By Leika Kihara and Takahiko Wada

TOKYO, Oct 12 (Reuters)Japan must swiftly revise laws to allow the central bank to issue a digital currency, a move that could provide a chance to reform the Bank of Japan’s existing mandates and enshrine its inflation target, a senior ruling party official said on Monday.

Kozo Yamamoto, head of the Liberal Democratic Party’s (LDP) council on financial affairs, said the BOJ risked being overtaken by private players who could launch their own digital currencies that could undermine the yen.

“If something too convenient pops up from the private sector, people might start to doubt whether they need yen as a currency unit. We must prevent this from happening,” he said. “This is fundamentally about protecting Japan’s currency sovereignty.

Yamamoto said he would prod the government and relevant agencies to speed up efforts to draft a revised BOJ law and other necessary legislation for issuing central bank digital currencies (CBDC).

However, more broadly, Yamamoto has been a vocal advocate of making changes to the BOJ law, which sets out the central bank’s mandates.

Revising the law to include digital currencies would also present a good opportunity to make other changes such as adding an inflation target and job creation to the mandates, much like the U.S. Federal Reserve, he added.

“The new law should also clarify that 2% inflation is the BOJ’s policy target,” he told Reuters.

The BOJ does currently set 2% as its inflation target, introduced in 2013. But the target is not stipulated under the BOJ law, which says only that its role is to ensure Japan’s price moves and financial system are stable.

Central banks globally have been reviewing their strategic goals, with the European Central Bank widely expected to follow in the footsteps

(Bloomberg) — The Indonesian rupiah has languished at the bottom of Asian currency rankings for most of the year but a recent overhaul of the nation’s investment law may help revive its fortunes.

The rupiah rose about 1% against the dollar last week after Indonesia approved its first omnibus law aimed at cutting red tape to boost investments and create jobs. That’s after a loss of 4.1% in the quarter ended September amid concern over Bank Indonesia’s independence, debt monetization and an economy poised for its first annual contraction since 1998.

“The passing of the omnibus labor law is good news for the rupiah as it’s a long-term structural reform that will improve the growth prospects of the economy,” said David Forrester, FX strategist at Credit Agricole CIB in Hong Kong. “We forecast USD/IDR to reach 14,500 by year end.”



graphical user interface, chart: Rupiah's 200-DMA continues to limit currency's gains


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Rupiah’s 200-DMA continues to limit currency’s gains

The rupiah, which traded at 14,700 against the dollar on Friday, has fallen 5.7% so far this year as Asia’s worst performer.

Even though the rupiah failed to breach resistance at its 200-day moving average, support near 15,000 has held in the second half of the year aided by a burgeoning trade surplus, and Bank Indonesia’s support. Not only has the central bank intervened in the currency market, it has also left rates unchanged at its last two meetings.

Video: More corporate job cuts are likely without new stimulus measures (CNBC)

More corporate job cuts are likely without new stimulus measures

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Rupiah bulls will therefore be focusing on the central bank’s policy decision Tuesday, hoping that it continues to prioritize the currency’s stability over growth by keeping rates at present levels. All of the nine economists in Bloomberg’s survey forecast that BI will continue to be

Amy Coney Barrett, Donald Trump’s latest controversial nominee for the US supreme court, will tell senators in her high-stakes confirmation hearing this week that she will approach cases based on the law, not her personal views, as Democrats urged her to step aside on upcoming contentious cases.

Barrett, a fervent Catholic with a record of opposing abortion rights, will say that courts “should not try” to create policy, during Monday’s opening remarks, which were obtained by multiple media outlets on Sunday.

Barrett, a Trump-appointed judge now serving on the US seventh circuit court of appeals, will also say that she’s “done my utmost to reach the result required by the law, whatever my own preferences might be” in her present position. Senate Democrats are expected to grill Barrett on this.

Trump nominated Barrett to replace liberal Justice Ruth Bader Ginsburg, who died in September at the age of 87. If the Republican-controlled Senate confirms her, which is considered likely, it will create a 6-3 conservative majority in the country’s highest court.

Many conservatives hope such a majority will overturn Roe v Wade, a 1973 supreme court ruling that legalized abortion across the US.

The Senate has never confirmed a supreme court justice so close to a presidential election. Democrats have tried unsuccessfully to delay the confirmation proceedings, because of the close-looming election and coronavirus pandemic, which has killed more than 214,000 people in the US and infected more than 7.7 million.

Multiple attendees at the Rose Garden ceremony where Trump announced Barrett’s nomination two weeks ago have been diagnosed with Covid-19, including the president himself.

Republicans are rushing to confirm Barrett in advance of the 3 November election, in time to weigh a high-profile case that can undermine the Affordable Care Act, also known as Obamacare. And if they confirm

FILE PHOTO: Judge Amy Coney Barrett meets with United States Sen. Josh Hawley (R-MO.), not pictured, at the United States Capitol Building in Washington, D.C., U.S., October 1, 2020. Demetrius Freeman/Pool via REUTERS/File Photo

WASHINGTON (Reuters) – Amy Coney Barrett, President Donald Trump’s pick for a U.S. Supreme Court vacancy, said she will rule based on the law, not her personal views, in prepared remarks issued on Sunday ahead of her Senate confirmation hearing this week.

Barrett, a conservative appeals court judge, said that in her current job she has “done my utmost to reach the result required by the law, whatever my own preferences might be.”

A devout Catholic who has a record of opposing abortion rights, Barrett is likely to be probed by Senate Democrats on that issue in particular. If Barrett is confirmed to the position by the Republican-controlled Senate, the court would have a 6-3 conservative majority. Conservative activists hope the court will overturn the 1973 ruling, Roe v. Wade, that legalized abortion nationwide.

Trump nominated Barrett to replace liberal Justice Ruth Bader Ginsburg, who died last month.

Barrett said in the statement that it will be an “honor of a lifetime” to serve alongside the current eight justices and explained how she approaches cases.

“When I write an opinion resolving a case, I read every word from the perspective of the losing party. I ask myself how would I view the decision if one of my children was the party I was ruling against,” she wrote.

Barrett, 48, who has seven children, would be the fifth woman to serve on the court. Before Trump appointed her to the Chicago-based 7th U.S. Circuit Court of Appeals, Barrett was a professor at Notre Dame Law School in Indiana.

Reporting by Steve Holland

(Bloomberg) — The U.K. reached a 9.8 million pound ($12.7 million) settlement in its first successful use of a controversial power designed to crack down on dirty money.



a sign on the side of a building: LONDON, ENGLAND - OCTOBER 07: A general view of The National Crime Agency building in Westminster on October 7, 2013 in London, England. The NCA replaces SOCA, the Serious Organised Crime Agency, which was formed in 2006. Dubbed "the British FBI", the NCA will be tasked with tackling the most serious of crimes in the UK and replaces a number of existing bodies. (Photo by Dan Kitwood/Getty Images)


© Photographer: Dan Kitwood/Getty Images Europe
LONDON, ENGLAND – OCTOBER 07: A general view of The National Crime Agency building in Westminster on October 7, 2013 in London, England. The NCA replaces SOCA, the Serious Organised Crime Agency, which was formed in 2006. Dubbed “the British FBI”, the NCA will be tasked with tackling the most serious of crimes in the UK and replaces a number of existing bodies. (Photo by Dan Kitwood/Getty Images)

The National Crime Agency settled a so-called Unexplained Wealth Order with Mansoor “Manni” Mahmood Hussain, a Leeds businessman, the agency said Wednesday in a statement. The 40-year-old handed over more than 45 properties in London, Leeds and Cheshire, four parcels of land, and nearly 600,000 pounds in cash. The London properties include two apartments in the tony Knightsbridge neighborhood.

“This case is a milestone, demonstrating the power of Unexplained Wealth Orders, with significant implications for how we pursue illicit finance in the U.K,” Graeme Biggar, the NCA’s director general of the National Economic Crime Centre, said in a statement.

Hussain didn’t respond to several messages left with his business. The NCA accused him of using blackmail, threats of violence and ties to criminals to build his property portfolio.

The British government introduced UWOs two years ago to help stop a growing problem of criminals and dictators using the country to hide their wealth. The civil litigation tool forces people with assets of more than 50,000 pounds to prove their funds come from legitimate sources. Failure to comply with the order can allow a court to freeze the assets.

In July, a parliamentary report on Russian involvement in