Bank of Japan (BOJ) Governor Haruhiko Kuroda will travel to Davos and attend a panel at the annual World Economic Forum meeting on Friday, the central bank said on Monday.
Kuroda will depart on Wednesday, when the BOJ concludes its two-day policy meeting that begins on Tuesday, and return to Japan on Sunday, the BOJ said in a statement.
He will attend an hour-long session discussing the global economic outlook at 11 a.m. Friday local time, it said.
Bank of Japan (BOJ) Governor Haruhiko Kuroda will travel to Davos and attend a panel at the annual World Economic Forum meeting on Friday, the central bank said on Monday.
Kuroda will depart on Wednesday, when the BOJ concludes its two-day policy meeting that begins on Tuesday, and return to Japan on Sunday, the BOJ said in a statement.
He will attend an hour-long session discussing the global economic outlook at 11 a.m. Friday local time, it said. (Reuters)
The daughter of Thailand's self-exiled former leader Thaksin Shinawatra has declared her readiness to run for prime minister in an election this year, as the main opposition seeks to regain power after being ousted in a coup eight years ago.
Paetongtarn Shinawatra, whose father Thaksin and aunt Yingluck Shinawatra both led governments toppled by the army, will run under the Pheu Thai Party, the latest incarnation of a populist movement founded by her billionaire family two decades ago.
The daughter of Thailand's self-exiled former leader Thaksin Shinawatra has declared her readiness to run for prime minister in an election this year, as the main opposition seeks to regain power after being ousted in a coup eight years ago.
Paetongtarn Shinawatra, whose father Thaksin and aunt Yingluck Shinawatra both led governments toppled by the army, will run under the Pheu Thai Party, the latest incarnation of a populist movement founded by her billionaire family two decades ago.
Administrations loyal to Shinawatras have each been removed by the military or judicial rulings, adding fuel to a seemingly intractable political crisis that has ebbed and flowed in Thailand for over 17 years.
Paetongtarn, 36, has attended party rallies in the past year and has led opinion polls in recent months on top prime minister candidates, far ahead of incumbent Prayuth Chan-ocha, who as army chief overthrew Yingluck's government.
Both Yingluck and Thaksin are living overseas to avoid jail terms handed down under military rule.
Prayuth has been in charge since 2014, initially as junta leader and then prime minister picked by parliament after a 2019 election that his critics said was held under rules designed to keep him in power. He insists he earned the role fairly.
Prayuth, 68, joined the new United Thai Nation Party last week, hinting at a bid to remain premier.
He has yet to dissolve parliament and an election must be held by May. (Reuters)
A snap local election will be held in Pakistan's most populous province, officials said, after the provincial leader, an ally of ousted Prime Minister Imran Khan, triggered the poll, putting pressure on the government ahead a planned general election.
Holding local elections in a province with 110 million people, around half Pakistan's population, would be an expensive, logistically complicated exercise for a government dependant on foreign aid and reeling from the impact of last year's devastating floods.
By bringing forward a local poll, political analysts say it could pressure the national government into holding a countrywide election earlier to avoid the huge double cost of two votes.
Punjab is one of two provinces ruled by a coalition partner of Khan's Pakistan Tehreek-e-Insaaf (PTI) party.
Khan has been demanding general elections since he was ousted in April after losing a parliamentary vote of confidence. The 70-year-old former international cricketer has also led nationwide protests against his successor, Prime Minister Shehbaz Sharif.
Sharif has repeatedly rejected Khan's demands, saying elections will be held as scheduled later this year. As for the provincial assembly elections, Interior Minister Rana Sanaullah said the government will hold snap polls as necessary.
Punjab government spokesman Mussarat Cheema told Reuters the process to choose a caretaker government to oversee the polls had started. "We want this process to be completed as soon as possible so that we head toward elections," he said.
According to the constitution, the local assembly was automatically disbanded 48 hours after Punjab's chief minister called for it to be dissolved late on Thursday. The constitution also stipulates that elections must be held within 90 days.
Mahmood Khan, the chief minister of the other PTI-coalition ruled province, the northeastern Khyber Pakhtunkhwa, said he would call on Tuesday for the local assembly to be dissolved. (Reuters)
Passengers laden with luggage flocked to rail stations in China's megacities on Monday, heading to their hometowns for holidays that health experts fear could intensify a raging COVID-19 outbreak in areas less-equipped to handle it.
"I haven't been home for over three years," a 23-year old Beijing resident surnamed Chen told Reuters as he waited to board a train at the capital's main rail station.
"I am sure I will be very emotional once I reach the doorstep of my home."
Having adopted a rigid system of lockdowns and movement controls after the virus first emerged in late 2019, China abruptly abandoned its "zero COVID" policy in early December, letting the virus run unchecked in a population of 1.4 billion people.
Authorities said on Saturday nearly 60,000 people with COVID had died in hospitals between Dec. 8 and Jan. 12, a huge increase from previous figures that had been criticised by the World Health Organisation for not reflecting the scale and severity of the outbreak.
Even those numbers most likely exclude many people dying at home, especially in rural areas with weaker medical systems, one health expert has said. Several experts forecast more than one million people in China will die from the disease this year.
Ahead of the Lunar New Year holidays, also known as the Spring Festival, which officially starts on Jan. 21, state media has been filled with stories of rural hospitals and clinics bolstering their supplies of drugs and equipment.
"The peak of COVID infection in our village has passed, but the Spring Festival is approaching and there are still left-behind villagers, especially the elderly, at risk of secondary infection," a doctor in Shaanxi province said in an article by regional news outlet Red Star News.
"If the anti-viral and other drugs were more abundant, I would be more confident," the doctor added.
As well as fever drugs and oxygen supplies, China's National Health Commission has said it would equip every village clinic with pulse oximeters, fingertip devices commonly used during the pandemic to quickly check oxygen levels.
Beijing's main railway station has been packed with passengers leaving the capital in recent days, according to Reuters witnesses.
Ma, a 50-year-old labourer, said he felt there was little to worry about as he waited to board a train.
"There are many people who got COVID, but I have not been infected. It's quite good, I feel quite lucky," he told Reuters.
In China's most populous city, Shanghai, temporary night trains have been added to meet demand for travellers heading to the eastern Anhui province, state news agency Xinhua reported.
Meanwhile, arrivals in the gambling hub of Macau exceeded 55,000 on Saturday, the highest daily figure since the pandemic began.
In Hong Kong, the government has said it would increase the number of people who can pass through designated land border control points to the mainland to 65,000 per day from 50,000 between Jan. 18 and Jan. 21.
More than 2 billion trips across China are expected in the weeks around the holidays, its transport ministry has estimated.
The revival of travel in China has lifted expectations of a rebound in the world's second-largest economy, which is suffering its lowest growth rates in nearly half a century.
Those hopes helped lift Asian equity markets (.MIAPJ0000PUS) 0.9% on Monday, adding to gains of 4.2% last week.
China's blue-chip index (.CSI300) was up 2% while the yuan reached its highest since July. Global oil prices have also been supported on expectations of a recovery in demand from the world's top importer China.
The first in a slew of economic data due this week showed China's new home prices fell again in December as COVID-19 outbreaks hurt demand.
Other data on economic growth, retail sales and industrial output later in the week are certain to be dismal, but markets will likely look past that to how China's reopening could bolster global growth, analysts say.
"Our baseline scenario assumes nationwide infections will peak in late January," JP Morgan analysts said in a note on Monday.
The infection peak will catalyse a "sustainable" economic recovery from March onwards, with double-digit growth expected in the second quarter of the year, the analysts said.
China's full-year growth is likely to rebound to 4.9% in 2023, before steadying in 2024, a Reuters poll showed. (Reuters)
The Japanese government's top economic policy panel on Monday held its first round of special sessions that will discuss the medium-to-long term direction of fiscal and monetary policies, including the pros and cons of "Abenomics".
Japan pursued a reflationary policy led by monetary stimulus under former premier Shinzo Abe which has helped pull the world's No. 3 economy out of 15 years of deflation.
Financial markets are, however, now more focused on if and when the central bank will pull back on monetary stimulus given sharp rises in inflation.
Eight economists, including an expert on the country's inflation trends, were invited to the session. It was not clear how many special sessions the Council on Economic and Fiscal Policy (CEFP) has planned.
The sessions do not intend to discuss the Bank of Japan's exit strategy or draft new policy objectives to review a 2013 written mission statement between the government and the central bank, Cabinet Office officials said.
Financial markets are, however, now more focused on if and when the central bank will pull back on monetary stimulus given sharp rises in inflation.
Eight economists, including an expert on the country's inflation trends, were invited to the session. It was not clear how many special sessions the Council on Economic and Fiscal Policy (CEFP) has planned.
The sessions do not intend to discuss the Bank of Japan's exit strategy or draft new policy objectives to review a 2013 written mission statement between the government and the central bank, Cabinet Office officials said. (Reuters)
When Li's 83-year-old father with diabetes started coughing and complaining of body aches last month, the Beijing resident became anxious about finding a treatment for COVID-19 in case his parent had caught the virus sweeping the city.
He heard at that time that Pfizer's (PFE.N) anti-viral drug Paxlovid was an effective treatment, but patients could only get it prescribed if they were admitted to hospital, and only if the drug was in stock.
The first hospital they visited conducted a CT scan that showed his lungs were infected, but turned them away, saying no beds were available, said Li, who only gave his surname due to sensitivity over how authorities might view his account.
After two more days of frantic calls to families and friends, a contact finally found them a space at another hospital, but it took a further antigen test and second CT scan before it agreed to prescribe the drug.
With his father admitted to an intensive care unit, Li was worried that it had taken too long to get effective treatment.
"I’m not sure if Paxlovid can help him. I think it's because when he got the medicine he already had the virus for a week," Li told Reuters on Jan.12.
"Now we can do little but pray."
His father died the same day.
Li's experience, local media reports and online posts bear testimony to the difficulties faced obtaining Paxlovid in China through official channels.
Paxlovid - a combination of two anti viral drugs - is one of the few foreign oral treatments approved by Beijing and a clinical trial has found it to have reduced hospitalisations in high-risk patients by around 90%.
Having been approved in February last year, Paxlovid was scarcely used in China until December when the government started lifting its strict containment policy, and wave of COVID infections began to build.
Chinese authorities have acknowledged that supplies of Paxlovid are still insufficient to meet demand, even as Pfizer CEO Albert Bourla said last week that thousands of courses of the treatment were shipped to the country last year and in the past couple of weeks millions more were shipped.
"Pfizer is actively collaborating with Chinese authorities and all stakeholders to secure an adequate supply of Paxlovid in China. We remain committed to fulfilling the COVID-19 treatment needs of Chinese patients and partnering with the Chinese government," the company said in a statement.
Racing to defend against a rising death toll, China has also approved Merck & Co's (MRK.N) COVID antiviral drug and is reviewing a treatment developed by Japan's Shionogi (4507.T).
Paxlovid is covered by state insurance -- albeit temporarily until the end of March -- meaning patients in theory would only need to pay 198 yuan ($29), a tenth of its usual price.
But China doesn't provide data on how many treatment courses are supplied and where it can be purchased, forcing most patients to rely on media reports, word-of-mouth or even importing through unauthorised channels in the grey market.
Those who do manage to find a supplier often end up paying exorbitant prices, as demand has shot up amid a giant wave of COVID-19 infections.
The official Guangzhou Daily reported that patients at the United Family Healthcare hospital in Guangdong were paying 6,000 yuan ($891) for health checks before being allowed to get Paxlovid priced at 2,300 yuan at the hospital.
The hospital did not immediately reply to a Reuters' request for comment.
Health data firm Airfinity estimated in December that China would need 49 million courses of the COVID treatment over the next five months, with over 22 million needed in January alone.
The Pfizer drug can be also purchased for 2,170 yuan with prescription via online platforms, but it typically sells out within seconds.
Several other people described to Reuters how they turned to the grey market to purchase Paxlovid. Some were looking to treat sick relatives, while others wanted it just in case.
Chen Jun, a resident of China's southern Hainan Province, said he bought Paxlovid from a supplier introduced by a business partner, who said the medicine was coming from Hong Kong.
Chen paid 20,000 yuan ($2,972) on Jan. 2 for two boxes for his elderly parents, who suffer from cancer, and he said that some people had paid double that price.
"You'll think it cheap once your family members are in need, because anything is better than going to a hospital now," he said. "I know people who paid 20,000 yuan for one box of the medicine."
Another buyer who gave his name as Ray said he managed to get two boxes from the United States, where supplies are still ample and a doctor's prescription can be obtained after an online consultation.
"It's very straightforward, they don't ask questions," he said. Having made the online purchase, he then asked a friend there to help courier it to China.
An analyst at a Chinese securities house, who requested anonymity because of sensitivities over the subject, said his boss went to Hong Kong to stock up on Paxlovid to gift clients as it was more valued than a popular, expensive liquor.
"It is a better gift than Moutai." (Reuters)
The United States and Japan on Friday reiterated the importance of peace and stability in Taiwan Strait and warned against any use of a nuclear weapon by Russia in Ukraine.
The two nations, following a meeting between U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida, also cited "provocations" by North Korea in a joint statement issued by the White House.
"We strongly oppose any unilateral attempts to change the status quo by force or coercion, anywhere in the world," the statement said. (reuters)
Japan, the United States and Europe must act in unison on China, Japanese Prime Minister Fumio Kishida said in Washington on Friday, during a visit aimed at enhancing Tokyo's U.S. alliance in the face of growing challenges from Beijing.
Kishida said in a speech at Johns Hopkins School of Advanced International Studies that China was the central challenge for both Japan and the United States.
"It is absolutely imperative for Japan, the United States and Europe to stand united in managing our respective relationship with China," he added.
Kishida earlier met President Joe Biden at the White House who said the United States remained strongly committed to its alliance with Japan and praised Tokyo's "historic" defense build up announced last month.
"The international community is at a historical turning point: the free, open and stable international order that we have dedicated ourselves to upholding is now in grave danger," Kishida said.
China's vision for the international order differs from the views of Japan and the United States in some ways that the allies "can never accept," Kishida said.
"China needs to make a strategic decision that it will abide by established international rules and that it cannot and will not change the international order in way that are contrary to these rules," Kishida said.
"We will never allow any attempts to unilaterally change the status quo by force, and we will reinforce our deterrence," he said, adding that countries should work with China to contribute to global peace and stability and in the Indo-Pacific.
Kishida reiterated Japan's concern about China's military activities near disputed islets in the East China Sea – known as the Senkaku Islands in Japanese and the Diaoyu Islands in Chinese – as well as China's launch of ballistic missiles last year that landed in waters near Japan.
Japan last month announced its biggest military build-up since World War Two - a dramatic departure from seven decades of pacifism - fueled by concerns about Chinese actions in the region. (reuters)
U.S. President Joe Biden welcomed Japanese Prime Minister Fumio Kishida at the White House on Friday and told him that the United States strongly supports the defense of Japan.
In their Oval Office meeting, Biden also thanked Kishida for strong leadership in working closely on technology and economic issues. (reuters)
The United States on Friday pushed the U.N. Security Council to adopt a resolution calling on the Taliban-led authorities in Afghanistan to reverse bans on women working for aid groups or attending universities and high school, diplomats said.
The 15-member council met privately on Friday - at the request of the United Arab Emirates and Japan - to discuss the decisions by the Islamist Taliban-led administration, which seized power in Afghanistan in August 2021.
U.S. Ambassador to the United Nations Linda Thomas-Greenfield told the council that given the gravity of the situation it should unanimously adopt a resolution to condemn the bans and call for an immediate reversal, said diplomats.
It was not immediately clear whether all members would back such a formal move by the council. A resolution needs nine votes in favor and no vetoes by Russia, China, Britain, France or the United States to be adopted.
"Clearly the Security Council has a few tools with its toolkit," United Arab Emirates Ambassador to the U.N. Lana Nusseibeh said, adding that the body should focus on how it can practically help the situation on the ground.
The Security Council agreed by consensus to an informal statement last month calling for the full, equal and meaningful participation of women and girls in Afghanistan, denouncing the ban on women attending universities or working for aid groups.
Before the meeting on Friday, 11 Security Council members - including the United States, Britain and France - issued a joint statement urging the Taliban to reverse all oppressive measures against women and girls.
The ban on female aid workers was announced by the Taliban-led administration on Dec. 24. It followed a ban imposed earlier last month on women attending universities. Girls were stopped from attending high school in March.
The United Nations has said that 97% of Afghans live in poverty, two-thirds of the population need aid to survive, and 20 million people face acute hunger.
UNICEF Executive Director Catherine Russell described the ban on female aid workers as "both wrong and dangerous," according to her prepared remarks for the private Security Council meeting on Friday, seen by Reuters.
"It is not hyperbole to say that without them, lives will be lost, children will die," she said.
Russell said UNICEF was reviewing the impact of the ban on its work and "as the situation evolves, we will have to make difficult decisions as to which activities we can continue, and which must be suspended."
International Rescue Committee President David Miliband said the IRC has been forced to pause most operations because of the ban, but it was aiming to find ways to continue working "since its outright reversal seems very unlikely," according to his prepared remarks for the council meeting, seen by Reuters.
"Based on the clarity provided by the Ministry of Public Health, the IRC has resumed health and nutrition services through our static and mobile health teams in four provinces. Other NGOs (aid groups) are doing the same," Miliband said.
"We have a long way to go, but it is a start," he added. (reuters)