Japan

New Versions of the PS3 Slim in Japan with More Hard Disk Capacity

Sony will soon be coming up with the new versions of PS3 Slim in Japan with greater capacity hard drives, which varies from 160GB to 320GB.

The hard drive’s extra capacity is the USP of Sony’s products.

Last year, in September, Sony came up with PlayStation 3 Slim, a thinner version of its current-gen console, which also had an improved hard disk capacity.

Japan’s Joblessness on the Rise

Japan has reported a rise in its unemployment rate during May, fueled by drop in factory yield and domestic consumption.

The rise in unemployment has hindered the recovery in the nation's economy.

In the wake of the elections in the country next month, the decline in the recovery has aroused insecurities for Prime Minister Naoto Kan and his Government.

Kan has been struggling to tame the rising joblessness in the economy, in order to secure votes and cut down the criticism. He is trying to do away with the largest civic debt, fearing the elevation in the taxes.

7 Year Low Hit by Japanese Gov. Bonds

The yield on 10-year Japanese Government bonds plunged to a seven-year low on Thursday, as domestic banks purchased the notes to place surplus cash to work and in the middle of expectations for the new Government to make good on its promise to rein in liability.

The yield bend tuned into the flattest in 15 months between the 2 year and 10 year zones with market leaders making a note that deposit at Japanese banks carry on growing even at the same time when lending demand is weak.

Exports Help Japan Rise Up

Exports of Japanese goods skyrocketed by 32.1% in the month of May on overseas demand for cars and steel, but the expansion rate was still the slowest in five months, which raised worry that the nation's export-driven financial recovery may start to be sluggish.

Exports to the U. S., Asia and Europe all developed at their slowest speed in more than a few months in May, the data released on Thursday by the Ministry of Finance, also depicted.

Japan Likely to Increase Rates

In view of the rising debt woes in the economy, Japan has been planning to consider an increment in the taxes, in order to tame the weakness in the recovery.

Prime Minister, Naoto Kan, said that there is a need of increasing the taxes as the nation needs to reduce the fiscal deficits. He is likely to introduce the new form as soon as July 11, with the upper house elections making way.

There is possibility of the taxes going up by nearly twice the present rate.

Support for Japanese Government Declines

A survey has revealed that ratings of the new Japanese Government headed by Prime Minister, Naoto Kan have gone down considerably in the last few days. An election will be held next month in the country. Most of the people are concerned that a sales tax increase will have a significant impact on the country.

On the other hand, the Government has managed to maintain its popularity over the opposition. An election will he held next month on July 11 and the ruling party needs to win it, in order to maintain its lead in the upper house.

Bank of Japan to Offer 3 Trillion Yen in Loans

In a bid to facilitate the recovery from economic recession, the Bank of Japan would be offering loans worth 3 trillion yen ($33 billion) under a new credit program. The credit would be extended to Companies for as long as four years.

In another significant decision, the bank today decided not to change the benchmark interest rate of 0.1%, the cost at which new loans would be extended.

In a release issued in Tokyo today, the bank said loan requests would be accepted through March 2012.

Analysts Ask Japan to Review Spending

The new Finance Minister of Japan, Yoshihiko Noda said today that the Government, as part of an attempt to harness in the country's vast public debt, will evaluate some of the expenditure plans pledged by the ruling party.

Being a financial conservative himself, Prime Minister Naoto Kan has made gearing Japan's huge public debt a top precedence among market concerns about sovereign debt jeopardy.

He had taken over the nation's top job last week following the sudden resignation of his predecessor.

Dollar Surges Owing to Weak Retail Sales Statistics

On Friday, the Dollar surged against the Euro, Japanese Yen and British Pound after a feeble retail sales report for the U. S. reflected on stocks and rising the demand of the greenback's comparative safe refugee status.

Alan Ruskin, Head of Currency Strategy at RBS said that these figures "certainly fits with a sub-par recovery with tentative evidence of some lost momentum into the spring".

But the report will launch a grave letter of warning to the extended trade risk going into the weekend.

Japanese iPad owners will have to sign up to Softbank

Apple has confirmed that mobile phone carrier Softbank would enjoy exclusive rights to provide network to iPad 3G models in Japan. The announcement stunned potential iPad owners in Japan as Apple chief executive Steve Jobs had said in January that all the iPad 3G models would be SIM-unlocked.

Earlier, speculations were flying high that Softbank’s rival NTT DoCoMo could also provide network for iPad as DoCoMo official were showing interest in supporting iPad. Competition among network providers would have dragged prices of data packages down.

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