Bank of Japan Governor Kazuo Ueda has proposed ending negative interest rates as chair of the policy-setting board, public broadcaster NHK reported on Tuesday. While the reported move will be Japan's first interest rate hike in 17 years, it still keeps interest rates stuck around zero as a fragile economic recovery forces the central bank to go slow in any further rise in borrowing costs, analysts say. The shift makes Japan the last central bank to exit negative rates and ends an era in which policymakers around the world sought to prop up growth through cheap money and unconventional monetary tools.
SK Hynix Inc said on Tuesday it has begun mass production of next-generation high-bandwidth memory (HBM) chips used in artificial intelligence chipsets, with sources saying initial shipments will go to Nvidia this month. Last month, Micron Technology said it had started mass production of the chips while Samsung Electronics said it had developed the industry's first 12-stack HBM3E chips. SK Hynix has, however, led the HBM chip market by virtue of being the sole supplier of the version currently used - the HBM3 - to Nvidia which has 80% of the market for AI chips.
A record-breaking rally in Chinese sovereign debt is hitting a fever pitch in another sign China's financial system is low on confidence and overflowing with cash and bank deposits. Yields at the longer end of China's bond market have been crunched to record lows by the weight of available money, and bankers say savings bonds are selling out almost instantly to retail investors who queue up outside branches before dawn. The moves are welcome for borrowers, especially the central government which is paying just 3% interest on 30-year debt.
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