Bank of Japan Deputy Governor Ryozo Himino said the central bank must be "very vigilant" to the impact the yen's moves could have on the economy, suggesting the currency's weakness will be among factors affecting the timing of its next interest rate hike, Bloomberg News reported. However, he said that it was inappropriate for central banks to directly target exchange rates in setting monetary policy, as other factors needed to be considered as well. "Exchange-rate fluctuations affect economic activity in various ways.

India's Supreme Court on Monday dismissed Adisri Commercial’s appeal against the admission of insolvency proceedings against SREI Infrastructure Finance (SIFL) and SREI Equipment Finance (SEFL). It imposed a cost of Rs one lakh on the Srei Group shareholder for filing such a frivolous petition, the Economic Times of India reported.

The bankruptcy court in Allahabad admitted Jaiprakash Associates Ltd (JAL) for corporate insolvency almost six years after ICICI Bank filed an application, the Economic Times of India reported. The tribunal, while admitting the company under the Corporate Insolvency Resolution Process (CIRP) has also appointed Bhuvan Madan as interim resolution professional (IRP) of the company, said two people aware of the development. The private sector lender had approached the tribunal after the company failed to pay its dues of about Rs 3,000 crore.

Turkey’s inflation accelerated more than forecast last month, in what officials hope marks the worst of a yearslong cost-of-living crisis, Bloomberg News reported. Data on Monday showed inflation reached an annual 75.5% in May, from just under 70% a month earlier. Monthly price growth, the central bank’s preferred gauge, also quickened and hit 3.4%. Both readings exceeded the median economist predictions. “Annual inflation reached its cyclical peak in May,” said Muhammet Mercan, ING Bank’s chief economist for Turkey.

A private gauge of China’s factory activity expanded at its fastest pace in almost two years in May, in contrast to the official index’s unexpected slide into contraction, the Wall Street Journal reported. The China Caixin manufacturing purchasing managers index rose to 51.7 in May from 51.4 in April, according to data released Monday by Caixin Media Co. and S&P Global. That is a high not seen since June 2022, said Wang Zhe, senior economist at Caixin Insight Group.

Activity in Australia’s manufacturing sectors could be entering a recovery phase, with firms reporting ongoing demand for labor, with cost pressures reaching their highest level for years, the Wall Street Journal reported. The headline seasonally adjusted Judo Bank Australia manufacturing purchasing managers index rose to 49.7 in May, up from 49.6 in April. A reading above 50 indicates an expansion in manufacturing activity, while a reading below that indicates a contraction.

In a bid to check unnecessary pressure on GST payers against early recovery of dues, the Central Board of Indirect Taxes and Customs (CBIC) has put in place guidelines mandating senior officers to initiate recovery action quickly only in rare cases and that too after clearly stating the reasons, the Times of India reported. The law allows central GST authorities to initiate recovery after three months in case the dues remain unpaid after an order is passed.Only in exceptional circumstances can recovery be initiated earlier.

New home prices in China rose slightly for a ninth month in May, a private survey showed, driven higher by a slew of supportive steps to prop up the nation's crisis-hit property sector, Reuters reported. The average new home price across 100 cities rose 0.25% on month in May, following a 0.27% gain in April, the data from real estate researcher China Index Academy showed on Saturday. China's property sector, a pillar of the economy, has lurched from one crisis to another since 2021 after a regulatory crackdown on high leverage among developers triggered a liquidity crisis.

Asset reconstruction companies (ARCs) are being misused by "tainted" promoters to enter the bankruptcy process after leading their firms to loan defaults, a deputy governor at the Reserve Bank of India said, Reuters reported. Promoters in an Indian market are large shareholders who can influence company policy and, according to regulatory definitions, are prospective owners or directors of the company. There is a section under the Insolvency and Bankruptcy Code "specifically meant to keep out such promoters, said M.

Japanese companies trimmed capital investment in the first quarter, a result that likely indicates revised data due next week will continue to show the economy contracted in the period, Bloomberg News reported. Capital expenditures on goods excluding software fell 0.5% in the three months through March from the previous quarter following a surge in spending at the end of last year, the finance ministry reported Monday. Manufacturers led the decline, cutting spending by 3% from the prior quarter, while service-sector firms boosted spending a tad.