Euro ministers urge Cyprus rethink
Eurozone finance ministers have asked Cyprus to rethink plans for a one-off tax of 6.75 percent on savings of up to 100,000 euros, which are linked to the country getting a controversial 10 billion euro bailout. Banks in Cyprus closed as people tried to withdraw funds from cash machines and they are likely to remain so until Thursday, as efforts to revise an international bailout package continue. A parliamentary vote on the package is expected. As a condition for Cyprus's much-needed bailout, the EU and IMF on Saturday imposed a levy on all deposits in the island's banks. Deposits of more than 100,000 euros will be hit with a 9.9 percent charge and 6.75 percent for anything below that threshold. Tokyo stocks fell 2.71 percent at the close Monday after the yen soared on the news. The benchmark Nikkei 225 index was down 340.32 points at 12,220.63, while the Topix index of all first-section issues shed 23.31 points. They did recover on Tuesday. Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
BOJ: Japan lower house endorses Kuroda
Japan's lower house of parliament has endorsed Haruhiko Kuroda to become the next central bank governor. The lower house also approved government nominees Kikuo Iwata and Hiroshi Nakaso to serve as the Bank of Japan's (BOJ) two deputy governors. Kuroda's appointment will have to be approved in the upper house on Friday; media reports suggest that is likely. Approval in both the upper and lower houses of parliament is necessary for the nominees to take control of the central bank after its current leadership steps down on March 19. Kuroda, 68, has vowed to "do whatever it takes" to achieve Japanese Prime Minister Shinzo Abe's ambitious two percent inflation target and his appointment would herald a shift to more aggressive monetary easing aimed at ending nearly 20 years of deflation. Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.