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Kyodo economic news summary -2-+(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, May 16_(Kyodo) _ ---------- January-March GDP grows annualized real 3.3% on brisk exports TOKYO - Japan's economy grew for the third straight quarter at a stronger-than-expected annualized 3.3 percent in real terms from January through March on brisk exports and consumer spending, the government said Friday. The increase in gross domestic product in the first quarter of 2008 corresponds to a 0.8 percent increase in GDP from the October-December quarter, the Cabinet Office said in a preliminary report. ---------- U.S. says China not forex manipulator, but calls for more flexibility WASHINGTON - The U.S. Treasury Department determined Thursday that China is not manipulating its currency to gain unfair trade advantages but reasserted its call for greater exchange rate flexibility. In a semiannual report, the Treasury said the pace of the yuan's appreciation against the dollar is "insufficient" but noted China does not meet the legal definition for a country that is manipulating exchange rates. ---------- 1st ministerial meeting over freeing up road tax revenues held TOKYO - The government held a first meeting of concerned ministers Friday on freeing up tax revenues now earmarked for building roads for general spending purposes from fiscal 2009. The move came after the Cabinet endorsed a plan Tuesday to end next fiscal year the specified use of gasoline and other road-related tax revenues, which has been criticized as a hotbed of wasteful spending on vested interests. ---------- Tokyo stocks advance on Wall Street gains, Japanese GDP data TOKYO - Tokyo stocks advanced Friday morning after overnight Wall Street gains and strong Japanese January-March gross domestic product figures released before trading began in Tokyo. The 225-issue Nikkei Stock Average gained 21.97 points, or 0.15 percent, from Thursday to 14,273.71. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 9.36 points, or 0.67 percent, to 1,402.23. ---------- Dollar dips at upper 104 yen level on grim U.S. outlook TOKYO - The U.S. dollar traded a shade lower at the upper 104 yen level Friday morning in Tokyo after a series of sluggish data clouded the U.S. economic outlook in contrast to robust economic growth figures for Japan and Europe. At noon, the dollar was quoted at 104.65-70 yen against 104.70-80 yen in New York and 104.80-83 yen in Tokyo at 5 p.m. Thursday. ---------- Key 10-year JGB yield remains unchanged in morning TOKYO - The yield on the benchmark 10-year Japanese government bond remained unchanged Friday morning as early buying of safe-haven bonds tapered later on in the morning. In interdealer trading, the yield on the No. 292, 1.7 percent issue finished the morning at 1.670 percent. Copyright ? 2008 Kyodo News International, Inc. |