Headlines

Japan’s exports fell in May as shipments of autos to the U.S. dropped nearly 25% from a year earlier due to higher tariffs imposed by President Donald Trump, the Associated Press reported. Exports fell 1.7% year-on-year, which was less than the decline analysts had forecast, the Finance Ministry reported Wednesday. Imports sank 7.7%, reflecting weakening domestic demand and worse than the 2% fall recorded in April. The trade deficit in May was 637.6 billion yen, or $4.4 billion.

The Bank of Japan unveiled a plan to step back from the bond market at a slower pace from next year to ensure market stability while sticking to a path of normalization that includes the possibility of more rate hikes, Bloomberg reported. Governor Kazuo Ueda’s policy board stood pat on its benchmark policy rate of 0.5% at the end of a two-day meeting Tuesday. In a widely expected move the central bank said it would ease the pace of its cuts to monthly bond purchases from the next fiscal year to quarterly reductions of ¥200 billion ($1.34 billion) from the current ¥400 billion.

Blokker will open 40 stores in the Netherlands to rebuild the retail store chain that was declared bankrupt last year, the NL Times reported. The first 12 new stores opened on Wednesday. The rest will open in the coming weeks, the store chain reported. Blokker was declared bankrupt in November of last year. The chain, which was founded in 1896, was dealing with continuous losses and issues regarding the payments of debts before the bankruptcy. Around 45 of the company’s 400 stores remained open during the bankruptcy.

President Trump is breathing life into a $10 billion project to alleviate congestion at the country’s busiest border crossing for trade between the U.S. and Mexico, the Wall Street Journal reported. Trump this month issued a presidential permit to Austin, Texas-based Green Corridors to build an 165-mile elevated “guideway” for self-driving shuttles to haul freight between Laredo, Texas, and Monterrey, Mexico.

The governor of China’s central bank outlined a plan on Wednesday for a global financial system that relies on several major currencies, not just the dollar, as Beijing steps up its campaign to weaken the U.S. dollar’s primacy, the New York Times reported. Pan Gongsheng, the governor of the People’s Bank of China, did not mention the dollar by name but gave an extended critique of the potential dangers of international reliance on a single country’s currency. In a coded reference to the U.S., Mr.

As the price of gold soared, Julie Li thought her investment in the precious metal was the smartest decision she had ever made. Across China, many like her have poured their savings into gold, lured by companies promising hefty returns far into the future, according to a New York Times analysis. About a year ago, Ms. Li invested about $35,000 in gold bars through Yongkun Gold, a company that runs an online platform and dozens of jewelry shops in eastern China. The investments performed so well that she used a credit card to put in $20,000 more. Last month, Ms.

In a dramatic twist emblematic of Europe’s telecom turbulence, Altice France SA, the country’s second-largest telecom provider, has filed for chapter 15 bankruptcy protection in New York, seeking U.S. court recognition of its French insolvency proceedings as it buckles under €19.2 billion ($22 billion) in debt, USA Herald reported.

Indonesia’s central bank held interest rates steady on Wednesday, pausing again as policymakers remain cautious amid external uncertainties, the Wall Street Journal reported. Bank Indonesia maintained its benchmark seven-day reverse repo rate at 5.50%, citing heightened geopolitical tensions, particularly the conflict in the Middle East. The decision also comes just hours ahead of the U.S. Federal Reserve’s policy announcement, reinforcing expectations that the central bank will adopt a wait-and-see approach.

Inflation in the U.K. dropped modestly in May as a drop in air fares and transport costs were largely offset by rising food prices, particularly chocolate, official figures showed Wednesday, the Associated Press reported. The Office of National Statistics said consumer prices rose by 3.4% in the year to May, down from 3.5% the previous month. That means inflation remains substantially above the Bank of England's target rate of 2%. The bank's rate-setting Monetary Policy Committee is due to announce its latest interest rate decision today.

Bank of Canada Gov. Tiff Macklem said Wednesday that it is possible the central bank’s preferred gauges of core inflation might be overstating how much prices are rising, the Wall Street Journal reported. Core inflation has accelerated above 3%, and central bank officials fear that firmer inflation could be stronger than they initially expected and could persist. The Bank of Canada sets rate policy to achieve and maintain 2% inflation.