s passage and China’s entry into the WTO, many Americans and interest groups representing them soured on “globalization”. The long-open trade regime put in place after World War II embodied this globalization.
So it’s no wonder Donald Trump won the election for president in 2016 while calling for a border wall and severe new tariffs on China. And President Joe Biden has n’t backed off significantly from Trump’s protectionist trade policies.
US policymakers are unlikely to make any significant progress toward trade dependence, let alone any new free trade agreements. Instead, Biden and Trump are likely to express skepticism when the topic of open trade is brought up.
Leon Fink is a professor emeritus of history at the University of Illinois Chicago, and Peter A. Coclanis is a professor of history and director of the Global Research Institute at the University of North Carolina at Chapel Hill.
This article was republished from The Conversation under a Creative Commons license. Read the original article.
Over the past ten years, China’s mechanical sector has experienced a revolution, from producing standard Western replicas to producing automobiles that are on par with the best in the world. China produces them in sizable amounts as the world’s largest producer.
Nevertheless, Chinese cars are facing problems in finding consumers in Europe. Transported cars, many of which are Chinese electric cars, are piling up at European ports, with some saving up to 18 months in switch vehicle gardens as companies struggle to find them onto people’s roads.
Why is this, while? Particularly in China, electric cars are receiving good testimonials. Having driven them myself, I may speak that they match or perhaps reach the well- known Western brands in variety, quality and technology.
However, it can be challenging to enter an organized business. Chinese makers will have to contend with consumer apprehension, a lack of product picture, trade protectionism and swift outdatedness.
Similar techniques were made by Japan in the 1960s and 1970s by China’s development plan for the automotive industry.
At that time, the merchandise coming from Japan was remarkable but lacked the elegance, style and longevity of European counterparts. In contrast to the stylish Western designs, Japanese cars were perceived as thin, weak, prone to rust, and as being very generic.
Customers (especially Americans ), who were slower to accept the country that launched the Pearl Harbor problems, recalls Japan’s role in World War II as well.
But, by continually focusing on a reliable, relatively inexpensive and extremely fashionable product, Japan gently turned this around to become the mechanical powerhouse of the 1990s and 2000s.
Many Westerners are suspicious of China, and its automakers are similarly hampered by their recent trend of producing both endorsed and illegal copies of European vehicles. However, Chinese cars are rapidly improving to match and surpass current models thanks to the lessons the Japanese can draw.
Through its strategic purchases of brands like Volvo, Lotus, and MG, China has also established brands that are well-known and, more importantly, possess some of the world’s best engineering knowledge.
However, Chinese automakers have shown that they are unable to win customers from existing customers of brands like BMW, Porsche, Ferrari, and Ford even after buying up Western brands. For these buyers, Chinese makers, like the Japanese, will have to build up the brand’s history in terms of known reliability and even things like motorsport success over time.
It was Ford dealers who, in the 1960s, coined the phrase:” Win on Sunday, sell on Monday”. The proverb is used to support the idea that if buyers see a car winning a race, they’ll be inspired to go out and buy one.
Existing manufacturers also have a history of reliability that customers have personally experienced, which greatly enhances brand loyalty. Add to this a lack of a well-established dealer network outside of China, and you can see how Chinese manufacturers fight off the established competition.
China has a price advantage when compared to the US or Europe. Chinese cars are less expensive to both make and buy thanks to economies of scale, excellent shipping links, and cheap labor.
However, in many countries they are subject to high import tariffs. Each car imported into the EU currently imposes a 10 % import tariff. And in the US, car imports from China are subject to a 27.5 % tariff.
These tariffs may well rise higher. The EU is looking into whether its tariff is too low. Later this year, higher duties will be applied retroactively to imported cars if it determines this to be the case.
Cars are also in a development stage where they see quick updates and updates, specifically electric ones.
Traditionally, vehicle models would see a market life of between four and seven years, perhaps with small updates in trim, color palette or feature availability. Tesla has, however, turned this around.
For instance, the Tesla Model S has been subject to almost constant product updates, making it hardly recognisable in terms of hardware when compared to a vehicle from 2012 on. Chinese automakers have taken note. They release new models about 30 % more quickly than the majority of their counterparts in most other countries.
Tesla is supporting owners of older cars with upgrades, at extra expense, to bring them in line with the latest hardware. The rate at which Chinese automakers are releasing new models could make buyers wary that the product they have purchased will soon become outdated compared to purchasing a car on a more traditional update cycle because of this software support.
Many of these problems can be resolved. They also address private buyers, who are more interested in costs, than business buyers. Chinese manufacturers would be wise to exert greater pressure on this market.
The situation is similar elsewhere in Europe, and the fleet market is a big player in the UK. Selling en masse to rental companies and fleets puts more cars on the road and provides more reliability data to be able to be incorporated into the market.
At Anglia Ruskin University, Tom Stacey, a senior lecturer in operations and supply chain management.
This article was republished from The Conversation under a Creative Commons license. Read the original article.