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Japan Raises Interest Rates for First Time in 17 Years

After 17 years of maintaining a negative interest rate policy, Japan's central bank has taken a historic step by raising its key interest rate from -0.1% to a range of 0%-0.1%. This move marks a significant shift in Japan's economic strategy, reflecting a response to rising consumer prices and increased wages. In 2016, Japan had lowered its interest rate below zero, aiming to invigorate its stagnant economy by encouraging spending over savings.

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56% of Americans Unable to Cover $1,000 Emergency Costs

A recent Bankrate report reveals that 56% of Americans are financially unprepared to handle a $1,000 emergency expense. The survey found that only 44% could rely on their savings in such situations, with the majority having to resort to credit cards or borrowing from friends and family. According to Bankrate's senior economic analyst, Mark Hamrick, this situation emphasizes the broader issue of a consumer-based society that emphasizes spending over saving.

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Japan's GPIF Explores Diversification into Forests, Gold, and Bitcoin

Japan's Government Pension Investment Fund (GPIF) is exploring the potential inclusion of illiquid assets, including forests, farmland, gold, and bitcoin, into its investment portfolio. This move, aimed at diversifying its holdings, marks a significant shift as these assets were previously not considered for GPIF's investments. In addition to seeking basic information on these unconventional assets, the GPIF is also gathering data on the markets, evaluation methods, and incorporation strategies of other illiquid assets like infrastructure, real estate, and private equity, which are already part of its investment landscape.

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Fed Considers Careful Step Back from Quantitative Tightening

The Federal Reserve is contemplating slowing down the process of "quantitative tightening" (QT), which involves reducing its $1.5 trillion balance sheet accumulated from buying Treasury and mortgage bonds during the pandemic. This method, aimed at tightening financial conditions to combat inflation, allows the bonds to mature without renewal, indirectly raising long-term interest rates as the market absorbs the supply. As inflation begins to subside, the central bank faces the challenge of decelerating the balance sheet reduction without causing market disruptions similar to those experienced in the previous decade when it last attempted to unwind its holdings.

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Emergency Efforts Underway to Rescue 13 Miners in Russian Gold Mine

Thirteen miners became trapped following a rock fall at the Pioneer mine, one of Russia's largest gold mines located in the Amur region of Eastern Siberia, near the China border. The incident was reported by Russia's Ministry of Emergency Situations, which is currently working on restoring communications and clearing the transport slope to reach the miners. The situation underscores the risks associated with mining operations, especially in such large-scale facilities.

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