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Tesla driving on the car's Autopilot function were involved in 273 crashes over roughly the last year, according to new US data. Molly Gambhir tells you how automated vehicles are making drivers less vigilant behind the wheel.

Tesla made up nearly 70% of assisted-driving crashes in last year

Cryptocurrency is having a terrible week with Bitcoin dropping to an 18-month-low on Wednesday. All major cryptocurrencies have been trading in the red lately, with the fall testing long-term investors. Molly Gambhir explains what triggered this latest crash

Why is the crypto market crashing?

Ford Motor Co is recalling nearly million vehicles due to a gear shifting problems. The National Highway Traffic Safety Administration (NHTSA) lists 5 car models to be recalled as defects do not allow gear system to work appropriately.

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In UK, Britons are subscribing less to music as they seek more savings. Britons cancelled over 1 million music subscriptions in the first quarter due to worsening cost of living crisis.

UK music subscriptions in decline as households seek more savings

The US Federal Reserve raised its benchmark interest rate by 75 basis point. This is the biggest and most aggressive interest rate increase since 1994. The Federal Open Market Committee said that it decided to raise the target range for the benchmark borrowing rate to 1.5%-1.75%.

Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994

Ryanair has dropped its controversial Afrikaans quiz after it mandated that the South African passport holders must answer before they could board their flights to or from London in the United Kingdom.

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Virtus is the latest product from VW camp in India that is looking at reviving mid-size Sedan segment. On this, WION speaks to Ashish Gupta, Brand Director, VW Cars India Watch this report for more details.

WION speaks to Ashish Gupta, Brand Director, VW Cars India

India has given final approval to a proposal for directly allocating airwaves to enterprises paving the way for them to operate private 5G networks. The government also said it would hold the 5G spectrum auction by the end of July.

Indian government to auction 5G airwaves, allows private captive networks

For the third time this year, the Federal reserve has raised interest rates and this time by three-quarters of a percent. With this the stakes for the US economy and American consumers are high, Federal Reserve chairman Jerome Powell made the announcement on Wednesday where he reiterated that they are committed to bringing inflation down.

United States: Federal Reserve raises benchmark rates, most aggressive hike since 1994

Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis.&nbsp;

Wednesday’s rate hike by the Fed was its biggest in a single action since 1994. The US central bank raised the benchmark borrowing rate on Wednesday by 0.75 percentage points, bigger than the telegraphed half-point increase after economic data in recent days showed inflation strengthening and consumer confidence weakening.

Mortgage buyer Freddie Mac reported on Thursday that the brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.

Also Read:&nbsp;<a href="https://www.wionews.com/world/unhappy-bill-mcdonalds-to-pay-more-than-usd-1-billion-to-avoid-tax-evasion-case-488748">Unhappy bill: McDonald's to pay more than USD 1 billion to avoid tax evasion case</a>

Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty.

Higher borrowing rates appear to be slowing the housing market. Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates increased, driving up borrowing costs for buyers as home prices soared.

Homeownership has become invariably difficult nowadays, especially for first-time buyers. Besides high inflation, rising mortgage rates and increasing home prices, the supply of homes for sale continues to be limited.&nbsp; 
&nbsp;

(with inputs from agencies) 
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Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.

Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis. Wednesday’s rate hike by the Fed was its biggest in a single action since 1994. The US central bank raised the benchmark borrowing rate on Wednesday by 0.75 percentage points, bigger than the telegraphed half-point increase after economic data in recent days showed inflation strengthening and consumer confidence weakening. Mortgage buyer Freddie Mac reported on Thursday that the brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market. Also Read: Unhappy bill: McDonald's to pay more than USD 1 billion to avoid tax evasion case Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty. Higher borrowing rates appear to be slowing the housing market. Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates increased, driving up borrowing costs for buyers as home prices soared. Homeownership has become invariably difficult nowadays, especially for first-time buyers. Besides high inflation, rising mortgage rates and increasing home prices, the supply of homes for sale continues to be limited. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Long-term US mortgage rates show biggest one-week jump in 35 years after Fed’s rate hike

Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot. At a TechCrunch conference, Gates said, “These digital asset trends are 100% based on greater fool theory." He seems to have referred to the notion that investors can earn money on worthless or overvalued assets till others are looking to bid them higher. The billionaire is "not long or short" crypto. Gates also looked to mock Bored Apes NFTs, by saying jokingly that "expensive digital images of monkeys" will "improve the world immensely." &nbsp;

The Microsoft co-founder still chooses to side with old-fashioned investment options. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," Gates said. &nbsp;

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This comes as several cryptocurrencies have nosedived in recent times. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. &nbsp;

In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. &nbsp;

(With inputs from agencies)&nbsp;

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Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot.

Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot. At a TechCrunch conference, Gates said, “These digital asset trends are 100% based on greater fool theory." He seems to have referred to the notion that investors can earn money on worthless or overvalued assets till others are looking to bid them higher. The billionaire is "not long or short" crypto. Gates also looked to mock Bored Apes NFTs, by saying jokingly that "expensive digital images of monkeys" will "improve the world immensely." The Microsoft co-founder still chooses to side with old-fashioned investment options. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," Gates said. WATCH WION LIVE HERE This comes as several cryptocurrencies have nosedived in recent times. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Microsoft co-founder Bill Gates not a fan of cryptocurrencies and NFTs, prefers old investment options

Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling to compete with online-focused upstart brands in recent years.

The nail polish and lipstick maker, controlled by billionaire Ron Perelman's MacAndrews &amp; Forbes, listed assets and liabilities between $1 billion and $10 billion, according to a filing with the US&nbsp;Bankruptcy Court for the Southern District of New York.

The bankruptcy filing comes days after the Wall Street Journal reported Revlon had begun talks with lenders ahead of looming maturities of debt to avoid bankruptcy.

Also read |<a href="https://www.wionews.com/business-economy/wall-street-stocks-crash-sp-500-enters-bear-market-amid-recession-fears-487905">&nbsp;Wall Street stocks crash; S&amp;P 500 enters 'bear market' amid recession fears</a>

Revlon's sales have struggled amid supply bottlenecks and a failure to swiftly switch to in-demand skincare, losing shelf space in US&nbsp;stores to startups backed by celebrities such as Kylie Jenner's Kylie Cosmetics and Fenty Beauty by Rihanna.

In contrast, rival Coty Inc has gained market share by investing heavily to improve supplies and cater to a post-pandemic rebound in demand for mascara and lipsticks.

Watch |&nbsp;Gravitas: Is a global recession coming?

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Revlon, which has been helmed by Perelman's daughter Debra Perelman since mid-2018, had long-term debt of $3.31 billion as of March 31.

Formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman, Revlon was sold to MacAndrews &amp; Forbes in 1985 and went public 11 years later. The company bought Elizabeth Arden in an $870 million deal in 2016 to strengthen its skincare business.

Also read |&nbsp;<a href="https://www.wionews.com/world/wall-street-stocks-sank-after-inflation-hit-a-40-year-high-487149">Wall Street stocks sank after inflation hit a 40-year high</a>

But Revlon's net sales in 2021 declined 22 per cent&nbsp;from its 2017 levels amid rising competition. The company also made headlines two years ago when Citigroup Inc accidentally sent nearly $900 million of its own money to Revlon's lenders, rather than a small interest payment. A U.S. federal judge, however, ruled it was not entitled to recoup the money.

Revlon, which started off selling nail enamel nearly 90 years ago, also houses several brands including Britney Spears Fragrances and Christina Aguilera Fragrances.

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Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling to compete with online-focused upstart brands in recent years. The nail polish and lipstick maker, controlled by billionaire Ron Perelman's MacAndrews & Forbes, listed assets and liabilities between $1 billion and $10 billion, according to a filing with the US Bankruptcy Court for the Southern District of New York.

Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling to compete with online-focused upstart brands in recent years. The nail polish and lipstick maker, controlled by billionaire Ron Perelman's MacAndrews & Forbes, listed assets and liabilities between $1 billion and $10 billion, according to a filing with the US Bankruptcy Court for the Southern District of New York. The bankruptcy filing comes days after the Wall Street Journal reported Revlon had begun talks with lenders ahead of looming maturities of debt to avoid bankruptcy. Also read | Wall Street stocks crash; S&P 500 enters 'bear market' amid recession fears Revlon's sales have struggled amid supply bottlenecks and a failure to swiftly switch to in-demand skincare, losing shelf space in US stores to startups backed by celebrities such as Kylie Jenner's Kylie Cosmetics and Fenty Beauty by Rihanna. In contrast, rival Coty Inc has gained market share by investing heavily to improve supplies and cater to a post-pandemic rebound in demand for mascara and lipsticks. Watch | Gravitas: Is a global recession coming? Revlon, which has been helmed by Perelman's daughter Debra Perelman since mid-2018, had long-term debt of $3.31 billion as of March 31. Formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman, Revlon was sold to MacAndrews & Forbes in 1985 and went public 11 years later. The company bought Elizabeth Arden in an $870 million deal in 2016 to strengthen its skincare business. Also read | Wall Street stocks sank after inflation hit a 40-year high But Revlon's net sales in 2021 declined 22 per cent from its 2017 levels amid rising competition. The company also made headlines two years ago when Citigroup Inc accidentally sent nearly $900 million of its own money to Revlon's lenders, rather than a small interest payment. A U.S. federal judge, however, ruled it was not entitled to recoup the money. Revlon, which started off selling nail enamel nearly 90 years ago, also houses several brands including Britney Spears Fragrances and Christina Aguilera Fragrances. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cosmetics company Revlon files for bankruptcy protection

US stocks shot up after the Federal Reserve on Wednesday raised the benchmark borrowing rate by 0.75 percentage points amid rising inflation in the country.

It was the biggest interest rate hike in the US since 1994 with food and gas prices soaring in the country.&nbsp;

"It is essential that we bring inflation down if we are to have a sustained period of strong labour market conditions that benefit all," Federal Reserve Chair Jerome Powell said, adding, "We are not trying to induce a recession now, let's be clear about that."

<a href="https://www.wionews.com/business-economy/wall-street-stocks-crash-sp-500-enters-bear-market-amid-recession-fears-487905">Also Read:&nbsp;S&amp;P 500 enters 'bear market' amid recession fears</a>

The historic interest rate hike boosted the Dow Jones Industrial Average which ended the day 1.0 per cent up to close at 30,668.53 while the Nasdaq surged 2.5 points to 11,099.15.

Meanwhile, US President Biden hit out at major oil corporations asserting that "profit margins well above normal being passed directly onto American families are not acceptable".

Watch:&nbsp;US inflation hits new 40-year high

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In a letter to the oil companies, the US president said his administration was "prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity" even as White House Press Secretary Karine Jean-Pierre said it was the &nbsp;"patriotic duty" of oil companies to increase output.

Biden said families "deserve immediate action" while asking oil companies to come up with concrete, near-term solutions to address the crisis.

(With inputs from Agencies)

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US stocks shot up after the Federal Reserve on Wednesday raised the benchmark borrowing rate by 0.75 percentage points amid rising inflation in the country. It was the biggest interest rate hike in the US since 1994 with food and gas prices soaring in the country.

US stocks shot up after the Federal Reserve on Wednesday raised the benchmark borrowing rate by 0.75 percentage points amid rising inflation in the country. It was the biggest interest rate hike in the US since 1994 with food and gas prices soaring in the country. "It is essential that we bring inflation down if we are to have a sustained period of strong labour market conditions that benefit all," Federal Reserve Chair Jerome Powell said, adding, "We are not trying to induce a recession now, let's be clear about that." Also Read: S&P 500 enters 'bear market' amid recession fears The historic interest rate hike boosted the Dow Jones Industrial Average which ended the day 1.0 per cent up to close at 30,668.53 while the Nasdaq surged 2.5 points to 11,099.15. Meanwhile, US President Biden hit out at major oil corporations asserting that "profit margins well above normal being passed directly onto American families are not acceptable". Watch: US inflation hits new 40-year high In a letter to the oil companies, the US president said his administration was "prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity" even as White House Press Secretary Karine Jean-Pierre said it was the "patriotic duty" of oil companies to increase output. Biden said families "deserve immediate action" while asking oil companies to come up with concrete, near-term solutions to address the crisis. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US Federal Reserve announces historic interest rate hike; Wall Street stocks surge

The situation between Russia and India on oil trade has changed within months of Russia-Ukraine war. Now Russia has emerged as India's second biggest supplier of crude oil pushing Saudi Arabia to third position.

Russia, now India's 2nd largest oil supplier

The Competition Commission of India (CCI) has approved Tata Group-owned Air India's proposal to acquire the entire shareholding of low-cost subsidiary AirAsia India.

CCI okays Tata-Air Asia acquisition proposal

Europe's top aviation safety regulator has said that he had seen no evidence that paint or surface erosion on A350 jets which are at center of legal dispute between Airbus and Qatar airways represented a safety issue at all.

Airbus A350 paint dispute: Europe regulator sees no safety concern

All eyes are on US central bank Fed's decision on interest rates. There are predictions that the Fed could increase rates by 0.75% in the United states. This will be the biggest interest rate hike.

Wall Street slips into a bear market, all eyes on US fed interest rate hike

A measure of Australian consumer sentiment slid for a seventh straight month to match pandemic lows in June amid an outsized rise in interest rates and surging inflation.

Inflation, Interest rates bite Australian consumers

Ending over a week-long strike, South Korea's truckers headed back on the roads today after the union and the transport ministry reached a late night agreement.

South Korea truckers return to work after strike ends

Asian shares slid sharply and the safe-haven dollar held a two-decade peak on Tuesday after Wall Street hit a confirmed bear market milestone on fears aggressive US interest rate hikes would push the world's largest economy into recession.

Asian stocks slide, Indian markets trade with losses

The UK economy slowed down in the month of April, adding to the fears of recession. It's the second month that economic output has declined, GDP fell by 0.3% in April.

UK GDP falls for second month running

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession.

"We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post.

Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers.&nbsp;

Armstrong said employees would receive an email informing them if they had been affected, without giving further details.

Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions.&nbsp;

The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year.&nbsp;

The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring.

Also Read:&nbsp;<a href="https://www.wionews.com/world/macron-asks-for-solid-majority-in-sundays-parliamentary-polls-amid-troubled-times-488211">Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’</a>

Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters.&nbsp;

"This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday.

Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits.

(with inputs from agencies)

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Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday. The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post. Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers. Armstrong said employees would receive an email informing them if they had been affected, without giving further details. Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions. The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year. The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring. Also Read: Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’ Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters. "This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday. Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Coinbase to lay off 18 per cent of its workforce as crypto winter sets in

A bear market is growling on Wall Street. S&P 500 has confirmed the presence of a bear market. Inflation fears are dragging S&P 500 into a bear market.

Bear market growls on Wall Street | Recession next?

UK's economy has slowed down in month of April, this has economic output declined for second month in a row. Data for months showed UK economy has stalled as decade high inflation accelerated and supply deceptions hit manufacturing hard.

UK: Economic output declined for the second month

US stocks sunk to a new low on Monday as the S&amp;P 500 fell 3.9 per cent to 3,749.82 entering the "bear market" phase.

Wall Street stocks fell for the fourth consecutive day on Monday amid fears of a recession. The S&amp;P touched its lowest since March last year down 20 per cent from its high.

The Down Jones fell 876 points to settle at 30,516.74 which was 17 per cent below its recorded high even as the Nasdaq fell 4.68 per cent to close at 10,809.23.

<a href="https://www.wionews.com/world/wall-street-stocks-sank-after-inflation-hit-a-40-year-high-487149">Also Read:&nbsp;&nbsp;Wall Street stocks sank after inflation hit a 40-year high</a>

Stocks fell amid reports the US Federal Reserve may raise rates by 0.75 per cent. Experts fear rising inflation may trigger a recession as investors sold stocks on Monday.

It is the first time S&amp;P 500 entered the bear market since the 2020 Wall Street plunge due to the coronavirus pandemic in 2020.

Watch:&nbsp;Is a global recession coming?

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The Dow was dragged down by American Express, Boeing and Salesforce as tech stocks Netflix, Tesla and Nvidia also dived. The Nasdaq touched a new one-year low for the first time since&nbsp;November 2020.

Other stocks including Carnival Corporation and Norwegian Cruise Line also plummeted with Delta Airlines crashing&nbsp;eight per cent.

The bloodbath continued in the communication, and information technology stocks as well. Last weekend premium gasoline prices had surpassed $5 a gallon for the first time in the United States triggering fresh concerns over spiralling oil prices.

(With inputs from Agencies)

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US stocks sunk to a new low on Monday as the S&P 500 fell 3.9 per cent to 3,749.82 entering the "bear market" phase. Wall Street stocks fell for the fourth consecutive day on Monday amid fears of a recession.

US stocks sunk to a new low on Monday as the S&P 500 fell 3.9 per cent to 3,749.82 entering the "bear market" phase. Wall Street stocks fell for the fourth consecutive day on Monday amid fears of a recession. The S&P touched its lowest since March last year down 20 per cent from its high. The Down Jones fell 876 points to settle at 30,516.74 which was 17 per cent below its recorded high even as the Nasdaq fell 4.68 per cent to close at 10,809.23. Also Read: Wall Street stocks sank after inflation hit a 40-year high Stocks fell amid reports the US Federal Reserve may raise rates by 0.75 per cent. Experts fear rising inflation may trigger a recession as investors sold stocks on Monday. It is the first time S&P 500 entered the bear market since the 2020 Wall Street plunge due to the coronavirus pandemic in 2020. Watch: Is a global recession coming? The Dow was dragged down by American Express, Boeing and Salesforce as tech stocks Netflix, Tesla and Nvidia also dived. The Nasdaq touched a new one-year low for the first time since November 2020. Other stocks including Carnival Corporation and Norwegian Cruise Line also plummeted with Delta Airlines crashing eight per cent. The bloodbath continued in the communication, and information technology stocks as well. Last weekend premium gasoline prices had surpassed $5 a gallon for the first time in the United States triggering fresh concerns over spiralling oil prices. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Wall Street stocks crash; S&P 500 enters 'bear market' amid recession fears

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors.

But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth.

The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen.

Also read |&nbsp;<a href="https://www.wionews.com/world/why-japan-prefers-higher-inflation-481910">Why Japan prefers higher inflation</a>

It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar.

"The&nbsp;ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary.

And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further."

US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March.

Benefits for tourism, exporters

In Japan however, inflation has only just hit the central bank's long-term target of two percent.

And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth.

As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75).

But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News.

Watch |&nbsp;Asia stocks hit 3-week top, dollar near 5 weeks low

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He also pointed to the benefits of a weaker yen for&nbsp;Japanese&nbsp;exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months.

The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours.

"The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore.

"These will help drive the economic recovery further," he told AFP.

Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

"It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years."

The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes.

But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports.

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The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy. Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors. But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth. The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen. Also read | Why Japan prefers higher inflation It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar. "The ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary. And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further." US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March. Benefits for tourism, exporters In Japan however, inflation has only just hit the central bank's long-term target of two percent. And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth. As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75). But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News. Watch | Asia stocks hit 3-week top, dollar near 5 weeks low He also pointed to the benefits of a weaker yen for Japanese exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months. The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours. "The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore. "These will help drive the economic recovery further," he told AFP. Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said. Also read | Dollar gains as US stocks fall, ECB decision on tap "It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years." The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes. But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Yen slides to 24-year low against dollar