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The Asia Trade 10/07/25

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Окт 7, 2025

Live on Bloomberg TV

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  • 00:00THIS IS THE ASIA TRADE. I’M SHERY AHN IN TOKYO. I’M AVRIL HONG IN SINGAPORE. THE LATEST STORIES THIS HOUR. AMD, SOARING AS IT SIGNS UP TO BUILD INFRASTRUCTURE FOR OPEN AI. WALL STREET IS ON HIS LONGEST WINNING STREAK SINCE MAY. WE HEAR FROM EXECUTIVES OF BOTH COMPANIES WITH AMD CHALLENGING NVIDIA’S LEAD IN THE AI COMPUTING INDUSTRY. JAPANESE STOCK FUTURES POINTING TO FURTHER GAMES AS — GAINS AS TAKAICHI TELLS BLOOMBERG THE BOJ SHOULD NOT TIGHTEN RATES THIS MONTH. WE HAVE SEEN THE SENATE VOTE TO END THE GOVERNMENT SHUTDOWN IN THE U.S., FAILING YET AGAIN. WE HAVE HEARD COMMENTS FROM THE U.S. PRESIDENT ON TRUTH SOCIAL, BLAMING THE DEMOCRATS PRETTY MUCH. BUT YOU LOOK AT THE WAY U.S. STOCKS HAVE PERFORMED, NOT ONLY IS THE S & P 500 ON THE LONGEST WINNING STREAK SINCE MAY, ALL TIME HIGHS, THE AMD — OPEN AI DEAL CENSUS STOCKS SURGING, OVERNIGHT HELPING THE OTHER SEMICONDUCTOR RELATED STOCKS AS WELL. WE SAW THE PHILADELPHIA SEMICONDUCTOR INDEX CLIMBING, HELPING TO CLOSE THE GAP WITH THE MAG 7’S. WE ALSO SAW BROADCOM AND NVIDIA STOCKS SLIDING, SOMETHING WE WILL WATCH POTENTIALLY IN THE SESSION TODAY. SHERY: ESPECIALLY HERE IN JAPAN BECAUSE YOU HAVE HIGHLY EXPOSED COMPANIES WITH REVENUE COMING FROM AMD. WE WILL BE WATCHING THAT OPEN AS NIKKI FUTURES ARE NOT DOING MUCH AFTER SURGING TO RECORD HIGHS. WE HAVE THE TAKAICHI STIMULUS, EXPECTED TO BE THE NEXT FRIEND MINISTER OF JAPAN. WE ARE WATCHING CLOSELY WHAT’S HAPPENING WITH JGB’S, ESPECIALLY WITH THE LONG END SPIKING ON FISCAL CONCERNS. THE AUSSIE DOLLAR, JUMPING TO THE HIGHEST LEVEL IN 10 MONTHS AGAINST THE JAPANESE YEN. YOU HAVE A STAGGERED OPEN IN AUSTRALIA WITH DAYLIGHT SAVINGS THIS WEEK GETTING STARTED, DOWN .2%. EARLY AT THE OPEN, THE OFFSHORE YUAN AT THE 714 LEVEL — 7.14 LEVEL. CHINA AND SOUTH KOREA, STILL AWAY ON HOLIDAYS. AVRIL: IT IS ALL ABOUT THE TECH DEAL, AMD PLANTING THE BLOCKBUSTER DEAL WITH OPENAI TO BUILD AI INFRASTRUCTURE SENDING THE STOCK SURGING AS IT MOUNTS A CHALLENGE TO NVIDIA. IT IS THE LARGEST APPOINTMENT THE COMPANY HAS EVER ANNOUNCED. I HAVE FULL CONFIDENCE IN SAM, GREG, SARAH AT OPENAI. IT’S A MASSIVE OPPORTUNITY FOR US. IT’S ABOUT WHO HAS THE MOST COMPUTE AND HOW FAST CAN WE GET IT ONLINE? WE ARE COMMITTING TO DOING THIS TOGETHER. AVRIL: LET US GET MORE WITH OUR BLOOMBERG INTELLIGENCE GLOBAL HEAD UP INTELLIGENCE RESEARCH, MANDEEP SINGH. TALK TO US ABOUT HOW MUCH REVENUE THIS POTENTIALLY UNLOCKS FOR AMD. THE MARKET RIGHT NOW IS CLOSE TO A $250 BILLION MARKET. EVERYONE IS EXPECING IT TO QUADRUPLE BY THE END OF THE — EXPECTING IT TO QUADRUPLE BY THE END OF THE DECADE. THIS GIVES OPENAI EQUITY IN AMD’S STOCK EVENT HITS A CERTAIN LEVEL. AMD COULD EASILY BECOME A 15% TO 20% MARKET SHARE SORT OF PLAYER IF THIS WERE TO PAN OUT AND AMD IS ABLE TO RAMP UP THE CAPACITY. THIS DEAL IS ADDING UP TO SIX GIGAWATTS WHICH COULD TAKE THEM TO THAT STRATEGIC WHEN HE PERCENT MARKET SHARE OVER TIME BUT CLEARLY THIS IS A BIG DEAL GIVEN AMD’S MARKET POSITION RIGHT NOW IS ALMOST LOW SINGLE-DIGIT SHARE IN THE AI DATA CENTER MARKET. SHERY: SIX GIGAWATTS IS JUST OVER HALF THE SIZE OF AN AGREEMENT REACHED WITH NVIDIA EARLIER BY OPENAI, AS WELL. HOW IMPORTANT ARE THESE COMPANIES IN THE BROADER TECH SPHERE RIGHT NOW? MANDEEP: RIGHT NOW NVIDIA ALMOST HAD A MONOPOLY IN THAT $250 BILLION MARKET I REFERENCED. BROADCOM IS A DISTANT SECOND PLAYER. WHAT HAPPENED WITH AMD WAS AT THE RISK OF GETTING LEFT BEHIND, AMD CAN NOW ADD UP TO SIX GIGAWATTS, THAT IS SUBSTANTIAL IN THE CONTEXT OF NEW CAPACITY GETTING ADDED AND ALL THE HYPERSCALERS ADDING THEIR OWN CAPACITY AS WELL. WE ARE TALKING ABOUT A BIG INFRASTRUCTURE BUILDOUT. AMD WILL BE A PLAYER. I THINK THAT IS QUITE SIGNIFICANT FOR THE COMPANY GIVEN ITS MARKET POSITIONING AS OF TODAY. SHERY: THE GLOBAL HEAD OF TECHNOLOGY, MANDEEP SINGH, WITH THE LATEST IN THE TECH SECTOR, FUELING THE AI FRENZY. GIVEN THE IT NEWS IN TECH AND THE RALLIES WE ARE SEEING IN A SMALL SECTOR OF THE MARKET, YOU CAN SEE THIS CHART HOW THE CORRELATION ON THE S & P 500 IS COLLAPSING, THE CORRELATION BETWEEN MEMBERS OF THE CONSTITUENTS HERE IN THE S & P 500 AND THE BROADER BENCHMARK VERY LOW. IT’S REALLY A DRAMATIC CHART. LET’S BRING IN OUR LUMBER OPINION COLUMNIST — BLOOMBERG A PILLION PROBLEM COLUMNIST JOHN AUTHERS. WHAT ARE YOU SEEING IN TERMS OF MARKET HEALTH? I’VE BEEN PROVED WRONG A NUMBER OF TIMES, BUT THIS IS ONE OF THE LESS COMMITTING HIGHS, IT IS VERY NARROW. ALSO VERY UNUSUAL TO SEE AN ALL-TIME HIGH COUPLED WITH SUCH AN ALL-TIME HIGH ALSO FOR GOLD. SINCE DONALD TRUMP WAS ELECTED NOVEMBER OF LAST YEAR, THE S & P 500 HAS UNDERPERFORMED GOLD BY 20%. IF IT WAS DENOMINATED IN GOLD, IT WOULD BE IN A BEAR MARKET NOW FOR THE SECOND TRUMP ERA. THAT IS QUITE IMPORTANT. THERE’S EXCITING THINGS HAPPENING, BUT NOTE AGAIN WITH THE AMD DEAL, IN MANY WAYS THIS IS ABOUT ONE COMPANY BEATING ANOTHER, NOT ABOUT ANY PARTICULARLY GREAT NEW CREATION OF VALUE. IF YOU LOOK AT WHAT’S HAPPENING TO THE GOLD PRICE AND THE WAY PEOPLE ARE RETREATING FROM BONDS, GIVEN THE POLITICAL CRISIS IN FRANCE AND THE SHOCK FROM JAPAN, THIS IS A SOMEWHAT UNCONVINCING STOCK MARKET RALLY. AVRIL: TO YOUR POINT ABOUT WHAT’S GOING ON IN FRANCE, WE ARE WAITING TO SEE WHAT TAKAICHI’S POLICIES WILL LOOK LIKE. THERE’S BEEN A LOT OF HARKENING BACK TO ABENOMICS. OUT OF THOSE THREE ARROWS WE HAVE BEEN LOOKING AT, HOW MUCH FILLING IN OF THE BLANKS ARE YOU EXPECTING? JOHN: IT IS OBVIOUSLY THE CASE SHE IS A LOYAL ACOLYTE OF ABE AND WE WILL SEE SOME SIGNIFICANT CONTINUATION OF THE PHILOSOPHY OF ABENOMICS UNDER TAKAICHI, BUT I THINK THE MARKET MIGHT BE GETTING UNDER EXACTLY HOW SHE INTENDS TO DO THAT. THE FIRST PHASE INVOLVED A MASSIVE RUN ON THE YEN AND DRAMATICALLY DOVISH MONETARY POLICY. THAT IS NOT AN OPTION NOW THAT JAPAN ACTUALLY HAS INFLATION. SHE HAS MADE IT OBVIOUS. AND ANY COMPETENT POLITICIAN SHOULD GRASP INFLATION IS NOW A SERIOUS POLITICAL PROBLEM IN JAPAM AND IT HAS TO BE DEALT WITH — JAPAN AND IT HAS TO BE DEALT WITH. THAT WILL PUT A LIMIT ON EXACTLY HOW DOVISH THE BOJ CAN BE UNDER TAKAICHI’S ADMINISTRATION AND IT PUTS A LIMIT ON THE FISCAL WHERE WITH ALL THEY WILL BRING TO BEAR. THIS IS GOING TO BE MUCH MORE ABOUT GETTING THE THIRD ARROW TO ACTUALLY HIT THE THIRD ARROW WHICH IS IMPROVING COBRA GOVERNANCE AND GETTING — IN CHINA THEY CALL THIS ANTI-INVOLUTION BUT IT SEEMS SIMILAR IN JAPAN. THERE’S A LARGE NUMBER OF SECTORS THAT ARE OVER COMPETITIVE AND ALTHOUGH PHILOSOPHICALLY THERE IS A HUGE DIFFERENCE BETWEEN TAKAICHI AND XI JINPING, THEY ARE BOTH TRYING TO DO SOMETHING QUITE SIMILAR WHICH IS A LIMITED — ELIMINATE OVERCAPACITY AND OVER COMPETITION. AVRIL: GREAT TO GET YOUR INSIGHTS. THANK YOU SO MUCH, JOHN AUTHERS. COMING UP, WE WILL DISCUSS MARKET STRATEGY IN JAPAN AND BEYOND FOLLOWING TAKAICHI’S SURPRISE VICTORY IN THE RULING PARTY LEADERSHIP RACE. MR. MATSUKAYA JOINS US LATER THIS HOUR TO LOOK AT THE PARTY’S NEW DIRECTION. MUCH MORE AHEAD. THIS IS BLOOMBERG. ♪ SHERY: TAKE A LOOK AT HOW THE JAPANESE YEN IS TRACKING AFTER PASSING THE 150 LEVEL AGAINST THE U.S. DOLLAR. IT’S BEEN LAID TO DOWNSIDE PRESSURE ON THE YEN. ESPECIALLY WE SAW THE RECORD LOW AGAINST THE EURO YESTERDAY AND IT WAS ALSO THE AUSSIE JUMPING TO A 10 MONTH HIGH AGAINST THE JAPANESE YEN AS WELL. A SENIOR ECONOMIC ADVISOR TO TAKAICHI TOLD BLUMBERG WJ WILL HOLD OFF ON A RATE HIKE THIS MONTH. LET’S GET MORE WITH OUR YOSHI LIKE YOU KNOW HOW TO — YOSHIAKI NOHARA. YOSHIAKI: THAT WAS SOMEWHAT EXPECTED BUT ALSO IN THE INTERVIEW, THEY MENTIONED THEY ACCEPTED A RATE HIKE IN DECEMBER. THAT SAYS IT IS A VERY DIFFERENT SITUATION FROM WHEN ABENOMICS STARTED. NOW EVERYONE IS STRUGGLING WITH INFLATION. AVRIL: IT DOES SEEM LIKE BASED ON WHO SHE IS SET TO GIVE KEY POSTS TO, SOME OF THESE VETERAN FORMER FINANCE MINISTERS REPORTEDLY, THAT THERE IS SOME COGNIZANCE OF THE FINANCIAL MARKET REASSURANCE ASPECT OF ALL THIS. WHAT TO HER POTENTIAL PIX TELL US ABOUT HER POLICYMAKING? YOSHIAKI: AS YOU MENTIONED, THE TWO KEY POSITIONS ARE LIKELY TO GO TO THE FORMER PRIME MINISTER AND THE FORMER FINANCE MINISTER. THOSE ARE GOOD SIGNALS THAT SHE IS TELEGRAPHING TO THE MARKET THAT SHE IS NOT GOING TO IGNORE THE PHYSICAL CONCERNS PEOPLE ARE HAVING. ABOUT HER POLICY. AND SHE IS GOING TO BE RESPONSIBLE FOR FISCAL POLICY. THAT IS A CLEAR SIGNAL SHE IS SENDING THERE. SHERY: IS IT THE RIGHT SIGNAL TO CENTER THE JAPANESE PUBLIC THAT’S BEEN REALLY TIRED OF FUNDING SCANDALS AND THE LDP? THIS WAS SUPPOSED TO BE AN ELECTION TO REFRESH THE RULING PARTY. YOSHIAKI: THAT IS AN EXCELLENT QUESTION AND ONE OF THE OTHER THINGS TO KEEP IN MIND IS ONE OF THE KEY LDP POSITIONS, HE WAS ONE OF THE POLITICIANS WHO WASN’T LOCATED IN THE — WAS IMPLICATED IN THE SCANDAL. THAT CAN BACKFIRE. SHE IS TESTING THE PUBLIC ON THIS. WHETHER SHE CAN MOVE ON FROM THE SCANDAL OR THE PUBLIC CAN STILL MIND ABOUT THOSE KINDS OF APPOINTMENTS, WHEN THEY ARE STRUGGLING WITH MONEY, THE COST OF INFLATION. SHERY: LUMBER’S ECONOMICS — BLOOMBERG’S ECONOMICS REPORTED, YOSHIAKI NOHARA. THE YEN, AT TWO MONTH LOWS AGAINST THE U.S. DOLLAR. OPTIONS TRADERS, THE LEASE BULLISH ON THE JAPANESE YEN IN MORE THAN THREE YEARS. JOINING US NOW IS THE CHIEF JAPAN FX AND RATES STRATEGIST. GREAT TO HAVE YOU IN THE STUDIO WITH US. I LAST SAW YOU LAST YEAR, I THINK, WHAT DO YOU MAKE OF THE JAPANESE YEN WEAKNESS? LAST WEEK WE SAW A LITTLE BIT OF A SPEC BECAUSE OF UNCERTAINTY WITH THE U.S. GOVERNMENT SHUTDOWN AND THAT NARRATIVE SEEMS TO BE COMPLETELY GONE. THE U.S. SIDE STILL HAS SOME RISKS BUT OBVIOUSLY WE HAD DEVELOP IN OVER THE WEEKEND. TAKAICHI HAS BEEN PRETTY CONSISTENT ON MANY THINGS. BUT ESPECIALLY FISCAL EXPANSION AND EASING MONETARY POLICY. OF COURSE THERE IS A QUESTION, HOW MUCH SHE CAN DELIVER. ON THE ONE HAND, FICAL POPULISM — FISCAL POPULISM GROWING IN THE PUBLIC. SHE ALSO HAS TO LISTEN TO THE LDP’S. GIVEN THIS UNCERTAINTY, I THINK YESTERDAY’S MOVE WAS MORE MEASURED, I WOULD SAY. BUT BECAUSE OF THIS UNCERTAINTY, THERE’S GOING TO BE MORE FOLLOW-THROUGH. THAT IS NEGATIVE FOR THE YEN FOR THE REST OF THE YEAR COUPLED WITH STRUCTURAL OUTFLOWS WE ARE SEEING FROM JAPAN. SHERY: NOT TO MENTION AS A POLITICIAN, SHE SHOULD LISTEN TO JAPANESE HOUSEHOLDS. WHAT IS THE YEN TARGET AND COULD WE SEE A RECOVERY INTO NEXT YEAR WHEN WE ARE EXPECTING THOSE BOJ RATE HIKES TO COME? SHUSUKE: FOR THE REST OF THIS YEAR, WE THINK THE YEN WILL RISE TOWARDS $155 BY YEAR’S END. THAT GOES AGAINST MARKET EXPECTATIONS. BASED ON MONETARY POLICY BETWEEN THE U.S. AND JAPAN. BUT I THINK WE STILL SEE OUTFLOWS FROM JAPAN PRETTY STRONG. THERE’S MORE FOR THE MARKET TO PRICE IN IN TERMS OF TAKAICHI’S POLICY STANCE AND I WOULD ALSO SAY THAT THE FED PRICING, I THINK, ASSUMES CONTINUED SOFTNESS IN THE U.S. LABOR MARKET. BUT THE MARKET SALE PRICES IN MORE THAN 50% FURTHER BOJ HIKE BY THIS YEAR END. I SEE SOME INCONSISTENCY HERE. IF THE U.S. LABOR MARKET CONTAINS WEEK, IT WILL BEHIND BECAUSE TAKAICHI WILL PROBABLY BE AT PRIME MINISTER. AVRIL: TO YOUR POINT ALSO ABOUT EXPECTATION VERSUS REALITY, SINCE ALL THE DATA HAS BEEN POINTING IN THE RIGHT DIRECTION FOR THE BOJ TO CONTINUE NORMALIZATION, WE LOOK AT THE YEN WEAKNESS, $155 AGAINST THE GREENBACK, WHAT ARE THE RISKS FOR IMPORT INFLATION? SHUSUKE: IMPORT INFLATION HAS BEEN A KEY ISSUE IN JAPAN. THAT’S WHY THE PUBLIC WANTS CHANGE IN POLICY. AND I THINK THE RISK WILL PROBABLY CONTINUE. IN THE FINANCIAL MARKET, WE ALWAYS TAKE ABOUT THE CENTRAL BANK, POLICY ACTIONS WILL DRIVE THE CURRENCY. BUT I THINK IN REALITY, THESE OUTFLOWS FROM CORPORATE AND HOUSEHOLD ARE BASED ON DEMOGRAPHICS THAT HAVE LITTLE TO DO WITH MONETARY POLICY. SO FROM THAT PERSPECTIVE, MARGINAL CHANGE IN THE BOJ OR FED POLICY RATE WILL NOT IMPACT DOLLAR-YEN’S DIRECTION THAT MUCH. THE MOVE HAS TO BE MUCH MORE DRASTIC. I THINK FROM THIS PERSPECTIVE, INTO NEXT YEAR, THE KEY RISK IS THAT THE FED DOES NOT DELIVER RATE CUTS AS MUCH AS PRICED IN AND IF THAT IS THE CASE, I THINK JAPAN’S IMPORT INFLATION WILL REALLY GET EXACERBATED. SHERY: — AVRIL: WHAT ABOUT JAPAN’S POTENTIAL INVESTMENTS ITO — INTO THE U.S.? HOW DO YOU ASCERTAIN WHAT THE IMPACT ON FX IS GOING TO BE THEN? SHUSUKE: THAT IS A GREAT QUESTION. I THINK ONE OF THE KEY FORECASTS FOR INVESTORS AFTER THE U.S.-JAPAN INVESTMENT DEAL IN SEPTEMBER, SO, JAPAN ALREADY INVESTS IN THE U.S. A LOT. RUNNING AT RECORD HIGHS THIS YEAR. THE GOVERNMENT EXPLAINED THAT THEY ARE GOING TO FUND THIS DEAL BY THE RESERVES AND OTHER MEASURES THAT DO NOT IMPACT THE FX MARKET. BUT THESE PROJECTS WILL PROBABLY INVOLVE PRIVATE SECTOR, JAPANESE COMPANIES COULD PARTICIPATE IN THE PROJECTS. THAT COULD GENERATE MORE DOLLAR DEMAND. $550 BILLION IS PRETTY BIG. BUT I THINK ONCE ONE PROJECT AT SOME CEMENTED, WHICH IS PROBABLY LIKELY — GETS IMPLEMENTED, WHICH IS PROBABLY LIKELY BEFORE THE MIDTERM ELECTION, THE MARKET WILL LOOK SHARPLY AND THAT WILL HAVE MARKET APPLICATIONS — WILL EXTRAPOLATE AND THAT WILL HAVE MARKET APPLICATIONS. SHERY: SOUTH KOREA IS SAYING THAT COULD TRIGGER A FINANCIAL CRISIS IF THEY CHANGE EVERYTHING INTO U.S. DOLLARS AND INVEST IN THE U.S. WHEN IT COMES TO THE YEN, RECORD LOWS AGAINST THE EURO, AUSSIE JUMPING TO A 10 MONTH HIGH, YEN FUNDED CARRY TRADES, HOW ATTRACTIVE ARE THEY WHEN THE REST OF THE WORLD ALSO SEEMS TO BE CUTTING ECONOMICS JUST RELEASING THEIR FORECAST, 15 MAJOR CENTRAL BANK OUT OF 2023 WILL BE CUTTING RATES INTO THE YEAR END. DOES IT BECOME LESS ATTRACTIVE JUST BECAUSE OF THE GLOBAL FUNDING MONETARY ENVIRONMENT? SHUSUKE: AT THE MARGIN, YES. BUT I THINK WHAT IS IMPORTANT IS WHETHER THE JAPANESE COMFORT SECTOR AND INVESTORS INCREASE THE HEDGE RATIO FROM HERE. RIGHT NOW I THINK THE POLICY GAP BETWEEN THE U.S. AND JAPAN IS STILL PRETTY HIGH. I THINK IT HAS TO NARROW WITHIN 3%, LET’S SAY. THAT WILL TAKE AT LEAST SEVERAL QUARTERS. BASED ON MARKET PRICING. I THINK UNTIL THEN, THE JAPANESE OUTFLOWS FROM THE CORPORATE AND HOUSEHOLD WILL CONTINUE. IT IS REALLY MORE ABOUT HEDGING AGAINST INFLATION AND A POPULATION DECLINE. I REALLY DON’T THINK THAT YEN CARRY TRADE’S CREDIT AT THE MOMENT AND FROM THAT PERSPECTIVE, IT REMAINS ATTRACTIVE FOR THE TIME BEING. SHERY: JUST — AVRIL: JUST ONE FINAL QUESTION FOR YOU. THERE IS CONTINUED CONCERN ABOUT THE LONG END GIVEN WHAT WE MIGHT GET FROM FISCAL POLICIES, THE 30 YEAR AUCTION TODAY, AT THE CENTER OF THE FINANCE MINISTER COMMITTED TO CURTAILING SUPPLY THROUGHOUT THE YEAR, THE REMAINDER OF 2025. WHAT DO YOU SEE IN BALANCE, WHAT WE SHOULD BE PAYING ATTENTION TO IN THE CURVE? SHUSUKE: YES, SO, GREAT QUESTION, I THINK THE EQUITY RALLY YESTERDAY AND THE SELLOFF IN JGB’S YESTERDAY TELLS THE SAME THING. LOOKING FROM THE DIFFERENT ANGLES. JAPAN HAS THE HIGHEST PUBLIC DEBT/GDP RATIO. ON THE OTHER HAND IF YOU LOOK AT THE DEBT/GDP RATIO’S MOVEMENT OVER THE PAST SEVERAL YEARS, JAPAN IS THE ONLY MAJOR NATION WHICH HAS SEEN A MASSIVE IMPROVEMENT. WHAT WE HAVE SEEN AS A MASSIVE INFLATION TAX TO THE PEOPLE. IT IS UNDERSTANDABLE THAT THE PEOPLE REQUEST MORE FISCAL SPENDING. I THINK THE QUESTION IS WHETHER THE GOVERNMENT WILL STRIKE THE RIGHT BALANCE. YESTERDAY’S MOVE I THINK IMPLIES THAT THEY CAN. EQUITY HIGHER AND THE SUPERLONG JGB’S SOFTNESS MORE MEASURED. BUT WE REALLY DON’T KNOW HOW THE SUPPLEMENTARY BUDGET WILL PLAY OUT IN THE FALL AND ALSO THE GENERAL BUDGET FOR THE NEXT FISCAL YEAR. SO IF THIS BALANCE IS SORT OF BROKEN AND FISCAL CONCERN INCREASES, THERE’S A RISK THAT THE SUPERLONG JGB’S SELLOFF FURTHER AND THAT COULD CAP THE EQUITY RALLY. . WE JUST HAVE TO SEE HOW IT PLAYS OUT. SHERY: REALLY GOOD TO SEE YOU IN THE STUDIO. THE CHIEF JAPAN FX AND RATES STRATEGIST AT BFA GLOBAL RESEARCH. WE DO HAVE MORE HEAD ON THE ASIA TRADE. THIS IS BLOOMBERG. ♪ PRESIDENT SAYS HE WOULD NEGOTIATE WITH DEMOCRATS OVER HEALTH CARE SUBSIDIES IN A BID TO RESOLVE THE U.S. GOVERNMENT SHUTDOWN. THE SENATE HAS REJECTED A HOUSE PASSED A STOPGAP BILL TO KEEP THE GOVERNMENT OPEN. DEMOCRATS SAY THEY WILL NOT SUPPORT THE BILL UNLESS IT ADDRESSES SUBSIDIES. PRESIDENT TRUMP USED A TRUTH SOCIAL POST TO BLAME DEMOCRATS FOR THE IMPASSE WHILE INDICATING HE WOULD BE OPEN TO TALKS AFTER THE GOVERNMENT REOPENED. WE HAVE A NEGOTIATION GOING ON WITH THE DEMOCRATS THAT COULD LEAD TO GOOD THINGS. WITH REGARD TO HEALTH CARE. THE UNCERTAINTY HAS FUELED DEMAND FOR THE SAFE HAVEN PRECIOUS METAL. IT HAS GONE WAY PAST THAT. 4000 AN OUNCE. 4000 AN OUNCE. WE HAVE BREAKING NEWS OUT OF JAPAN. WE ARE GETTING THE HOUSEHOLD SPENDING NUMBER. GROWTH OF 2.3% FOR AUGUST. THIS IS A BIG BEAT FOR EXPECTATIONS. REMEMBER THIS IS ALWAYS BACKWARDS LOOKING BECAUSE THIS IS BEFORE WE GOT THE FINE PRINT BEFORE THE PRIME MINISTER RESIGNED BUT SHOWING RESILIENCE IN JAPANESE CONSUMPTION CONSIDERING WE CONTINUE TO SEE GROWING INFLATION. OF COURSE INFLATION IS ONE OF THE ISSUES THAT THE INCOMING PRIME MINISTER WILL NEED TO CONTEND WITH. LET’S GET MORE ON THE ELECTION OF THE RULING PARTY LEADER. FACING THE TASK OF TRYING TO NOT ONLY CONTAIN INFLATION AND HELP THE JAPANESE PUBLIC BUT REUNITE THEM REGAIN PUBLIC SUPPORT. JOINING US AS AN LDP LAWMAKER WHO SERVES AS A MEMBER OF THE HOUSE OF COUNSELORS. GREAT TO HAVE YOU HERE. AND GOING INTO THE ELECTION WE WERE SEEING THEM THE AND NECK. WHAT DOES IT SIGNAL FOR THE JAPANESE PUBLIC? IT WAS INTERESTING BECAUSE THE FIRST POSSIBLE FEMALE LEADER VERSUS THE YOUNGEST LEADER FOR JAPANESE HISTORY, SO THE PEOPLE VOTE BECAUSE IT IS AN ELECTION OF THE LDP PRESIDENT SO ONLY LDP MEMBERS CAN VOTE BUT OTHER THAN THE PARLIAMENTARIAN THE GENERAL NUMBER THAT MUCH MORE VOTES SO I THINK IT IS A LOT TO THE VOTING ACTION BY THE CONGRESSMAN. WE’RE HEARING FROM LOCAL MEDIA THAT PERHAPS FORMER MINISTERS COULD BE BECOMING PART OF THE CABINET AGAIN WITH THIS BE SENDING THE RIGHT MESSAGE OF CHANGE? IT IS ONE WAY TO THINK BECAUSE SHE IS STILL THE GOVERNMENT. IT IS ONLY ONE PART OF THE POST AT THE LDP HEADQUARTERS AND SHE IS NOW STARTING TO THINK ABOUT GOVERNMENT MEMBERS. THE MORE IMPRESSION, THE LARGER IMPRESSION IS GIVEN BY THE CABINET MEMBERS SO YOU SEE. SHE PUT UP THE IMPORTANT EXPERIENCED POLITICIANS TO SORT OF SHOW THE STABILITY OF THE FINANCIAL POLICIES. THIS IS A ROLE IN SINGAPORE I WONDER YOUR THOUGHTS INTO THIS POINT ABOUT CHANGE, JAPAN HAS GONE THROUGH A NUMBER OF PRIME MINISTERS, WHAT NEEDS TO CHANGE FOR THIS CONTINUED CERTAINTY IN THE COUNTRY AND HOW CONFIDENT ARE YOU THAT THIS TIME IS DIFFERENT? THIS TIME IS DIFFERENT I THINK. I WOULD REALLY LIKE TO SHARE THAT I AM EXCITED AND HAPPY TO SEE THE FIRST FEMALE PRIME MINISTER TO BE IN JAPANESE HISTORY. THE GLASS CEILING IS BROKEN IN JAPAN SO IT’S A HUGE MESSAGE TO THIS IDEA THAT REGARDLESS OF GENDER — THAT IS SENDING A GREAT MESSAGE TO SOCIETY. SO I AM SURE THIS IS A HUGE CHANGE. THE RESULTS HAVE BEEN FOR JAPAN. IS THIS MORE SYMBOLIC THAN ANYTHING? WE KNOW OF HER AS BEING RELATIVELY CONSERVATIVE. WHAT PROGRESS ARE YOU ACTUALLY EXPECTING ON WOMEN’S ISSUES? COMPARED WITH LAST YEAR’S ELECTION, SHE HAS PUT UP MORE WOMEN’S AGENDA, WOMEN’S HEALTH OR SUPPORTING THE FAMILIES. I THINK SHE INTENTIONALLY INCREASED THE WOMEN’S AGENDA MORE SO SHE CAN BE SEEN NOT JUST AS A LEADER OF THE CONSERVATIVES BUT ALSO THE WOMEN’S LEADER. LET’S HOPE THAT SOME OF THOSE CHANGES ARE REFLECTED IN GOVERNMENT BUT THE FACT THAT THE LDP SEEMS TO BE TURNING MORE TO THE RIGHT, WE KNOW THAT ONE OF HER FIRST ELECTION SPEECHES, CAMPAIGN SPEECHES, WAS ABOUT CONCERNS ABOUT FOREIGNERS HARASSING DEER OR SOMETHING LIKE THAT. IS THIS A CONCERN FOR THE BROADER PUBLIC WHEN IT COMES TO THESE ISSUES WHERE IMMIGRATION IS A BIG ECONOMIC NEED HERE GIVEN THE DEMOGRAPHICS? IT IS A CONCERN FOR THE GENERAL PUBLIC I HAVE TO SAY. THE LAST ELECTION, THE UPPER HOUSE ELECTION, WE LOST TO A NEW PARTY. HOW DO YOU TRANSLATE IT IN ENGLISH? PARTICIPATION PARTY. WHICH STRONGLY DEMONSTRATED THE CONCERN WITH REGARD TO IMMIGRATION AND I THINK PART OF THE DEFEAT OF THE LDP IS DUE TO PEOPLE WHO SUPPORTED IT BEFORE HAS BEEN GOING TO THESE PARTIES AND IT IS TRUE. WE HAVE LOTS OF RISKS FROM FOREIGN COUNTRIES. AS YOU SAID, WE NEED LABOR. BUT THAT BEING SAID, IN CERTAIN AREAS, LIKE PART OF OSAKA, IN SOME WAYS VISA ARE MISUSED. THE BUILDING IS OCCUPIED IN THE MONEY DOES NOT GO TO THE JAPANESE BUT IS SATURATED AMONG THESE PEOPLE. SO IS THIS SOME OTHER COUNTRY? SO THERE IS A CONCERN OVER THE JAPANESE PEOPLE, TOO MUCH CONCENTRATION OF PEOPLE IN CERTAIN AREAS AND ALSO THE PURCHASE OF THE LAND BY FOREIGNERS IS A CONCERN. THERE HAVE ALSO BEEN CRITICISMS ABOUT JAPAN’S FOREIGN WORKERS POLICIES IN THE U.S. DETERMINED IT WAS ALMOST AS FORCED LABOR BECAUSE A LOT OF THESE IMMIGRANT WORKERS DID NOT HAVE THE BENEFITS OF MOVING TO OTHER POSITIONS THEY WERE JUST HERE TEMPORARILY AND SENT AWAY BUT THIS WAS FOR CHEAP LABOR. SO I GROEP — I GUESS THE CRITICISMS CAN GO BOTH WAYS BUT IT — WHEN IT COMES TO CRITICISMS, THIS IS ALSO DONE IN A DIPLOMATIC WAY. ARE YOU CONCERNED IF WE SEE THESE TRYING VISITS THAT THE DIPLOMATIC RELATIONS WITH JAPAN’S NEIGHBORS COULD ALSO BE AN ISSUE? SHE HAS BEEN CLEAR ABOUT HER POSITION WITH REGARD TO THAT. SHE DID NOT SAY SHE GOES. SHE WAS RESERVED TO SAY SHE WILL, YOU KNOW, JUDGE IN AN APPROPRIATE MANNER, WHICH IS THE SAME LANGUAGE BY OTHER CANDIDATES AND WHICH MEANS SHE WOULD BE CONSIDERATE ABOUT THE DIPLOMATIC INFLUENCE. I THINK THE NEIGHBORING COUNTRIES DO NOT NEED TO WORRY ABOUT THAT PART. GET TO HAVE YOU IN OUR TOKYO STUDIO. A LIBERAL DEMOCRATIC PARTY LAWMAKER. AND OF COURSE WE ARE TALKING ABOUT THOSE DIPLOMATIC CONCERNS. WE HAVE SEEN THEM WANTING MORE DEFENSE SPENDING. IN FACT DEFENSE REMAINING ONE OF THE TOP FOCUS IN JAPAN, INVESTORS EXPECTED TO BENEFIT FROM INCREASED GOVERNMENT SPENDING UNDER THAT PREMIERSHIP. SHARES ALL SURGING ON MONDAY GIVEN OF COURSE THE ELECTION REACTION HERE IN JAPAN. AND WE ARE ALSO SEEING INCREDIBLE GROWTH IN THE DEFENSE STARTUP SECTOR. WE TALKED ABOUT CONCERNS WITH CHINA BUT ALSO NORTH KOREA, RUSSIA. LET’S BRING AN ANALYSIS FOR MORE ON THIS. WHAT HAS CHANGED IN A COUNTRY THAT HAS TRADITIONALLY BEEN RISK-AVERSE? A LOT HAS CHANGED. JAPAN LIKE MANY OTHER COUNTRIES IS WORRIED ABOUT THE INCREASINGLY DIFFICULT SECURITY ENVIRONMENT. AND AROUND THE WORLD, AN EMPHASIS ON DEFENSE SPENDING. JAPAN IS INCREASING ITS DEFENSE BUDGET AND PART OF HAVING A STRONG DEFENSE INDUSTRY IS HAVING THAT INNOVATION AND SMALLER COMPANIES THAT COME UP WITH NEW IDEAS AS THE NATURE OF WAR CHANGES. WE SEE THE DRONES HAVE BEEN PART OF THAT CONFLICT. AND THEY NOW WANT TO ENCOURAGE THE GROWTH OF THESE SMALL COUNTRIES — COMPANIES THAT CAN BRING NEW IDEAS AND CONCEPTS INTO THE DEFENSE ECOSYSTEM AND FOR JAPAN TO HAVE A ROBUST RANGE OF BIG BUSINESSES BUT ALSO SMALL COMPANIES AS WELL. I WAS ABOUT TO ASK YOU WHAT IS THE EXPECTATION OF THE EXTENT TO WHICH THESE STARTUPS GO ON TO CONTRIBUTE TO JAPAN’S DEFENSE? RIGHT NOW, IT’S A VERY SMALL PART OF THE DEFENSE ECOSYSTEM. IN COUNTRIES LIKE THE U.S., YOU HAVE THESE STARTUPS THAT HAVE GROWN VERY QUICKLY IN AREAS LIKE DRONES. IN JAPAN IS STARTING FROM A SMALL BASE BUT THE IDEA IS THAT OVER THE YEARS AND DECADES THAT THAT YOU BECOME MORE EMBEDDED IN WORKING WITH THE DEFENSE MINISTRY WORKING WITH LARGER COMPANIES, BRINGING NEW IDEAS, SO IT IS STARTING FROM A LOW LEVEL BUT THE POINT IS THAT JAPAN SEES THIS AS SOMETHING ESSENTIAL TO HAVE A ROBUST, BROAD DEFENSE INDUSTRY, NOT JUST FOCUSED ON A FEW LARGE COMPANIES. BUT TALKING ABOUT SOME OF THE CHALLENGES TO THE SUCCESS OF THE STARTUPS — THE NATURE OF STARTUPS IS THAT THEY DO NOT ALL SUCCEED IN MANY WILL FAIL. JAPAN IS NOT A COUNTRY TRADITIONALLY THAT HAS EMBRACED THE KIND OF ENTREPRENEURSHIP — AT LEAST IN RECENT DECADES, THE RISKS INVOLVED IN THAT IS RELATIVELY NEW FOR JAPAN. SO YOU WILL SEE THERE WILL BE SOME THAT SUCCEED AT A LOT THAT DON’T. WHETHER THAT PROCESS OF REGENERATION AND COMING BACK INTO THE INDUSTRY, BRINGING NEW IDEAS SUCCESSFUL, BUT THERE IS SOME THOUGHT THAT IS ESSENTIAL TO HAVING A SUSTAINABLE DEFENSE INDUSTRY HERE. ALISTAIR WITH THE LATEST. WE HAVE MORE AHEAD. THIS IS BLOOMBERG. ♪ CHECKING SOME OF THE STOCKS TO WATCH. COMPANIES OPERATING THROUGHOUT THE SUPPLY CHAIN IN FOCUS AFTER THEIR AMD DEAL WITH OPENAI TRIGGERED A RALLY LED BY CHIP RELATED NAMES KEEP AN EYE ON ONE IN PARTICULAR, THE MOST EXPOSED JAPANESE STOCK TO AMD. LISA BELIEVES THAT THEIR PRODUCT — BLOCKBUSTER DEAL WITH OPENAI TO DEPLOY SIX GIGAWATTS OF AI CHIPS OVER MULTIPLE YEARS IS MUTUALLY BENEFICIAL. THE OPENAI PRESIDENT ALSO SPOKE TO BLOOMBERG ABOUT THE PARTNERSHIP AND SHARED HOW HIS COMPANY PLANS TO FUND ITS MASSIVE PROJECTS. YOU CAN SEE THAT WE ARE VERY MUCH IN THAT. WE WANT AS MUCH COMPUTER AS POSSIBLE. WE THINK THIS IS IMPORTANT FOR THE NATION AND HUMANITY SO WE ARE WORKING WITH EVERYONE IN THIS INDUSTRY TO GET AS MUCH COMPUTER POWER ONLINE AS QUICKLY AS WE CAN. WHERE IS THIS DATA CENTER GOING TO BE? IS IT ONE SINGLE SITE, ORACLE THAT WILL PARTNER WITH YOU ON THIS? WHAT THIS REALLY IS IS AN ANNOUNCEMENT OF WHAT THEY ARE GOING TO DO TOGETHER. OPENAI HAS A LOT OF PARTNERS IN TERMS OF WHERE THEY DEPLOY. I IMAGINE A LOT OF IT WILL BE CLOUD SERVICE PROVIDERS. IT IS UP TO OPENAI AND GREG AND SAM AND THE TEAM BUT THE WAY TO THINK ABOUT IT IS IT WILL HAVE TO BE IN A LOT OF DIFFERENT PLACES. MULTIPLE LOCATIONS. I WOULD IMAGINE MULTIPLE PROVIDERS TO GET THIS ONLINE AS FAST AS POSSIBLE. THERE IS A LOT OF FOCUS ON WHERE OPENAI IS GOING TO GET THE MONEY FROM TO FUND ALL OF THIS. SAM ALTMAN’S BIG PICTURE COMMITMENT IS WELL DOCUMENTED IN THE NUMBERS TO HIS MIND ARE IN THE TRILLIONS BUT HAVE YOU SPECIFICALLY THOUGHT ABOUT DEBT FINANCING FOR THIS RELATIONSHIP WITH AMD? AND HAVE YOU THOUGHT ABOUT DOING A SPECIFIC EQUITY RAISE? YOU ARE VERY COMMITTED ACROSS MULTIPLE PROJECTS. AI REVENUE IS GROWING FASTER THAN I THINK ALMOST ANY PRODUCT IN HISTORY AND ULTIMATELY THE REASON THIS COMPUTER POWER IS SO IMPORTANT AND WORTHWHILE FOR EVERYONE TO BUILD IS BECAUSE THE REVENUE ULTIMATELY WILL BE THERE. WE LOOK AT EVERYTHING. EQUITY, DEBT. TRYING TO FIND CREATIVE WAYS OF FINANCING ALL OF THIS. AND IT HAS BEEN A HUGE FOCUS, THINKING ABOUT HOW CAN WE POSSIBLY BUILD THE AMOUNT OF COMPUTE REQUIRED TO TRANSFORM THIS ECONOMY. ULTIMATELY — FORGIVE ME ON THIS ONE. THE CONDITION OF AMD ISSUING THE STOCK REQUIRES YOU TO SPEND MONEY BASICALLY. THEY HAVE ASSURANCES THAT OPENAI IS GOOD FOR? THAT IS KIND OF THE WAY WE PUT THIS TOGETHER. I HAVE FULL CONFIDENCE IN THAT. THIS IS A MASSIVE OPPORTUNITY FOR US. IT IS ABOUT WHO HAS THE MOST COMPUTE AND HOW FAST WE CAN GET IT ONLINE AND WE ARE COMMITTED TO DOING THIS TOGETHER. AMD’S CEO AND THE OPENAI PRESIDENT SPEAKING WITH ED LUDLOW. WE SAW THE INCREDIBLE MOVE ON AMD, GAINING MORE THAN 20% ON INKING THAT DEAL, BUT IT IS JUST THE MENTION BY OPENAI AT ITS ANNUAL DEVELOPERS EVENT THAT SENDS STOCKS SOARING ACROSS THE BOARD. WE ARE TALKING ABOUT RANDOM COMPANIES THAT ARE MERELY MENTIONED BECAUSE THEY WILL BE INCORPORATED AS APPS INTO CHATGPT. FOR EXAMPLE, WE HAVE CLUB SPOT JUMPING. THEY ARE MOSTLY NAMED AS PARTNERS. THEY WILL BE INCORPORATED INTO CHATGPT. SOME 8 MILLION WEEKLY USERS. SO WE A SEEING THE MOVES AND INFLUENCE THAT OPENAI IS HAVING ON THIS EXUBERANCE AND ANYTHING THAT’S MENTIONED TOGETHER WITH ITS NAME. AND THE INFLUENCE OF A PRIVATE COMPANY, $500 BILLION IN VALUATION, YES, BUT HOW IT IS SENDING THESE RIPPLE EFFECTS INTO THE STOCK MARKET. SO IT IS BECOMING A WHALE IN THE STOCK MARKET THAT IT ONCE SHUNNED. YOU THINK BACK AS WELL THE LAST LEAK — LAST WEEK, WHEN IT’S ANNOUNCEMENT OF AN INSTANT BY OPTION IN CHATGPT ALSO SEND E-COMMERCE FIRMS SUCH AS SHOPIFY AND ETSY SOARING, SO CERTAINLY MORE OF THAT IMPACT ON THE LIKES OF AMD AND IT CERTAINLY REMINDS YOU OF NVIDIA’S GOLDEN TOUCH. YOU THINK BACK TO THE NVIDIA EVENT LAST YEAR, THE MERE MENTION OF CERTAIN COMPANIES, AND WE SAW THEIR SHARES SURGING. WITH MORE ON THAT DEAL, THE OPENAI CEO SAYS THE COMPANY IS CONSTRAINED IN ITS COMPUTE POWER AND DEALS SUCH AS THE ONE WITH AMD WILL BUILD MORE CAPACITY. THEY ALSO TOLD US ABOUT THE IMPORTANCE OF INVESTING AHEAD TO KEEP PACE WITH DEMAND. WE ARE TREMENDOUSLY CONSTRAINED. I THINK THE REASON IS THE QUESTION YOU ASKED, WHICH IS DEMAND. THERE ARE MULTIPLES OF DEMAND THAT ARE UNTAPPED FROM WHAT WE HAVE TODAY. GROWTH HAS BEEN TORRID IN ITS PACE SO WE HAVE TO INVEST AHEAD OF THAT. AND FOR US TO BE ABLE TO BUILD NEW MODELS. EVEN THINGS LIKE THE APP WE JUST LAUNCHED, WE WISH WE COULD DO THAT. I HAVE TO ASK ABOUT THE REPORT FOR EMPLOYEES TO SHARE FIGHT. WHAT IS THE METRIC WE’RE SUPPOSED TO JUDGE YOUR SUCCESS BY? FOR ME IT IS KIND OF A METRIC , TOKENS. YOU MENTIONED 6 MILLION PER MINUTE ON OUR API. FOR ME THAT IS THE KIND OF ESSENCE OF UTILITY. SO WE HAVE ACTIVELY TRACKED THAT METRIC TO SEE HOW PEOPLE’S CONSUMPTION GOES OVER TIME AND YOU SEE THIS HAPPEN IN AMAZING WAYS. PURELY ON CONSUMPTION OF TOKENS. AND YOU START TO SEE THAT SAME PATTERN EMERGE ACROSS MULTIPLE AREAS OF USE AND WORK AND THAT IS THE AREA I LOOK AT AND THAT IS THE ULTIMATE GOAL. THE OPENAI CEEO SPEAKING TO ED LUDLOW AT OPENAI’S DEVELOPMENT DAY IN SAN FRANCISCO. WE HAVE MORE AHEAD ON THE ASIA TRADE. WE ARE WATCHING SOVEREIGN DEBT TODAY. JGB’S UNDERPERFORMING AND TREASURIES ON THE LONG END, REALLY TO DO WITH FISCAL CONCERNS AND YOU CAN SEE THIS THE MOST IN FRANCE WITH FRIENDS MARKETS DESK FRENCH MARKETS TUMBLING. THE CAP 40 SEEING THE MOST LOSSES IN ABOUT SIX WEEKS. THE ALSO FOLLOWING FALLING TO A ONE-WEEK LOW AND YOU CAN SEE FRENCH BONDS FALLING AND THAT PREMIUM OVER GERMANY AT AROUND THIS YEAR’S HIGHS. TAKE A LOOK AT SOME OF THE OTHER STORIES WE ARE TRACKING. WINNING REGULATORY APPROVAL TO HOST SHARE LISTINGS IN AUSTRALIA, SETTING UP A CHALLENGE TO THE DOMINANT EXCHANGE. IT ALLOWS IPO’S THREATENING TO END THE A SX LOCAL MARKET DOMINATION FOLLOWING YEARS OF HITCHES AT A SX, INCLUDING A FAILED TECH UPGRADE THAT PROMPTED A SWEEPING PROBE INTO ITS GOVERNANCE. TESLA PLANS TO LAUNCH A CHEAPER VERSION OF THE MODEL Y AND SOURCES SAY THE NEW MODEL IS ONE THE COMPANY HAS BEEN TEASING ON SOCIAL MEDIA POSTS. THE SOVEREIGN WEALTH FUNDS OF SEVERAL COUNTRIES HAVE BECOME INVESTORS IN LG ELECTRONICS INDIAN UNIT. MONEY MANAGERS ALSO BOUGHT SHARES AS PART OF THE COMPANY’S IPO. THEY WILL START TAKING ORDERS FROM INVESTORS TUESDAY. MARKETS OPEN IN TOKYO NEXT. THIS IS BLOOMBERG. ♪ THIS IS THE ASIA TRADE. WE ARE COUNTING DOWN TO MAJOR MARKET OPENS IN WHAT COULD BE ANOTHER BIG DAY FOR TECH GIVEN WE HAVE SEEN SEMICONDUCTORS ON FIRE IN THE PREVIOUS SESSION ON WALL STREET AND ALL OF THIS TO DO WITH ANOTHER BIG-BUDGET DATA CENTER AGREEMENT WITH AMD AND OPENAI INKING THAT DEAL. OF COURSE WE SAW THE HUGE RALLY WITH NVIDIA AS WELL SO WE WILL BE WATCHING THE TECH SECTOR ACROSS ASIA. ALSO WATCHING SOVEREIGN DEBT, WE HAVE THE 30 AUCTION OUT OF JAPAN, CONCERNS ABOUT FISCAL POLICY FROM THE LDP AND WHAT IT WILL MEAN FOR THE CURVE. AND WE ARE ALREADY SEEING SOME MOVES ELSEWHERE. GIVEN FISCAL CONCERNS IN FRANCE WITH ANOTHER PRIME MINISTER HAVING TO RESIGN AND COMING OFF THE BACK ALSO OF THE TREASURY’S UNDERPERFORMING THE MARKETS. WE ALREADY SEEN YIELDS REALLY SPIKING ACROSS THE BOARD SO TAKE A LOOK AT HOW WE ARE COMING ONLINE WITH THE 10-YEAR YIELD NOW AND THE JAPANESE YEN CONTINUING TO WE CAN PASS THAT LEVEL AND THE NIKKEI CONTINUING ITS SURGE TO RECORD HIGHS UP .7% AND AS I SAID IT WILL BE ABOUT THE TECH SECTOR, EVEN THE ONE HAS THE MOST EXPOSURE TO AMD WHEN IT COMES TO JAPAN AND WE ALREADY HAD HOUSEHOLD DATA SURPRISING TO THE UPSIDE, PERHAPS GIVING SOME MORE INDICATION THAT THE BOJ MIGHT BE FIRMLY ON A NORMALIZATION PATH BUT AT THE SAME TIME WE GOT ONE OF THE MOST CLOSE ECONOMIC ADVISORS TALKING ABOUT HOW IT MIGHT BE DIFFICULT FOR A BOJ RATE HIKE IN OCTOBER, LEADING TO SOME SKEPTICISM IN THE MARKETS. WE ALSO HAVE THAT BIT OF POLITICAL UNCERTAINTY WITH THE SHUTDOWN STRETCHING ON AND THAT HAS REALLY FUELED THINGS. WE ARE LOOKING AT ALMOST 4000 AN OUNCE AT THE MOMENT ON THE PRECIOUS METAL BUT OF COURSE THAT HAS ALSO LED TO SOME MOVES IN TREASURIES. YOU HAVE THE LIKES OF MORGAN STANLEY TALKING ABOUT HOW IF YIELDS CLIMB THIS WEEK WE SHOULD BE PILING MORE INTO TREASURIES. THINK ABOUT WHAT’S GOING ON IN JAPAN AND FRANCE. AND I THINK ONE OF OUR ANALYSTS CHARACTERIZED IT AS SOMEHOW THE U.S. TURNING INTO AN OASIS AMID THIS. WE DID SEE THE S & P 500 GOING FROM STRENGTH TO STRENGTH. THERE WAS A TECH FUELED RALLY AND LOTS TO IMPACT. LET’S BRING IN THE HEAD OF ASIA EQUITY RESEARCH AT UBP. GOOD TO SEE YOU. WHAT WE WERE SEEING OVERNIGHT AND AMD AND OPENAI, IT IS LOOKING A LOT LIKE NVIDIA AND ITS GOLDEN TOUCH. WHAT COULD POSSIBLY GO WRONG? WE AGREE THERE’S REALLY ONLY ONE THING BUT THE MAIN THEME IS THE EXPANSION OF AI INFRASTRUCTURE BEING LED BY THE COMPANY THAT IS NOT LISTED, OPENAI. SO WE HAVE SEEN A NUMBER OF THESE DEALS OVER THE LAST WEEKS AND MONTHS AND WE WILL PROBABLY SEE MORE. WHAT COULD GO WRONG? TWO THINGS. EVEN OPENAI. WE NEED TO START TO SEE MONETIZATION ON TOP OF THAT INFRASTRUCTURE BUILDOUT AND WE ARE NOT GOING TO SEE THAT FOR A WHILE. VALUATIONS ARE PRICE FOR PERFECTION. ALTHOUGH THE UNDERLYING STORY IS STILL STRONG. WHAT DO YOU MAKE OF THAT? IT USED TO BE CALLED VENDOR FINANCING. THIS IS ALSO AN ISSUE. OPENAI HAS ALL THE MONEY OR A LOT OF MONEY HELPING TO FUEL THAT DEMAND. IF THEY SEE DEMAND ON THE OTHER SIDE, WE HAVE TO HOPE THAT THEY ARE RIGHT. THIS IS A FEATURE OF THIS EXPANSION. GIVEN THE EXPANSION IN AI INFRASTRUCTURE ACROSS ASIA AS WELL, WOULD UTILITIES BE A BIG WIN, ESPECIALLY HERE IN JAPAN, GIVEN THE NEW PRIME MINISTER WHO IS ALSO PRO-NUCLEAR? THAT SENT SHARES HIGHER AS WELL. YEAH. WHILE OUR BIGGEST OVERWEIGHT IS TECH ON THE BACK OF THE EARNINGS STORY WE JUST TALKED ABOUT, A MORE DEFENSIVE WAY TO PLAY THAT WE THINK IS UTILITIES. THE POWER DEMAND COMING ON THE BACK OF INCREASED AI IS MASSIVE AND JUST YESTERDAY YOU HAD NTT TALK ABOUT IT IN JAPAN. AND THEY EXPECT POWER DEMAND WITHIN FIVE YEARS TO SURPASS DEMAND FOR ALL OF TOKYO SO THERE ARE TWO WAYS TO TACKLE THAT. ONE IS BUILDOUT MORE INFRASTRUCTURE, WHICH TAKES TIME AND NUCLEAR PLANTS MAY BE PART OF THAT BUT IN OTHER WAYS, IT IS TO REDUCE OR IMPROVED EFFICIENCY OF THE EXISTING POWER DEMAND SO WE THINK THAT IS A THEME. DEFENSE AND UTILITIES WERE STRONG YESTERDAY. IN REACTION TO THE NEW LDP LEADER AND WE THINK THE MOVES AND THE YEN ARE ALSO QUITE INTERESTING. SHE IS EXPECTED TO PRODUCE A FISCAL BUDGET, SPECIAL BUDGET, IRONICALLY THE ISSUE THAT THE BOJ IS FACING IS INFLATION AND A WEAKER YEN EXACERBATES INFLATION BUT THIS IS WHERE WE ARE SO IT WOULD BE QUITE A SURPRISE IF THE BOJ DID MOVE LATER ON THIS MONTH. SO YOU’RE EXPECTING THE BOJ TO MOVE LATER WE JUST HAD THEM EXPECTING 155 PER DOLLAR GIVEN WHERE THE GOVERNMENT COULD HEAD FROM HERE. WILL THAT HELP IN THE STOCK MARKET, THE INCREDIBLE RALLY, OR WILL BOJ NORMALIZATION PUT A DAMPER ON IT? > > CERTAINLY THE INFLATION PICTURE OUTSIDE OF THE LDP OUTSIDE OF THE REST OF THE WEEKEND — SO IF WE DON’T MOVE LATER THIS MONTH, THE PERCEPTION WILL BE THAT THERE’S A BIT OF WANTING TO PLEASE THE INCOMING PRIME MINISTER AND THAT PROBABLY WOULD NOT BE TAKEN POSITIVELY. THE MARKET IS BEING DRIVEN BY THE AI INFRASTRUCTURE STORY AND THAT IS A LITTLE BIT NOT SO SENSITIVE TO INFLATION AND INTEREST RATES AT THE MOMENT. WHERE DOES ALL OF THIS LEAVE BANKING STOCKS IN JAPAN? THE BANK STOCKS IN JAPAN, OBVIOUSLY THE BEST PLAY. WE THINK THERE’S A POSSIBILITY THE BOJ WOULD BE 10 AND TWO IN SOME SORT OF YIELD CURVE CONTROL REGIME AND LET THE LONG RATE BE MORE MARKET DRIVEN. IF WE CAN GET A DECENT SPREAD THAT WOULD BE GOOD FOR BANK EARNINGS BUT AT THE MOMENT, AND CERTAINLY BANKS HAVE BEEN A LEADER IN TERMS OF CORPORATE GOVERNANCE IN JAPAN LONG BEFORE THE GPX GOT INVOLVED IN IT, LONG A LEADER IN TERMS OF SHAREHOLDER RETURNS, DIVIDENDS, ETC. IT’S A PRETTY GOOD PLAY ON GLOBAL GROWTH. SO WE STILL LIKE THE BANKS IN JAPAN. GREAT TO GET YOUR INSIGHT. THIS IS THE HEAD OF ASIA EQUITY RESEARCH AT UBP. AND AS WE CONTINUE TO FOLLOW THAT AI FRENZY WE ARE WATCHING OTHER JAPANESE TECH NAMES, EVEN AND ESPECIALLY BECAUSE IT IS THE MOST EXPOSED TO AMD. 11% OF THE REVENUE COMING FROM THIS COMPANY. LET’S GET MORE DETAILS WITH MANDEEP SINGH WHEN IT COMES TO THIS OPENAI DEAL WITH THE COMPANY, THE LATEST BIG-BUDGET DATA CENTER AGREEMENT THIS YEAR. HOW SIGNIFICANT IS THIS? RIGHT NOW, THE BUILD OUT WAS LED BY THE HYPERSCALERS, AMAZON, MICROSOFT AND GOOGLE. NOW IT FEELS LIKE OPENAI WANTS TO BECOME A HYPERSCALER THEMSELVES WHICH IS WHY THEY HAVE THAT DEAL WITH NVIDIA AND THEY ALSO HAVE A DEAL WITH BROADCOM SO PRETTY MUCH THEY ARE DIVERSIFYING WHEN IT COMES TO THE SOURCE BUT AT THE END OF THE DAY THEY WANT TO BE AT THE SAME SCALE AS THE HYPERSCALERS AND NOT RELY ON THE CLOUD PROVIDERS. JUST IN TERMS OF THE COMPUTE CAPACITY, THIS FOLLOWS ON FROM WHAT WE GOT WITH NVIDIA. WHAT DOES THIS TELL US ABOUT THIS ECOSYSTEM BUILDOUT THAT IS NOW BETWEEN THE U.S. AND CHINA. WHAT DO YOU SEE IN TERMS OF TECH DOMINANCE? WHEN YOU LOOK AT THE LARGE LANGUAGE MODEL COMPANIES, THE TOP MODELS ARE STILL DOMINATED BY THE ONES HERE IN THE U.S. AND AT THE SAME TIME THE COSTS ARE MORE GIVEN THE SCALE WE ARE TALKING ABOUT SO WHETHER IT WAS DEEPSEEK AT THE START OF THE YEAR OR OTHER MODELS THEY CAN BE DEPLOYED AT A MUCH CHEAPER PRICE COMPARED TO THE U.S. LLM COMPANIES THAT ARE DEPLOYING INFRASTRUCTURE NOW SO AT WHAT POINT EVERYONE STARTS TO CARE ABOUT THE PRICES WHEN IT COMES TO AI DEMANDS, BUT RIGHT NOW IT IS ABOUT GETTING THE MARKET SHARE, THE SERVICES THAT COULD BENEFIT FROM ACTIVITY DRIVEN BY AI. THERE IS A PRETTY LARGE MARKET THAT CAN BENEFIT FROM THE DEPLOYMENT OF AI IN THE U.S. MANDEEP SINGH, ALWAYS GOOD TO HAVE YOU WITH US. THANK YOU AS WE CONTINUE TO WATCH THIS. WE ARE ALSO WATCHING REALTY IN JAPAN. GAINING MORE THAN 4.5%. ELLIOTT HAS APPROACHED SEVERAL JAPANESE COMPANIES ABOUT BUYING THEIR SHARE TO RAMP UP PRESSURE ON THE REAL ESTATE DEVELOPER TO BOOST VALUE. WE HAVE MORE AHEAD ON THE ASIA TRADE. THIS IS BLOOMBERG. ♪ HERE ARE SOME OF THE TOP GLOBAL HEADLINES THAT WE ARE FOLLOWING. PRESIDENT TRUMP SAYS HE WOULD NEGOTIATE WITH DEMOCRATS OVER HEALTH CARE SUBSIDIES IN A BID TO RESOLVE THE U.S. GOVERNMENT SHUTDOWN. THE SENATE HAS REJECTED A STOPGAP BILL TO KEEP THE GOVERNMENT OPEN THROUGH NOVEMBER 21. DEMOCRATS SAY THEY WILL NOT SUPPORT THE BILL UNLESS IT ADDRESSES SUBSIDIES SET TO EXPIRE AT THE END OF THE YEAR. PRESIDENT TRUMP USED A TRUTH SOCIAL POSED TO BLAME DEMOCRATS FOR THE IMPASSE WHILE INDICATING HE WOULD BE OPEN TO TALKS AFTER THE GOVERNMENT REOPENED. PRESIDENT TRUMP SAYS 825 PERCENT TARIFF ON MEDIUM AND HEAVY-DUTY TRUCKS WILL BEGIN FROM NOVEMBER 1. THE LEVEES WERE DUE TO START IN OCTOBER BUT THAT TIMELINE SLIPPED. THE DUTIES THREATENED INDUSTRIES ALREADY FEELING IMPACTS FROM TARIFFS ON STEEL AND ALUMINUM AS WELL AS TIGHTER ENVIRONMENTAL REGULATIONS. THE WHITE HOUSE AI CHIEF SAYS IT’S ESSENTIAL FOR THE U.S. TO DOMINATE IN AI, SPEAKING TO BLOOMBERG, SAYING — STOOD BY THE DECISION TO LET NVIDIA AND AMD CELL LESS ADVANCED AI CHIPS TO CHINA. WE ARE PRO-INNOVATION, INFRASTRUCTURE AND ENERGY. AND OF COURSE WE HAVE BEEN WATCHING AI RELATED STOCKS IN THE SESSION BUT ASIDE FROM THAT IT IS ABOUT THIS POLITICAL TURMOIL IN FRANCE, HAVING LOST YET ANOTHER PRIME MINISTER. WE SAW PRESSURE ON THE EURO AGAINST THE GREENBACK. AND OF COURSE FRENCH STOCKS ALSO SLID OVERNIGHT. FOR MORE ON THE FRENCH POLITICAL TURMOIL, JILL DISIS JOINS ME NOW IN THE SINGAPORE STUDIO. GOOD TO HAVE YOU. YOU ARE LOSING ANOTHER PRIME MINISTER. YOU HAVE POLITICAL DEADLOCK EXPECTED. PUT THINGS IN PERSPECTIVE FOR US. THIS HAS BEEN A COMPLETE DISASTER FOR MICRON’S GOVERNMENT. AN ILL-FATED CALCULATION WHEN HE PUT TOGETHER A CANDIDATE — A CABINET THAT CONSISTED OF A LOT OF CENTRIST LOYALISTS. SO THE POSITION THAT WE ARE LEFT IN NOW IS YOU HAVE THIS OUTGOING PRIME MINISTER WHO IS BARELY IN THE POSITION ALTHOUGH I DON’T THINK HE WOULD HAVE LASTED THAT MUCH LONGER BECAUSE A LOT OF THESE LAWMAKERS ARE PREPARING TO PUT TOGETHER A NO-CONFIDENCE VOTE IN THE EVENT HE EVEN TRIED TO STAY ON BUT NOW YOU ARE IN THIS POSITION WHERE HE HAS 48 HOURS TO TRY TO BRING THESE DIFFERENT SIDES TO THE TABLE. THAT WILL BE DIFFICULT TO THIS GOVERNMENT. THAT LEAVES MICRON WITH FEW OPTIONS OTHER THAN TO TRY TO APPOINT ANOTHER PRIME MINISTER WHO WILL FACE A LOT OF THE SAME ISSUES DEALING WITH THE BUDGET. YOU COULD CALL A LEGISLATIVE ELECTION WHERE YOU POTENTIALLY ARE GETTING MORE PARTIES THE OPPORTUNITY TO GAIN MORE POWER OR HE COULD RESIGN. SO WE COULD VERY WELL BE IN THIS POSITION AGAIN FOLLOWING THESE LATEST MOVES. TALK TO US ABOUT WHAT’S AT THE HEART OF THE ISSUE BECAUSE WE KEEP COMING BACK TO THE SAME THING, UNPOPULAR POLICIES ABOUT TAXATION. AT THIS LOOK — POINT, WITHIN THE EURO AREA, YOU ARE LOOKING AT AN ECONOMY WITH THE LARGEST BUDGET DEFICIT. SEVERE CONCERNS OVER THE BUDGET. WE HAVE SEEN THAT THERE WAS THIS ISSUE OF NOT BEING ABLE TO BRING ALL OF THESE COALITIONS TO THE TABLE AND GET SOMETHING OVER THE LINE THAT INCLUDES FIRST OF ALL THESE UNPOPULAR CUTS BUT ALSO HIGHER TAXES SO THERE HAS NOT BEEN SOMETHING THAT BRINGS ALL OF THAT TO THE TABLE TOGETHER. THE PROBLEM HE HAS IS AS THE CENTRIST MINORITY GOVERNMENT YOU ARE TRYING TO BRING TOGETHER COALITIONS THAT DON’T CI TO I. THIS STEMS TO THIS ILL-FATED DECISION LAST YEAR TO PULL — TO CALL A SNAP ELECTION THAT SAW HIM LOSE FURTHER POPULARITY AND SO NOW HE IS IN A DIFFICULT POSITION WHERE HE IS TRYING TO FORM THIS GOVERNMENT WITH A LEFT AND RIGHT THAT DO NOT WANT TO INTERACT WITH EACH OTHER. HE IS LEFT IN THE MIDDLE WITH FEW OPTIONS TO MAKE SOMETHING ACTUALLY WORK. AND YOU CAN SEE ALREADY THE MARKET REACTION. JUST BEFORE WE HAD FRENCH BONDS BEING SEEN AS A HAVEN AND YOU HAVE 10-YEAR YIELD’S AT THE HIGHEST LEVELS IN THE EURO AREA. WHAT ARE THE ECONOMIC AND CREDIT RATING IMPLICATIONS? AT THIS POINT WE HAVE ALREADY SEEN SOME CREDIT DOWNGRADES. THE BIG ISSUE HERE IS THIS INABILITY TO GET A BUDGET TOGETHER. I THINK THERE IS A DEADLINE COMING UP NEXT WEEK. IT COULD BE THAT THE GOVERNMENT HAS TO PULL IN SOME EMERGENCY POWERS SO AGAIN, A LOT OF ISSUES HERE THAT ULTIMATELY LEAVE THIS GOVERNMENT INCAPABLE OF ACTUALLY GOVERNING AND THAT IS OBVIOUSLY LEADING TO ADDITIONAL POLITICAL UNCERTAINTY AND INSTABILITY. IN THE EVENT THAT THERE IS ANOTHER ELECTION THAT WOULD HAVE TO HAPPEN WITHIN THE NEXT 20 TO 40 DAYS OR IF MICRON ULTIMATELY DOES DECIDE TO RESIGN, WHICH HE SAID HE WOULD NOT DO, THAT COULD ALSO LEAD TO SOME SIGNIFICANT TURNOVER WITHIN THE FRENCH GOVERNMENT, INCLUDING THE POTENTIAL FOR A NEW PRESIDENT EARLIER THAN ANTICIPATED. SO ALL OF THAT UNCERTAINTY OVER WHEN A FRENCH BUDGET IS PUT TOGETHER IS LEADING TO THIS KIND OF REACTION AND ULTIMATELY JUST A CLOUDY FUTURE. IN GENERAL, ALL EYES ON FRANCE IN THE EURO ZONE BUT THERE’S ALSO THIS BROADER GEOPOLITICAL BACKDROP. YOU TALK ABOUT THESE TARIFF RISKS AND HOW EURO LEADERS ARE ENGAGING WITH THE U.S. WHAT ARE YOU SEEING IN TERMS OF THINGS PLAYING OUT? THIS KIND OF GOES BACK TO WHAT WE HAVE BEEN SEEING OVER THE PAST YEAR LEADING UP TO TRUMP BEING INAUGURATED, THAT YOU HAVE GOT A LOT OF UNCERTAINTY OVER WHAT’S HAPPENING IN SOME OF THE WORLD’S MOST CRITICAL ECONOMIES, INCLUDING WITHIN THE E.U., AN INCREDIBLY IMPORTANT TRADING BLOC FOR THE U.S. AND AN ALLY. WHEN YOU HAVE THAT UNCERTAINTY IT DOES RAISE A LOT OF QUESTIONS OVER THE TARIFF REGIME, THE RELATIONSHIP WITH THE U.S., LOOKS LIKE. WE ARE ALREADY SEEING THE IDEA OF CERTAIN COUNTRIES TRYING TO NEGOTIATE TARIFFS. LOOK AT JAPAN. THE LIKELY NEW PRIME MINISTER COMING AND SAYING THERE ARE CERTAIN ASPECTS OF THAT DEAL THAT JAPAN MAY WANT TO RENEGOTIATE. YOU COULD APPLY SOME SIMILAR CONCEPTS AND IDEAS TO SOME OF THESE OTHER PLACES WHERE DEPENDING ON WHO ULTIMATELY MAY COME IN AND CONTROL SOME OF THESE GOVERNMENTS, I THINK IT RAISES A LOT OF QUESTIONS ABOUT HOW EXACTLY THE WORLD INTERACTS WITH THE TRUMP ADMINISTRATION WHEN THE ADMINISTRATION HAS SPENT SO MUCH TIME CHANGING HOW TRADE WORKS. GREAT TO CHAT. THANK YOU. JILL DISIS. WE WILL HAVE MORE AHEAD ON THE ASIA TRADE. THIS IS BLOOMBERG. ♪ TAKE A LOOK AT THE TECH SECTOR ACROSS JAPAN, ESPECIALLY CHIPS, GIVEN THAT WE ARE SEEING SOME GREEN ON THE BOARD, GAINING MORE THAN 2% AND THE MOST EXPOSED TO AMD, 11% OF THE REVENUE COMING FROM THE COMPANY, GAINING SLIGHTLY AS WE HEARD ABOUT THAT DEAL WITH OPENAI ON ANOTHER BIG BUDGET DATA CENTER AGREEMENT THIS YEAR. WITH AMD’S CEO BELIEVING THIS AGREEMENT TO THE PLOY SIX GIGAWATTS OF AI CHIPS OVER MULTIPLE YEARS IS MUTUALLY BENEFICIAL. AND THE OPENAI PRESIDENT SPOKE TO BLOOMBERG ABOUT THE PARTNERSHIP AND HOW HIS COMPANY PLANS TO FUND ITS PROJECTS. YOU CAN SEE THAT WE ARE VERY MUCH IN THE WE JUST WANT AS MUCH COMPUTE AS POSSIBLE. WE THINK THIS IS IMPORTANT FOR THE ECONOMY, THE NATION AND HUMANITY. WE WILL WORK WITH EVERYONE TO GET AS MUCH COMPUTER POWER ONLINE AS QUICKLY AS WE CAN. SPECIFICS. WHERE IS THIS DATA CENTER GOING TO BE? IS IT ONE SINGLE SITE? IS IT ORACLE THAT WILL PARTNER WITH YOU ON THIS? ACTUALLY, THIS IS AN ANNOUNCEMENT OF WHAT AMD AND OPENAI ARE GOING TO DO TOGETHER. THEY HAVE A LOT OF PARTNERS IN TERMS OF WHERE THEY DEPLOY. I IMAGINE A LOT OF THEM WILL BE CLOUD SERVICE PROVIDERS. IT IS UP TO THE TEAM BY THE WAY TO THINK ABOUT IT IS, FOR THIS AMOUNT OF COMPUTE, IT WILL HAVE TO BE FOR A LOT OF PLACES. MULTIPLE LOCATIONS. I WOULD IMAGINE MULTIPLE PROVIDERS TO GET THIS ONLINE AS FAST AS POSSIBLE. THERE IS A LOT OF FOCUS ON WHERE OPENAI IS GOING TO GET THE MONEY FROM TO FUND ALL OF THIS. SAM ALTMAN’S BIG PICTURE COMMITMENT IS WELL DOCUMENTED IN THE NUMBERS ARE IN THE TRILLIONS. HEAVY SPECIFICALLY THOUGHT ABOUT DEBT FINANCING FOR THIS RELATIONSHIP WITH AMD? HAVE YOU THOUGHT ABOUT DOING A SPECIFIC EQUITY RAISE? YOU ARE COMMITTED ACROSS MULTIPLE PROJECTS. THE WAY I WOULD LOOK AT THIS IS AI REVENUE IS GROWING FASTER THAN I THINK ALMOST ANY PRODUCT IN HISTORY AND ULTIMATELY THE REASON THIS COMPUTER POWER IS SO IMPORTANT AND WORTHWHILE FOR EVERYONE TO BUILD IS BECAUSE THE REVENUE ULTIMATELY WILL BE THERE. WE LOOK AT EVERYTHING. EQUITY, DEBT, TRYING TO FIND CREATIVE WAYS OF FINANCING ALL OF THIS. THAT’S BEEN A HUGE FOCUS OF US FOR THE PAST COUPLE YEARS, THINKING ABOUT HOW WE CAN POSSIBLY BUILD THE AMOUNT OF COMPUTE REQUIRED IN ORDER TO TRANSFORM THIS WHOLE ECONOMY. SO I THINK YOU WILL SEE LOTS OF CREATIVE IDEAS BUT FUNDAMENTALLY IT IS BECAUSE — I AM SORRY TO INTERRUPT. THE CONDITION OF AMD ISSUING THE STOCK TO OPENAI REQUIRES YOU TO SPEND MONEY BASICALLY BECAUSE YOU HAVE TO DELIVER THAT GIGAWATT OF CAPACITY FIRST. LISA, I HAVE TO ASK IF YOU HAVE ASSURANCES THAT OPEN AS GOOD FOR IT. IT IS A WIN FOR OPENAI AND AMD. THIS IS A MASSIVE OPPORTUNITY FOR US. IT IS ABOUT WHO HAS THE MOST COMPUTE AND HOW FAST WE CAN GET IT ONLINE AND WE ARE COMMITTED TO DOING THIS TOGETHER. THE AMD CEO AND OPENAI PRESIDENT SPEAKING WITH ED LUDLOW. NOW LET’S TAKE A LOOK AT WHAT RISK ASSETS ARE DOING BECAUSE WE HAVE BEEN SEEING BITCOIN PULLING BACK A LITTLE, FORMING A RALLY. IT HAS BEEN FUELED BY THE DOLLAR DEBASEMENT TRADE AND THE RISK RALLY. IF YOU LOOK AT OPTIONS, TRADERS ARE PRICING IN THAT MODERATE INCREASE OF PROTECTION FOR A PULLBACK BUT THAT ALSO SQUARES AWAY WITH THE EXPECTATIONS THAT TOWARDS THE END OF THE YEAR THEY THINK WE COULD SEE 140,000 JUST BASED WHAT — ON WHAT WE ARE SEEING ON OPTIONS CONTRACTS. MORE AHEAD ON THE ASIA TRADE. THIS IS BLOOMBERG. ♪ TAKE A LOOK AT HOW JAPANESE ASSETS ARE TRADING. A WEEK YEN PAST THE 150 LEVEL AGAINST THE U.S. DOLLAR AFTER THE ELECTION OF THE RULING LDP, FOLLOWING JGB’S BECAUSE WE HAVE A CONSEQUENTIAL 30 YEAR OPTION WHICH WILL TEST INVESTOR DEMANDS WHEN WE’VE SEEN LONG AND YIELDS SPIKE ON CONCERNS OF FISCAL EXPANSION APPEARED NIKKEI AT RECORD HIGHS. ALL THIS TO DO WITH THE ELECTION OVER THE WEEKEND. OUR OPINION COLUMNIST THINGS JAPAN’S INCOMING LEADER IS GENERATING BUZZ AND MISINFORMATION. GOOD TO HAVE YOU WITH US. THEY ARE PORTRAYED AS A RIGHT-WINGER AND LEAD TO PRO-STIMULUS MEASURES. IS THIS AN ACCURATE CHARACTERIZATION OF THE INCOMING LEADER? IT’S BEYOND ACCURATE. SHE IS RIGHT WING. PORTRAYALS GO BEYOND THAT TRYING TO PORTRAY HER AS A RADICAL ULTRACONSERVATIVE AND I THINK WHEN IT COMES TO THE MARKETS, THE FAINT — THE SAME THING APPLIES. A LOT OF THIS GOES BACK TO THE ELECTIONS OF ABI, HE WAS ALSO PORTRAYED AS A DANGEROUS RADICAL AS HE CAME FROM THE RIGHT OF THE LDP BUT YOU ALSO SEE THIS IN THE MARKETS WHERE SHE IS BENEFITING FROM EXPECTATIONS THAT HER ECONOMIC PROGRAM WILL LOOK A LOT LIKE HANDS AND I THINK THE SITUATION IS DIFFERENT BECAUSE ABE HAD A GREAT HAND TO PLAY WHEN HE CAME INTO POWER. HE WON BY A HUGE MAJORITY IN PARLIAMENT AND HAD PEOPLE CRYING OUT FOR BIG IDEAS AND BIG ACTION. SHE DOES NOT HAVE THAT. SHE HAS THE MINORITY IN BOTH HOUSES AND HAS TO MAKE DEALS WITH OTHER OPPOSITION PARTIES IF SHE WANTS TO GET ANYTHING DONE, MUCH LESS ANYTHING AS RADICAL AS ABE’S WAS. SHERY: DURING HER — AVRIL: DURING HER EXCEPTION SPEAK, WHAT IS THE VIBE SHIFT GOING TO MEAN FOR JAPAN? ONE THING YOU SAW WAS THE ANECDOTE WHERE SHE WAS NOT IN POWER FOR FIVE MINUTES BEFORE THERE WAS A CONTROVERSY OVER HER ALLEGEDLY HINTING TOWARDS OVERWORK WHERE SHE SAID SHE WOULD WORK, WORK, AND THROW AWAY THE PHRASE WORKLIFE BALANCE AND IMMEDIATELY PEOPLE JUMPED ON THAT AND TRIED TO SUGGEST THAT SHE WANTED EVERYONE IN THE COUNTRY TO WORK TO THE BONE. SHE WAS TALKING TO THE LAWMAKERS AND POLITICIANS WHO HAD BEEN LETTING DOWN THE RANK AND FILE MEMBERS OF THE LDP OVER THE LAST YEAR BY NOT WINNING ELECTIONS SO YOU CAN EXPECT SOME CONTROVERSY FOR THAT. BUT THERE IS A VIBE SHIFT. WE ARE SEEING A BREAK WITH E ISHIBA AND KEISHA MORE IN THE LDP ON THE CENTRAL LEFT ON THE RIGHT WING IN GENERAL, THIS IS A SHIFT BACK TO THE RIGHT WING AND I THINK YOU WILL SEE A LOT OF IDEAS SHIFT, WHETHER SHE CAN GET ANYTHING DONE IS THE REAL QUESTION ON HER FIRST CHALLENGE IS TO PRESERVE THE COALITION SHE HAS AT THE MOMENT BETWEEN THE LDP [INDISCERNIBLE] NOISE IS COMING OUT SUGGEST THEY ARE NOT HAPPY AT ALL SO IT PUTS HER IN A PRECARIOUS POSITION BEFORE SHE IS EVEN INSTALLED AS PRIME MINISTER. SHERY: THE PRECARIOUS POSITION PERHAPS WITH THE MARKETS BECAUSE THE 30 YEAR OPTION COMING UP, SHE A FAN OF MARGARET THATCHER BUT YOU QUESTIONED FEARS ABOUT HER TURNING INTO LIZ TRUSS INSTEAD. YES. WHEN IT COMES TO THAT ANALOGY, OBVIOUSLY THE BOND MARKET SITUATION IS VERY DIFFERENT IN JAPAN AND THE U.K. IN TERMS OF WHO HOLDS MOST BONDS. SHE WILL HAVE TO BE CAREFUL LAYING OUT HER ECONOMIC PLANS. WE DID NOT HEAR A GREAT DEAL OF DETAIL FROM HER ABOUT A BROADER VISION FOR THE COUNTRY THIS TIME COMPARED TO HER PREVIOUS RUN AT LDP PRESIDENT WHERE SHE WAS CAUTIOUS. THIS TIME I SHOULD SAY COMPARED TO PREVIOUS TIMES WHEN SHE HAD ADVOCATED BIG SPENDING, EASY MONEY. IF SHE STARTS TO ROLL OUT IDEAS LIKE THAT, YOU COULD SEE THE BOND MARKETS GET SPOOKED. AT THE SAME TIME SHE IS VERY CONSTRAINED AND I THINK REALIZES THE FIRST THING SHE NEEDS TO DO OUR THINGS THAT WILL BE QUICKLY FELT BY A PUBLIC WHO IS VERY UNHAPPY WITH SUSTAINED INFLATION SO I THINK THE FIRST TWO MONTHS, ASSUMING SHE IS INSTALLED AS PRIME MINISTER NEXT WEEK, WILL BE FOCUSED ON MAKING SURE TRYING TO PASS LEGISLATION THAT WILL GET MONEY TO HARD-HIT EVERYDAY HOUSEHOLDS. AVRIL: WE WILL CONTINUE TO TRACK IF THERE IS A BACK — A BETWEEN EXPECTATION AND REALITY. GREAT INSIGHTS. EVERYONE READ ABOUT HIS OPINION PIECE ON THE TERMINAL. LET’S LOOKING OUT HOW THIS IS PLAYING OUT IN EFFECTS. WE HAVE BEEN SEEING THE YEN COMING UNDER A LOT OF PRESSURE INCLUDING ON THE EURO AND GREENBACK. DAVE INFINITY JOINS US FOR MORE. WE WERE JUST TALKING ABOUT THE POLICYMAKING ASPECT OF THIS. WE HAVE SEEN CASH AND OPTIONS MARKET ADJUSTING TO THE SHIFT. HOW HIGH WILL THIS TAKE THINGS ON DOLLAR-YEN? IT’S INTERESTING BECAUSE YESTERDAY YOU SAW A KNEE-JERK REACTION, HIGH DOLLAR-YEN UP 2%. BUT SOME OF IT WAS FUNDS BY AN DOLLAR-YEN BUT A LOT OF IT WAS FUNDS SQUARING UP EXISTING SHORT POSITIONS THEY HELD AHEAD OF THE ELECTION SO THE QUESTION, THOSE FUNDS THEMSELVES DID NOT GO LONG, THEY HAVE JUST GONE SPREAD UP SO THAT MEANS WHILE THERE [INDISCERNIBLE] A LOT OF FUNDS ON THE SIDELINES SAYING WE SQUARED THE POSITION BECAUSE WE HAD TO BUT NOT LIKE THAT MEANS [INDISCERNIBLE] A LOT MORE BULLISH FOR DOLLAR-YEN BUT THE QUESTION IS WHAT THIS MEANS IN REALITY FOR POLICY COMING FORWARD. WE SAW YESTERDAY AND ADVISORS SAID MAYBE NOT AN OCTOBER RATE HIKE BUT MAY BE DECEMBER SO THEN DOLLAR-YEN DIPPED BACK ON THAT NEWS SO THERE IS THE IDEA THERE WILL BE MORE STIMULUS AND SHE WILL NEED TO SLOW DOWN RATE HIKES BUT IS THAT WHAT HAPPENS IN REALITY? AT THE MOMENT IT’S WAITING TO SEE. DOLLAR-YEN CAN GO HIGHER BUT IT’S REALLY PEOPLE ON THE SIDELINES THAT SAY OK [INDISCERNIBLE] IT WILL MEAN THAT THERE WILL BE A LOT MORE DEBT ISSUED AND THAT CASE DOLLAR PUSHES HIGHER PARTICULARLY IF THE SAID SAYS TO COAST — TWO CUTS WILL DO BUT AT THE MOMENT — DEUTSCHE BANK YESTERDAY WENT BULLISH TO NEUTRAL SAID WE NEED MORE CLARITY AND THAT IS WHAT — [INDISCERNIBLE] SHERY: IS IT TOO EARLY TO SAY THE YEN FROM THE CARRY TRADES ARE BACK IN ACTION, GIVEN WHERE RATES GLOBALLY COULD BE HEADED AND THE FACT THAT WE HAVE NO CLARITY ON HER POLICY AND BOJ POLICY, COULD THAT RISK THE SPIKE WE SAW IN THE YEN LAST YEAR WHEN THE BOJ HIKES RATES? GOING TO THE CARRY TRADE PART OF IT I THINK THAT HAS ALWAYS BEEN A PLAY OF THE YEN IS A POPULAR CARRY TRADES OR SOUTHERN INVESTORS IN REAL MONEY FUNDS WHEN YOU SAW DOLLAR-YEN AND THE 146 TO 148 IN THE SUMMER TUG-OF-WAR BASICALLY REALLY WHAT WAS GOING ON YOU HAD REAL MONEY FUNDS GOING WE WILL TAKE THAT CARRY-ON HEDGE FUNDS WERE TRYING TO SELL DOLLAR YEN AND SO TUG-OF-WAR GOING ON BUT BEHIND THAT REAL MONEY FUNDS RELATE LIKE CARRIE BECAUSE YEN IS STILL CHEAP COMPARED TO U.S. BUT THE FED IN NO HURRY TO CUT BY ASSISTANCE — 50 BASIS POINTS SO THE QUESTION NOW DOESN’T GET ADDED TO AND I THINK THERE IS CERTAINLY A CASE TO THAT AND THE FED IF THEY SAY TWO IS THE MAXIMUM THIS YEAR OR MAYBE EVEN ONE THEN OBVIOUSLY THAT IS DOLLAR SUPPORT EVENT WITH THE BOJ THEY DO NOT HIKE UNTIL SEPTEMBER — DECEMBER THERE IS AN INTERESTING DIFFERENTIALS SO [INDISCERNIBLE] THERE IS WORRY ABOUT SAID TO HOW DOES THE BOJ ACTUALLY PLAY OUT. [INDISCERNIBLE] AVRIL: YOU TALK ABOUT A TUG-OF-WAR. IS WHAT WE SEE IN FRANCE AND THE EURO HELP CAP YEN WEAKNESS? TO SOME DEGREE. YEN IDEA OF A SAFE HAVEN TRADE HAS DIMINISHED AT THE MOMENT, GIVEN THE UNCERTAINTY. OTHER FOR THE SAFE HAVEN TRADES A LOT OF PEOPLE HAVE SAID LET’S GO TO GOLD OR BITCOIN OR SILVER BECAUSE THEY ARE NOT WORRIED ABOUT DEBT ISSUANCE OR OTHER FACTORS SO ONE THING THAT WAS INTERESTING ON THE EURO YESTERDAY [INDISCERNIBLE] PRIME MINISTER RESIGNED AND NOW INITIAL 40 HOURS BUT ON THE NEWS OF RESIGNATION AND YOU SAW DOLLAR YELLER — DOLLAR EURO SHIPMENT CONTACTS IN LONDON DID NOT SEE A MAJOR FLOW OF OUT FLOW OF DOLLAR LONGS THEY DIDN’T INITIALLY GET FLESHED OUT ON THAT MOVE SO I THINK THE YEAR ALONG IS STILL THE POPULAR TRADE AT THE MOMENT, AGAIN, DEPENDING ON HOW DEVELOPMENTS PLAY OUT THAT COULD CHANGE BECAUSE AGAIN YOU DO NOT NEED A LOT OF UNWINDING TO SPUR MORE UNWINDING AND FOR THE YEN YOU MIGHT NEED MORE AT WOULD BE BE A BIGGER PLAY FOR THEM TO REALLY TAKE AT THE MOMENT LOTS OF EQUITY GRINDING HIGH SO SAFE HAVEN PLAY THEY’RE GOING WHAT SAFE HAVEN PLAY RISK ON AT THE MOMENT — AVRIL: THE 30 YEAR YIELD IS RISING TO A FRESH RECORD, 3.3 15% AHEAD OF THE AUCTION LATER TODAY. GREAT TO CHAT. THANK YOU. LET’S LOOK AT HOW SOME HAVEN PLAYS ARE DOING. GOLD HAS GONE FROM STRENGTH TO STRENGTH. 4000 PER OUTS IS IN ITS SIGHTS. — PER OUTS — OUNCE IS IN ITS SIGHTS. POTENTIALLY OVERTAKING LNG AND COULD HELP OFFSET DECLINES IN REVENUES FROM SOME OF THESE OTHER COMMODITIES THAT HAVE MET DOING AS WELL INCLUDING IRON ORE AND FOR THE MOMENT THE ASX 200 LOOKING A LITTLE SOFT, SOMETHING WE WILL TRACK IN THIS SESSION. COMING UP, THE FALLOUT FROM THE FATAL TRIPLE ZERO OUTAGE AS PRESSURE MOUNTS FOR OPTUS AND SINGTEL TO ADDRESS REPUTATIONAL DAMAGE AND RESTORE CUSTOMER CONFIDENCE. WE WILL TALK MORE ABOUT AUSTRALIA AND MORE. THIS IS BLOOMBERG. ♪ AVRIL: AUSTRALIA’S COMMUNICATIONS MINITER MEETS TODAY — MINISTER MEETS TODAY FOLLOWING A SERIES OF OUTAGES INCLUDING FAILURES OF THE EMERGENCY TRIPLE ZERO CALL SYSTEM, RUN BY OPTUS, A SUBSIDIARY OF SINGTEL. A 13 HOUR OUTAGE LAST MONTH BLOCKED HUNDREDS OF EMERGENCY CALLS AND HAS BEEN LINKED TO THREE DEATHS. OPTUS RISKS LOSING MARKET SHARE TO RIVALS AS PUBLIC DISTRUST IN THE HEALTH OF ITS NETWORK GROWS. JOINING US FROM MELBOURNE IS HELEN MILLER. GOOD TO HAVE YOU WITH US. IT’S AN UNFORTUNATE TURN OF EVENTS. I THINK YOUR SENSE IS IT MIGHT HAVE BEEN PREVENTED. TALK US THROUGH HOW THINGS GOT SO BAD. WE HAVE TO GO A LITTLE BIT BACK IN TIME. THE FIRST MAJOR OUTAGE THAT OCCURRED WAS IN 2023. AT THE TIME OPTUS WAS CALLED TO ACCOUNT AND THE CEO TO DOWN. — STOOD DOWN. IN 2025 THERE WAS ANOTHER OUTAGE, THAT TIME LINKED TO THREE DEATHS. OPTUS IS NOT THE ONLY CARRIER THAT HAS FAILED THE TRIPLE ZERO SERVICE. THE OTHER LARGE CARRIER HAS HAD PROBLEMS AS WELL. SO WE HAVE TO ACCEPT THAT OUTAGES OCCUR. THE COMPLAINT IS WITH HOW IT WAS MANAGED AND THE RESPONSE TAKEN IN DEALING WITH THE OUTAGE. IT TOOK TOO LONG AND HAS CAUSED A LOT OF PROBLEMS REPUTATIONAL AND REGULATORY FOR OPTUS. AVRIL: A LOT OF QUESTIONS ABOUT ACCOUNTABILITY, EVEN AFTER PREVIOUS EPISODES. WHAT IS YOUR SENSE OF THE SAFEGUARDS THAT SHOULD BE IN PLACE, AND CAN THEY BE PUT IN PLACE? I LIKE TO SAY REGULATION OF THIS FIELD, TELLING — TELECOMMUNICATIONS, HAS CARROTS AND STICKS. STICKS ARE THINGS THE GOVERNMENT CAN IMPOSE THAT HAVE DIRE CONSEQUENCES IF YOU DO NOT FOLLOW, YOU WILL BE PUNISHED. THEY SEEK TO DISC — DETER MISCONDUCT. YOU CAN IMPOSE PENALTIES FOR FAILING TO IMPOSE A SAFE SYSTEM. YOU CAN SET UP AN INDUSTRY A BONDSMAN. THOSE ARE THINGS THE GOVERNMENT IS DOING AT THE MOMENT BUT THEY ARE NOT SHORT-TERM CONSIDERATIONS. THE GOVERNMENT HAS TO FIND SOMEONE TO SET UP THE INFRASTRUCTURE AND THEY HAVE YET TO DETERMINE THE OBLIGATIONS THEY WOULD REQUIRE AND WHAT PENALTIES WOULD BE IMPOSED. WE ARE TALKING ABOUT SIX TO 12 MONTHS. THEY ALL HELP DETER PEOPLE FROM MISCONDUCT. THE ALTERNATIVE METHOD IS THE CARROTS. WHAT ARE THE INCENTIVES THAT DRIVE THE COMPANIES TO SUCCEED? THAT HELP IT TO MAKE ITS PROFIT. THE SHORT ANSWER IS THE LICENSE TO BE A CARRIER. THE GOVERNMENT HAS ALREADY GIVEN THE LICENSE TO OPTUS AND OTHER MAJOR AUSTRALIAN CARRIERS. WE ARE SAYING IT IS POSSIBLE TO PUT CONDITIONS ON HOW THEY OPERATE ON THAT LICENSE AND THAT WOULD HAVE AN IMMEDIATE EFFECT AND INCENTIVIZE THEM TO MAKE THE CHANGES THEY NEED TO MAKE NOW. WHAT I AM SUGGESTING IS LONGER-TERM, FURTHER REGULATION, IT’S UNDERSTANDABLE BUT SHORT TERM WE COULD ACHIEVE A LOT IMMEDIATELY WITHOUT HAVING TO GO THROUGH THE REGULATORY PROCESS. SHERY: WHEN IT COMES TO AVOIDING THE PITFALLS WE HAVE SEEN, GIVEN THAT YOU NEED TO RECOGNIZE THE ISSUES FIRST, HOW DIFFICULT IS IT TO LOOK AT CORPORATE CULTURE AND GOVERNANCE, ESPECIALLY IN PRIVATE COMPANIES, IN ORDER TO SET UP THE REGULATORY GUARDRAILS? ONE OF THE BIGGEST PROBLEMS WITH OPTUS IS IT SUPPLIES CRITICAL INFRASTRUCTURE BUT IT IS A PRIVATE COMPANY. NO DISCLOSURE OR TRANSPARENCY ABOUT HOW THE COMPANY IS RUN. IN MAY 2024 SINGTEL ANNOUNCED IT WOULD DEVOLVE MOST RESPONSIBILITIES AND THE BOARD WAS SET UP WITH AN INDEPENDENCE TO MAKE IT MORE ACCOUNTABLE BUT THERE IS NO DETAIL UNDER THAT SO WHEN YOU GO TO THE WEBSITE YOU CANNOT WORK OUT HOW IT MANAGES THE CORPORATION AND WHAT THE ORGANIZATIONAL STRUCTURE IS AND HOW IT MANAGES RISK. TALKING ABOUT GOVERNANCE AND CULTURE WE NEED TO SEE STEPS ARE IN PLACE TO MAKE SURE THESE THINGS ARE TAKEN SERIOUSLY AND NONE OF IT IS PUBLICLY AVAILABLE. THE COMPARISON IS NOT WITH ANOTHER TELCO, IT’S WITH BANKING BECAUSE THAT ALSO NEEDS A LICENSE AND IS IN AN ESSENTIAL SERVICE IN AUSTRALIA AN ERROR IS ACCOUNTABILITY REQUIRED OF ANY BANK TO A REGULATOR IN THIS CASE IT IS THE AUSTRALIAN CREDENTIAL REGULATION AUTHORITY SO I SUGGEST THE SAME KINDS OF STEPS NEED TO BE PLACED ON OPTUS, SOME OF IT IS ACHIEVED BY IT BEING A PUBLIC COMPANY AND BEING ACCOUNTABLE WHICH OPTUS DOESN’T SO IF WE ARE NOT GOING TO HAVE A REQUIREMENT THAT IT ACTS AS THE EQUIVALENT OF A PUBLIC COMPANY WE NEED TO HAVE A SYSTEM IN PLACE THAT SAYS YOU NEED TO BE ACCOUNTABLE TO THE REGULATOR, THE AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY IN THE SAME WAY OR SIMILAR TO HOW BANKS ARE ACCOUNTABLE TO THE BANKING REGULATOR. SHERY: YOU MENTIONED IN ORDER TO PUT THE SYSTEM IN PLACE, MEASURES WOULD BE LONG-TERM BUT GIVEN THAT WE HAVE LOOMING BRUSH FIRE SEASON, WHAT ARE SOME VULNERABILITIES THAT NEED TO BE DEALT FIRST WITH AUSTRALIA’S INFRASTRUCTURE? AUSTRALIAN COMMUNICATION MEDIA AUTHORITY SET UP THE EMERGENCY CALLS THAT OPERATE FROM NOVEMBER AND THOSE ARE THINGS THEY HAVE TO DO A LIGHT MAKE SURE THERE IS CAMPING ON SO IF THE TRIPLE ZERO SERVICE FAILS ON YOUR NETWORK, IT MUST BE IMMEDIATELY SHIFTED TO YOUR COMPETITORS SO THEY CAN GET ACCESS TO TRIPLE ZERO SO THAT HAS TO WORK. EVIDENCE IS THEY DID THAT AT OPTUS BUT A GOOD NUMBER OF PEOPLE, 30%, COULD NOT GET THROUGH TO TRIPLE ZERO SO THERE IS QUESTIONS OVER WHY THE SYSTEM DID NOT WORK AND IN THE LAST OUTAGE THERE WERE PROBLEMS BUT IN ADDITION TO THAT IT’S IMPORTANT COMMUNICATION OBLIGATIONS. YOU HAVE TO LET THE GOVERNMENT KNOW IMMEDIATELY AND TELL THE EMERGENCY SERVICES THEMSELVES WHO HAS BEEN TRYING TO CALL. WE TALK ABOUT WELFARE CHECKS WHEN WE CHECK ON PATIENTS WHO ARE TRYING TO GET THROUGH BUT IT’S MORE IMPORTANT TO LET THE EMERGENCY SERVICES KNOW WHO IT IS THAT COULD NOT CALL SO IT IS THE REAL-TIME RESULTS THAT HAVE BEEN ALREADY SET BY THE GOVERNMENT THROUGH THE EMERGENCY CALL RULES PROCEDURES AND WE NEED TO MAKE SURE OPTUS IS ATTENDING TO THOSE REQUIREMENTS AND AT THE MOMENT WE DO NOT KNOW. IN FAIRNESS TO OPTUS THEY HAVE CONDUCTED AN INQUIRY TO FIND OUT WHAT HAPPENED AND WHY THEY FAILED BUT THE TRUTH ISTHAT’S THE ONLY INQUIRY WHICH THEY ARE FUNDING SO THE GOVERNMENT NEEDS INDEPENDENTLY TO BE SURE THESE STEPS HAVE BEEN TAKEN AND THAT IS WHY THE REGULATOR NEEDS TO COME IN AND LOOK AT THESE ISSUES. AVRIL: HELEN, THANK YOU FOR HELPING US UNPACK OF THE RECOMMENDATIONS AND FIXES SHOULD LOOK LIKE. HELEN BYRD, THANK YOU. MORE ON A SCALE YOU HAD EVERY TUESDAY — MORE ON AUSTRALIA EVERY TUESDAY. YOU CAN TUNE INTO THE BLOOMBERG AUSTRALIA PODCAST, DELVING INTO THE BIG STORIES SHAPING THE COUNTRY’S ROLE. IT FINDS ON APPLE AND ON BLOOMBERG.COM. SHERY: WE ARE FOLLOWING GGP STAY AS — GGP’S TODAY AS BOND YIELDS RISE TO FRESH RECORDS, ESPECIALLY FOR THE 30 YEAR YIELD AS WE HAVE THE AUCTION TODAY WHEN LONGER MATURITY JGB’S HAVE SLUMPED, INVESTORS PRICING AND MORE PRO-STIMULUS POLICIES WHICH COULD SEE — COULD LEAD TO ADDITIONAL DEBT STIMULUS WITH THE ELECTION OF THE INCOMING PRIME MINISTER. OUR MARKETS COVERAGE CONTINUES AS WE LOOK AT THE START OF TRADE. THE CHINA SHOW IS NEXT.

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The Asia Trade 10/07/25

October 7th, 2025, 3:16 AM GMT+0000

«Bloomberg: The Asia Trade» brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Tokyo and Singapore with Shery Ahn and Avril Hong, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)

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