Top Japan finance ministry officials and BOJ’s financial regulator met on Monday to exchange views on global financial markets, in view of the U.S. President Donald Trump’s inauguration. The meeting comes amid uncertainty about how the financial markets will respond to the eminent market protectionism of the new U.S. President Donald Trump, who was sworn into office on Friday. Officials from the ministry, the Bank of Japan and the Financial Services Agency declined to comment on what was discussed.
European shares and U.S. futures slid as the dollar weakened on the first full trading day since Donald Trump’s inauguration. Donald Trump’s protectionist approach alarmed the financial markets causing the dollar to drop and boosting metal prices, indicatively, gold futures rose 0.6 percent to last trade at $1211.65 as of 9:00 GMT. Banking stocks were the worst performers, with the sector down by more than 1.3 percent. Several Italian banks were also off by more than 2 percent after media reports that Intesa Sanpaolo could take a stake in Generali.
Foxconn is reportedly exploring the prospect of a joint investment with Apple. The two conglomerates are discussing investing $7 billion on a highly automated display facility in the United States. If an agreement is reached, the production site could create 30,000 to 50,000 jobs, according to statements by CEO Terry Gou. While American manufacturing is typically more expensive, Gou claimed that growing demand for larger display panels made U.S. production a better option than importing parts from China.