us reforms \could force out japan banks\
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

US reforms \'could force out Japan banks\'

Arab Today, arab today

Arab Today, arab today US reforms \'could force out Japan banks\'

Tokyo - AFP

Tokyo has told Washington that proposed US bank reforms could force some Japanese financial institutions to pull out of Wall Street, in an unusually blunt letter to US regulators released Thursday. Japan said the so-called \"Volcker Rule\", which is due to be implemented in July, also threatens to have adverse consequences on government bond markets worldwide at what it called a \"critical juncture\". The US reforms, named after the former chairman of the US Federal Reserve, will limit trading by banks in financial instruments on their own account, deals which are widely held to have contributed to the global financial crisis. But the Bank of Japan and the government\'s financial regulator wrote to authorities in Washington urging them not to apply the rules to non-US firms, and calling for trading in Japanese government bonds (JGBs) to be exempt. As they stand, the rules \"would raise the operational and transactional costs of trading in JGBs and could lead to the exit from Tokyo of Japanese subsidiaries of US banks\", the letter said. \"Some of the Japanese banks might be forced to cease or dramatically reduce their US operations,\" it added. The document warned that the regulations threatened the \"liquidity and pricing\" of Japanese and other non-US government bonds at a crucial time for global debt markets. It did not specifically refer to the eurozone sovereign debt crisis, but went on: \"We are concerned that such developments could occur on a global scale. \"This might exert extremely negative pressures on sovereign bond markets worldwide through reduced liquidity and a rise in volatility.\" Japan has the highest debt burden of any advanced economy at around 200 percent of gross domestic product. The letter was sent on December 28 but only released on the BoJ\'s website on Thursday, as US Treasury Secretary Timothy Geithner visited Tokyo. No explanation was immediately available for the delay, but an official said Finance Minister Jun Azumi raised the issue in his discussions. The document was unusually strongly worded for a diplomatic communication, and urged Washington to consult more widely and internationally on the issue. The strong tone was \"a bit of a surprise,\" Mizuho Securities chief market economist Yasunari Ueno told Dow Jones Newswires, adding Tokyo appeared concerned that a decline in liquidity could make the JGB market more volatile.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us reforms \could force out japan banks\ us reforms \could force out japan banks\

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us reforms \could force out japan banks\ us reforms \could force out japan banks\

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 01:41 2017 Saturday ,12 August

Moroccan video sparks debate on sexual harassment
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday