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IMF Japan: Selected Issues
August 5, 2013--DETERMINANTS OF LONG-TERM INTEREST RATES IN JAPAN AND IMPLICATIONS UNDER THE GOVERNMENT'S NEW POLICIES1
This note examines the key determinants of long-term sovereign yields using a panel of the main
advanced economies. Empirical results suggest that Japan's forward rates are determined by fiscal conditions, demography, growth and the inflation outlook, and the investor base of government securities.
Deteriorating fiscal conditions would push up long-term rates by about 2 percentage points over the medium term, but the effect is partly offset by higher demand for safe assets amid population aging and increased purchases by the Bank of Japan (BoJ). A widening trade deficit, surprisingly, only contributes modestly to long-term yields, in part because of Japan’s sizeable net foreign assets holdings.
A. Background
1. In April 2013, the BoJ has introduced a new quantitative and qualitative monetary easing (QQME) framework by doubling the purchase size of Japanese government bond (JGB) and extending the average maturity of JGB holdings in an effort to meet the 2 percent inflation target and lift growth (text chart). The QQME is part of the government's three-pronged approach to revitalize Japan—also known as Abenomics—that includes flexible fiscal policy, aggressive monetary easing, and structural reforms.
view the IMF Japan: Selected Issues report
Source: IMF
First Metro registers ETF with corporate regulator
August 5, 2013--FIRST METRO Investment Corp. (FMIC) has filed with the Securities and Exchange Commission (SEC) incorporation papers of its exchange traded fund (ETF), the corporate regulator said in a notice published in a newspaper yesterday.
SEC announced that "...on July 19, a sworn registration statement was filed with the SEC on behalf of First Metro Philippine Equity Exchange Traded Fund, Inc. for registration of 30 million common shares with par value of P100 or an aggregate price of P3 billion, representing its entire authorized capital stock."
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Source:Business World Online
India tightens hedging rules for some overseas investors
August 1, 2013--The Reserve Bank of India on Thursday tightened hedging rules for foreign institutional investors in the currency market, requiring investors who have issued so-called participatory note contracts, or P-notes, to gain approval from the note-holder before hedging.
The order was the latest in a series of measures intended to shore up a battered rupee and helped push the currency higher to 60.48 per dollar.
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Source: Reuters
Taiwan economic growth beats forecasts
July 31, 2013--Growth in Taiwan's export-driven economy beat market expectations in the second quarter as consumer spending picked up, despite concerns about slow expansion in overseas trade.
The economy grew 2.3 per cent between April and June from the same...
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Source: FT.com
First Metro avoids 'ghost month', to launch ETFs in Sept
July 31, 2013--Metrobank's First Metro Investments Corp. is planning to start selling its Exchange Traded Fund in September, the first in the country.
First Metro is looking to list P3 billion in shares of its ETFs.
ETFs are similar to mutual funds and unit investment trust funds (UITFs), which can be traded like stocks. The Philippine Stock Exchange has been pushing for ETFs to be listed since early this year, as a way to make more products available to stock investors.
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Source: ABSCBNnews.com
Two new physically-backed Gold ETFs launched in Shanghai
July 31, 2013--The ETF's HuaAn Gold ETF and Guotai Golld ETF were launched on Monday and witnessed brisk trade in the past two days, observers said.
The two funds raised a combined 1.6 billion yuan in their initial funding round. The total funding was lower than expected because of falling gold prices and the recent liquidity crunch.
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Source: Bullion Street
TSE has published the index value of TSE Home Price Index for May
July 30, 2013--The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area) is 77.25 points.
The index value of TSE Home Price Index (Used Condominium, Tokyo) is 81.98 points. The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 76.79 points.
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Source: TSE (Tokyo Stock Exchange)
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-Over $600mn inflows to Taiwan and Korea
July 30, 2013--Data in this report is as of 26th July 2013.
Market Review
Last week, all the major markets in the Asia-Pacific region remained in positive territory except Japan. Compared to the week before, from north to south:
Japan (Nikkei 225) -3.15%
South Korea (KOSPI2) +2.38%
China (CSI 300) +1.53%
Hong Kong (HSI) +2.84%
Singapore (FSSTI) +0.71%
Australia (S&P/ASX 200) +1.41%
New Product Launch Review
There was no new ETP listing in the last week.
ETP Weekly Cash Flows-Moderate inflows over the week
Last week, Asia-Pacific ETP market recorded cash inflows of +$171mn vs. -$62mn of outflows for the previous week, setting the YTD weekly flows average at +$379mn (+$11.4bn YTD in total cash flows). Emerging markets equity ETFs collected largest weekly cash inflows of +$600mn while strategy ETFs lost -$378mn in cash outflows over the last week. On a country level, ETFs benchmarked to Taiwan and South Korea received +$417mn and +$186mn of cash inflows. On the contrary, leveraged long equity ETFs experienced weekly outflows of -$420mn.
At ETP level, Mirae Asset MAPS Tiger 200 ETF (102110 KS), Fubon MSCI Taiwan ETF (0057 TT) and Polaris MSCI Taiwan Index Fund (006203 TT) were the largest cash flow receiver of the week collecting +$244mn, +$215mn and +$110mn respectively. Over the same period, biggest outflows were experienced by Samsung Kodex Leverage ETF (122630 KS), Next Funds Nikkei 225 Leverage Index ETF (1570 JP) and Nomura Nikkei 225 ETF (1321 JP) recording -$212mn, -$167mn and -$110mn of outflows.
Turnover Review – Floor activity up by 1.6%
Asia-Pacific ETP turnover totaled $12.2bn for the last week, 1.6% above from the previous week’s total. Japan took the lead in the turnover ranking with $3.7bn turnover, followed by Korea ($3.2bn), China ($3bn) and Hong Kong ($1.9bn). Among equity ETFs, Emerging Country, leveraged long, Asia-Pacific developed country and short ETFs had total turnover of $4.4bn, $3.6bn, $1.8bn and $0.9bn respectively. Within the commodity asset class, turnover in gold ETPs totaled $78mn.
Assets under Management Review – Assets added $1.1bn
Last week, Asia-Pacific ETP AUM increased by $1.1bn, and ended the week at $154.5bn. On a year-to-date basis, Asia-Pacific ETP market is up by $18.5bn or 13.6% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
Direxion wins HK licence, adds saleswoman
July 30, 2013--The US exchange-traded funds provider has begun marketing its products to professional and institutional investors in the territory.
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Source: Asian Investor
IRDA to soon notify proposed ETF as an investment product for insurance firms
July 30, 2013--The insurance sector regulator will soon notify the proposed central public sector enterprises-exchange traded fund as an investment product for insurance firms, a senior finance ministry official has said.
This follows deliberations between the finance ministry and the Insurance Development and Regulatory Authority.
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Source: Economic Times
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