Bank of Japan holds fire on stimulus

The Bank of Japan on Friday held off expanding its stimulus programme and said the world's number three economy was recovering, despite fears a sales tax rise will dent growth.Policymakers unanimously agreed to hold off any further measures after a two-day meeting. Investors are now awaiting a statement by BoJ governor Haruhiko Kuroda at about 3:30 pm local time (0630 GMT).The widely expected move comes as the US Federal Reserve winds...

Lawmaker Choi Nominated to Be South Korea’s Finance Minister

Lawmaker Choi Kyung Hwan was nominated to become South Korea��s finance minister as President Park Geun Hye strives to regain voters�� support and sustain economic growth. Choi, 59, will succeed Hyun Oh Seok as finance minister and deputy prime minister for the economy after he��s vetted by parliament. Choi was Minister of Knowledge Economy under former President Lee Myung Bak between 2009 and 2011. Park is striving to overhaul the...

Gold Poised for First Back-to-Back Weekly Increase Since April

Gold climbed to a two-week high, set for the first back-to-back weekly advance since April, as concerns that a U.S. recovery may be stalling and violence in Iraq will escalate boosted demand for a haven. Gold for immediate delivery rose as much as 0.2 percent to $1,275.65 an ounce, the highest level since May 27, before trading at $1,273.34 by 10:25 a.m. in Singapore, according...

Yen Set for Weekly Gain on BOJ

The yen was set for a weekly gain against most of its 16 major peers before the end of a Bank of Japan meeting at which economists predict no policy change, supporting the currency. New Zealand��s dollar led gains among its most-traded counterparts this week as the central bank��s assistant governor said in a Bloomberg News interview that policy makers want to get interest rates œmore to a neutral level. Australia��s dollar was near...

Gold near 3-week high; platinum, palladium sink

SAN FRANCISCO �� Gold prices rallied Thursday to log their highest settlement in nearly three weeks as growing unrest in Iraq and weakness in U.S. equities drove demand. Platinum and palladium prices slumped, with palladium dropping almost 5% a day after closing at its highest level since 2001. Gold for August delivery rose $12.80, or 1%, to settle at $1,274 an ounce on the Comex...