The murky moves behind the yen
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 3 May 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Apple’s revenue fell 4 per cent in the first three months of 2024, Japan apparently intervened several times this week to support the yen, and US regulators have accused the former boss of the largest US shale oil producer of trying to collude with the Opec cartel. Plus, Europe solved its Russian gas problems in the short term, but created long-term problems.
Mentioned in this podcast:
Apple’s revenue weighed down by falling China sales
Japanese government spent $35bn to prop up yen, BoJ figures suggest
Japan is haunted by a return to emerging-economy status
FTC accuses ex-Pioneer boss of seeking to collude with Opec
How Europe solved its Russian gas problem
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | Good morning from the Financial Times. Today is Friday, May 3rd, and this is your |
| 0:17.5 | FT news briefing. Apple sales are slowing in China and the Japanese Yen seems to have received a boost. |
| 0:27.0 | Plus the EU is looking at a major energy crisis after Russia's full-scale invasion of Ukraine, the block managed to avoid one, but at |
| 0:36.2 | what cost? |
| 0:38.3 | I'm Mark Filipino, and here's the news you need to start your day. Apple's revenue fell 4% last quarter due to slower sales in China. The numbers barely beat analyst expectations. |
| 1:04.2 | The Tech Giant reported quarterly earnings yesterday, it also announced $110 billion in share |
| 1:09.9 | buybacks. |
| 1:11.7 | Even though overall revenue was down, services revenue grew 14% and hit a new record high. |
| 1:19.0 | That includes things like the App Store and Apple TV. |
| 1:23.0 | Apple's shares were up as much as 7% in after hours trading yesterday. Japan apparently intervened several times this week to support the |
| 1:37.8 | end to the tune of up to 60 billion dollars. Now I'm saying apparently here because Tokyo didn't make any announcement. |
| 1:48.0 | Economists, traders, and journalists had to try to find all of it out on their own. |
| 1:53.0 | Here to talk about the reasons for the moves and why Japanese authorities were quiet about |
| 1:58.0 | them is the FTS Leo Lewis, he's our Asia business editor. |
| 2:01.6 | Hi Leo. Hi Leo. |
| 2:02.7 | Hi. |
| 2:03.7 | So Leo, what do we know about what happened this week? |
| 2:06.7 | It's been a very strange week in Japan, |
| 2:09.6 | and a lot of that has been because Japan has sort of had golden week holidays and markets are generally |
| 2:16.4 | sort of a little bit quieter than normal. However, on Monday when the markets in Tokyo were closed |
... |
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