The Japanese finance minister, Shunichi Suzuki, has pledged that authorities will take necessary actions on currencies after the yen slid to a 38-year low against the dollar. Japanese authorities are “deeply concerned” about the effect of the yen’s drop on the economy and are watching foreign-exchange moves with a high sense of urgency, Suzuki told reporters. He said: “It’s desirable for exchange rates to move stably. Rapid, one-sided moves are undesirable. In particular, we’re deeply concerned about the effect on the economy. 'We are watching moves with a high sense of urgency, analysing the factors behind the moves, and will take necessary actions.” The yen’s weakness is due to the interest rate differential between Japan and the rest of the world. While most central banks hiked rates aggressively over the last coule of years, the Bank of Japan (BoJ) only ended its negative interest rate policy this spring, and has pegged borrowing costs to a range of 0%-0.1%. Elon Musk’s SpaceX has been valued at about $210bn based on the value of insider shares being sold in a tender offer, Bloomberg reports. SpaceX will sell insider shares at $112 apiece in a tender offer, a higher-than-expected price, that boosts the value of Elon Musk’s space and satellite company above its previous valuation of $180bn. SpaceX is considered one of the most profitable start-ups in the world, Bloomberg says, adding: "The firm, which was founded in 2002 by Tesla Inc CEO Elon Musk, is one of the most prominent private manufacturers of spacecraft and satellites. It also offers satellite-based internet services through its Starlink subsidiary. "The firm also holds a slew of contracts from Nasa to provide spacecraft and crew equipment for orbital missions and support for the International Space Station." Earlier this month, SpaceX recorded the first fully successful test flight of its mighty space rocket Starship, when it splashed down successfully in the Indian Ocean.
The agenda • 8.30am BST: Swedish Riksbank interest rate decision • 10.30am BST: Bank of England financial stability report • 10am BST: Eurozone consumer and economic confidence statistics for June • 1.30pm BST: US GDP Q1 (final estimate) We’ll be tracking all the main events throughout the day ...
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