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February 20th - Japans consumer price growth slowed in January, providing more breathing room for the central banks next policy move. Data released by the Japanese government on Friday showed that the national core consumer price index (excluding volatile fresh food) rose 2.0% year-on-year in January, the slowest pace in two years, after rising 2.4% in December. Since April 2022, Japans inflation rate has remained at or above the Bank of Japans 2% target level. The timing of the Bank of Japans next interest rate hike remains a focus of market attention. Although central bank officials expect food price inflation to ease, a weaker yen could push up import costs. Prime Minister Sanae Takaichis plan to suspend the food and beverage consumption tax for two years could further complicate the inflation outlook. While tax cuts may initially lower prices, this move could also stimulate consumer spending, leading to an overheated economy and ultimately exacerbating inflationary pressures.On February 20th, former Goldman Sachs strategist Robin Brooks believes that the decade-long trend of the dollar rising based on better-than-expected US monthly non-farm payroll data is coming to an end, marking a "system shift" as traders will sell the dollar on strong US job market data. He stated that the market expects the Federal Reserve to cut interest rates, and if the Fed adopts a policy of limiting long-term nominal yields, strong non-farm payroll data could lower real yields, weaken the attractiveness of US assets, and ultimately lead to a weaker dollar. Brooks said, "The market may have doubts about Trumps policies because they have been capricious and unpredictable. The Fed has also been repeatedly attacked." He was referring to President Trumps repeated calls for central bank rate cuts. He added, "All the moves are aimed at lowering interest rates, and I think thats what the market is subconsciously thinking about." As evidence of this phenomenon, the better-than-expected January jobs report released on February 11th had almost no boosting effect on the dollar; instead, it had the opposite effect.Japans nationwide unadjusted CPI fell 0.1% month-on-month in January, compared with a previous reading of -0.2%.Japans core CPI rose 2% year-on-year in January, the smallest increase since January 2024.Japans national CPI rose 1.5% year-on-year in January, below the expected 1.60% and the previous reading of 2.10%.

Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft

Jimmy Khan

Aug 24, 2022 15:25

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Before the cryptocurrency lender went bankrupt last month, Celsius Network LLC, according to a lawsuit filed on Tuesday by the company against a former investment manager, lost or stole assets worth tens of millions of dollars.


After Stone misrepresented himself as a pioneer in the industry, Celsius filed a case in Manhattan bankruptcy court accusing Stone and his business KeyFi Inc of "gross carelessness" and "extraordinarily poor" crypto investment.


Stone was "unable" to use cryptocurrencies profitably, according to Celsius, leading to losses of "several tens of millions of dollars."


He allegedly used stolen money to purchase hundreds of non-fungible tokens ("NFTs"), which he kept out of sight, and then hid his activities by using Tornado Cash, a cryptocurrency "mixer" that the U.S. Treasury Department banned on August 8 due to concerns that it could be used to launder the proceeds of cybercrime.


Six weeks after KeyFi sued Celsius in a Manhattan-based New York state court, the current case was filed on Tuesday.


It alleged that Celsius operated a Ponzi scheme, improperly handled client deposits, neglected to hedge investments, and defrauded Stone of possible compensation worth hundreds of millions of dollars.


According to court documents, Stone worked with Celsius for roughly seven months, concluding in March 2021.


Stone's attorney Kyle Roche said via email that Celsius CEO Alex Mashinsky had approved KeyFi's remuneration, which included NFTs.


The most recent filing by Celsius, according to Roche, "is an effort to rewrite history and make KeyFi and Mr. Stone the scapegoat for their organizational failure."


Each party feels the other is owed money, and both lawsuits aim to recover it as well as compensatory and punitive damages.


After halting withdrawals and transfers for its 1.7 million clients because to "extreme" market circumstances on July 13, Celsius, located in Hoboken, New Jersey, filed for Chapter 11 protection from creditors.


The cases are KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, No. 652367/2022; and Celsius Network Ltd. et al. v. Stone et al., U.S. Bankruptcy Court, Southern District of New York, No. 22-ap-01139.

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