Troubled (suffering) 10

September 10, 2021 (Fri) Cloudy then sunny Major SQ

- On the 9th, the government extended the state of emergency in 19 prefectures including Tokyo until the 30th due to the novel coronavirus.

Miyagi and Okayama prefectures will lift it by the 12th and move to the “Priority Measures to Prevent the Spread”.

Prime Minister Yoshihide Suga on the 9th noted, “Infections are finally on a downward trend in many areas, but the number of severe cases remains at a high level.”

He indicated that the situation has not yet come to a conclusion.

- On the 9th, the Government’s COVID-19 Task Force decided to ease restrictions in line with progress in vaccinations.

This autumn, with vaccination certificates and negative test certificates, even areas under a state of emergency will allow serving alcohol at dining establishments.

Cross-prefecture travel will also be allowed. Experts have urged caution, and concrete conditions to prevent the spread will be worked out.

The four pillars of the easing will be: 1) dining, 2) events, 3) movement, 4) schools.

Demonstrations will be conducted from October to November with plans to move to full operation.

- SBI HD <8473> [closing price 2,806 yen] on the 9th, Nippon Shin-yobank <8303> [closing price 1,440 yen] to carry out a TOB (tender offer).

TOB price 2,000 yen per share, tender offer period from 9/1 to 10/25, aiming to invest about 1.1 trillion yen to raise ownership to 48%.

- European Central Bank (ECB) on the 9th decided to reduce the pace of purchases of government bonds and other assets under its pandemic emergency\nresponse.

As economic recovery in the euro area proceeds and financial markets regain stability.

- The 20th anniversary of the September 11 attacks: The World in Chaos (Part 1) Terror organizations multiply by 2.5, spreading to various regions; the United States cannot nip the crisis in the bud.

It has been 20 years since the U.S. attacks that shocked the world.

The United States ended its war in Afghanistan by the end of August, but the fight against terrorism shows no end in sight.

The threat of terrorism is “far beyond Afghanistan and has spread worldwide” (President Biden).

Foreign terrorist organizations designated by the U.S. State Department have grown to over 70, an increase of about 2.5 times in 20 years.

Chairman Mark Milley of the Joint Chiefs of Staff said that cooperation with the Taliban on counterterrorism is possible.

To prevent terrorism, the U.S. may even seek help from its longstanding adversaries, illustrating the country’s difficult situation.

(Nikkei, front page)

- With the move toward decarbonization, Asia is seeing a rapid expansion in demand for liquefied natural gas (LNG), which is lower in carbon than coal.

China’s imports are expected to surpass Japan in 2021, becoming the world’s largest importer.

If Japanese energy companies cut procurement due to inventory risk, another electricity shortage this winter could occur.

- Under the coronavirus, funding that includes capital strengthening is increasing again.

Japan Airlines (JAL) <9201> [closing price 2,432 yen] decided to raise about 300 billion yen in capital, following 2020.

　

- A new urban planning framework to prepare for large-scale floods is set to begin.

The Ministry of Land, Infrastructure, Transport and Tourism will designate areas highly prone to flood damage and encourage residents to relocate to safe areas.

The plan includes subsidizing part of the costs for municipal land development and civilian mortgage repayments.

- On the 9th, the Ministry of Economy, Trade and Industry said that IAEA experts will visit Japan around December,

Tokyo Electric Power Company <9501> [closing price 322 yen] announced that it will begin to verify the safety of processed water stored at the Fukushima Daiichi Nuclear Power Plant.

They will confirm the water's state and the method of release for safety purposes before discharging into the sea.

- Global market participants remain vigilant about the vulnerabilities in the budgets of emerging economies.

The U.S. Federal Reserve is expected to begin tapering its quantitative easing within the year.

During the 2013 unwind, funds flowed out of emerging markets.

This time, while turmoil has not appeared on the surface, many countries’ finances have deteriorated due to the COVID-19 crisis.

In the market, countries viewed with risk are called “Troubled 10.”

Brazil, Colombia, Chile, Peru, Hungary, Romania, Turkey, South Africa, Indonesia, the Philippines.

- In the U.S., applications for exchange-traded funds (ETFs) linked to Bitcoin have been submitted in quick succession.

Even when applications are filed, approvals have long been delayed, but

The U.S. Securities and Exchange Commission (SEC) has shown flexibility toward futures-linked ETFs, with expectations that approvals may come in the fall.

However, regulatory tightening is expected to intensify across the crypto asset market, and physically-backed ETFs are unlikely to be approved.

Whether Bitcoin will become a widely held asset remains unclear.

- The Hong Kong South China Morning Post (online) on the 9th reported that China’s government has temporarily frozen new game releases for review.

For game giants like Tencent and NetEase, whose profits rely on gaming, this represents a major headwind.

- On the 9th, the People’s Bank of China established a 300 billion yuan (about 5.1 trillion yen) credit quota to encourage low-interest refinancing for small and micro enterprises.

With accelerating economic slowdown, the focus is on supporting small and micro businesses where 80% of workers are employed and ensuring employment stability.

- Provisional counts of new COVID-19 infections and deaths by country/region as of 4:00 PM on 9/9, compiled by Johns Hopkins University: World total 631,000 (10,275 new deaths)

United States 176,694 (2,140) India 42,263 (338) Brazil 13,771 (313) United Kingdom 38,579 (191) Russia 17,673 (777) France 5,931 (166)

Turkey 23,914 (262) Argentina 3,531 (111) Iran 26,854 (538) Colombia 1,787 (49) Spain 5,618 (81) Italy 5,921 (69)

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