언어와 천재성

티타늄으로 제작되었고, 잠수부들이 애용하였던 용두디자인이 멋스럽다.

By Mayumi Otsuma

Jan. 25 (Bloomberg) -- Japan's inflation rate doubled in December to the fastest in more than nine years, as companies passed rising oil and commodity costs to consumers.

Core consumer prices, which exclude fresh food, climbed 0.8 percent from a year earlier, the statistics bureau said today in Tokyo. The median estimate of 44 economists surveyed by Bloomberg News was for a 0.6 percent gain.

Dairy farmers on the northern island of Hokkaido yesterday raised the price of milk by 3 percent because of higher costs of feed for cows. Higher energy and materials expenses hurt growth by eroding corporate profits and spending by consumers whose wages are falling.

``The global economy is slowing while prices of food and energy keep advancing,'' said Hiroshi Shiraishi, an economist at Lehman Brothers in Tokyo, who expects the central bank to keep interest rates on hold this year. ``That's the worst combination for the Japanese economy, which depends on exports and has stagnating domestic demand.''

The yen traded at 107.23 per dollar at 10:38 a.m. in Tokyo from 107.12 before the report was released, and is heading for a weekly decline against the world's 16 most-active currencies after global stocks rebounded. The yield on Japan's 10-year bond rose 6 basis points to 1.445 percent.

Reduced Bets

Investors reduced bets that the central bank will lower the key lending rate from 0.5 percent later this year. There is a 45 percent chance of a cut by July, down from 67 percent before the inflation report, according to calculations by JPMorgan Chase & Co. using overnight interest-rate swaps.

Bank of Japan policy makers said it's likely growth will slow and inflation will quicken in the short term, according to minutes of their December policy meeting released in Tokyo today. Central bank Governor Toshihiko Fukui said this combination makes it ``difficult'' to decide interest-rate policy.

``Rising daily-goods prices are negative for consumer spending when wage growth has stalled,'' Economic and Fiscal Policy Minister Hiroko Ota told reporters today. ``We can't say Japan has made a major step'' toward the end of deflation.

Consumer confidence fell to a four-year low in December and wages only rose in two of the first 11 months of last year.

Core consumer prices were unchanged in 2007, today's report showed. Prices started rising in October after falling for eight months. Even before then, they either hovered near zero or fell since March 1998, when an increase in the country's sales tax pushed gains to 1.8 percent.

`Soft Stagflation'

``Japan is experiencing a sort of soft stagflation this quarter,'' said Takehiro Sato, chief Japan economist at Morgan Stanley in Tokyo, who estimates 1 percent inflation in the period. ``Price increases combined with sluggish demand will cut disposable incomes and weaken consumption further.''

Tokyo's core prices, a harbinger of the nationwide index, rose 0.4 percent in January from a year earlier, following a 0.3 percent gain in December.

Excluding energy as well as food, nationwide consumer prices fell 0.1 percent in December. By that measure, they've failed to rise for nine years.

Crude oil rose to a record $100 a barrel this month. A UBS Bloomberg index of 26 commodities that tracks the prices of oil, industrial metals, agriculture and livestock climbed to a record on Jan. 14 after surging 22 percent last year.

Central bank policy makers said this week that growth in the year ending March will probably be slower than the 1.8 percent they forecast three months ago. Board members said consumer prices will probably rise faster than they had anticipated in October, when they said inflation would be flat this fiscal year.

Top Breweries

Japan's top breweries -- Kirin Holdings Co., Asahi Breweries Ltd. and Sapporo Holdings Ltd. -- plan to raise beer prices in the next three months to cover higher malt costs. Nisshin Foods Inc., Japan's biggest macaroni maker, will increase pasta prices as wheat costs soar.

The biggest reason for an economic slowdown is that companies, particularly small ones, remain unable to pass on costs out of concern that sales may decrease, said Ryutaro Kono, chief economist at BNP Paribas in Tokyo.

``Some companies, worrying that worsening performance may force them to go bankrupt, started to raise prices,'' Kono said. ``But without wage increases, higher prices will only hurt households' purchasing power and choke off spending.''

By Chen Shiyin and Masaki Kondo

Jan. 25 (Bloomberg) -- Asian stocks advanced, led by technology companies and miners, after U.S. lawmakers agreed on a plan to boost spending and South Korea's economy grew faster than economists had expected.

Canon Inc. and LG Electronics Inc. paced gains on speculation the plan that includes tax rebates to U.S. families will bolster growth in Asia's largest overseas market. Posco rose in South Korea. BHP Billiton Ltd., the world's largest mining company, had its first three-day increase in a month as copper, gold and crude oil prices rallied.

``Investors will continue buying back into the market,'' Mamoru Shimode, an equity strategist at Deutsche Bank AG, said in an interview with Bloomberg Television. ``The focus is on how fast the U.S. will introduce additional policies to help the economy.''

About nine stocks rose for each that retreated in the MSCI Asia Pacific Index, which climbed 3.1 percent to 143.78 at 10:54 a.m. in Tokyo, following a two-day, 5.6 percent advance. The benchmark is on course for its fourth straight weekly decline as gains failed to offset losses in the first two days of the week.

Japan's Nikkei 225 Stock Average added 2.2 percent to 13,378.59. South Korea's Kospi index climbed for a third day. All other benchmarks open for trading advanced, apart from China.

Technology companies also climbed after Nintendo Co., the maker of the Wii game console, raised its profit forecast and Microsoft Corp., the world's largest software maker, reported net income that topped analysts' estimates.

Stimulus Plan

U.S. stocks rose yesterday, helping the Standard & Poor's 500 Index to its biggest two-day rally since November. Xerox Corp., the world's largest maker of high-speed color printers, and Lockheed Martin Corp., the biggest defense company, advanced after reporting profit that exceeded analysts' expectations.

Canon, the world's largest of digital camers, jumped 4.4 percent to 4,750 yen, poised for its highest close in two weeks. LG Electronics added 3.4 percent to 96,200 won. Asia's No. 2 handset maker said yesterday profit climbed to a record.

The Bush administration and lawmakers announced an agreement on an economic stimulus plan that would distribute rebate checks to 117 million families and give businesses incentives to invest in equipment. The proposal also aims to stem mortgage-market losses by allowing lenders to buy more expensive home loans.

Speculation that any stimulus package will fail to stave off a recession sparked a two-day, 10 percent plunge in the MSCI's Asian index at the start of the week. Stocks rebounded after the Federal Reserve cut its benchmark interest rate by the most in 23 years and New York regulators met with U.S. banks to consider bailing out bond insurers, easing concern that credit-market losses will widen.

Macquarie, Posco

Macquarie Group Ltd., Australia's biggest securities firm, jumped 5.9 percent to A$67.81. Mizuho Financial Group Inc., the third-largest publicly traded bank by market value in Japan, added 4.8 percent to 482,000 yen.

Posco, Asia's third-biggest steelmaker, added 2.5 percent to 500,000 won in South Korea. SK Telecom Co., the nation's largest mobile-phone operator, rose 2 percent to 206,000 won.

South Korea's growth accelerated to 1.5 percent from the third quarter's 1.3 percent, the central bank said in Seoul today. That beat the median estimate of 1.3 percent in a Bloomberg News survey of economists.

The report comes after China said yesterday its economy expanded more than 11 percent for the fourth straight quarter, supporting global growth amid a U.S. slowdown.

BHP jumped 3.3 percent to A$35.95, extending a two-day, 12 percent surge. The three-day rally will be the longest since a similar period ended Dec. 27. Rio Tinto Group, the world's third- biggest mining company, gained 4.2 percent to A$113.

Metals, Oil

A gauge of six metals traded on the London Metal Exchange, including copper and nickel, jumped 2 percent yesterday, while crude oil prices surged 2.8 percent. Gold for immediate delivery yesterday rose 2.5 percent to $912.85 an ounce.

Nippon Mining Holdings Inc., Japan's biggest copper producer, climbed 3.8 percent to 623 yen. Newcrest Mining Ltd., Australia's largest gold mining company, added 1.7 percent to A$34.58.

A measure of technology shares on the MSCI Asian index jumped 2.9 percent today, the best performer among the 10 industry groups. Advances today helped trim the technology index's 2008 loss to 12 percent.

Nintendo, Microsoft

Nintendo jumped 3.2 percent to 54,800 yen. Profit in the third quarter gained 63 percent from a year earlier. The world's biggest maker of handheld game players raised its annual forecast for operating profit by 9.5 percent to 460 billion yen.

Microsoft reported yesterday that net income climbed 79 percent to 50 cents a share, topping the 46-cent average of estimates compiled by Bloomberg. Chief Executive Officer Steve Ballmer increased the annual sales forecast to as much as $60.5 billion, signaling Microsoft can withstand a slowdown in the U.S. economy.

Taiwan Semiconductor Manufacturing Co., the world's largest custom-chip maker, added 3.4 percent to NT$55.50. Hon Hai Precision Industry Co., which makes iPods for Apple Inc., jumped 5 percent to NT$166.50.

Centro Properties Group, the Australian owner of 700 U.S. malls, surged 37 percent to 65.5 Australian cents, extending yesterday's 35 percent gain. New Chief Executive Officer Glenn Rufrano yesterday ruled out a fire sale of assets as he seeks to refinance A$3.9 billion ($3.4 billion) of the company's debt.

``There were those comments from the new CEO that he didn't expect the banks to act precipitously,'' said Rob Patterson, who manages the equivalent of $3.8 billion at Argo Investments Ltd. in Adelaide. ``People have taken heart from that.''

By Seyoon Kim

Jan. 25 (Bloomberg) -- South Korea's economy expanded faster than expected in the fourth quarter, stoked by the biggest increase in exports in four years and a pickup in business investment.

Growth accelerated to 1.5 percent from the third quarter's 1.3 percent, the central bank said in Seoul today. That beat the median estimate of 1.3 percent in a Bloomberg News survey of 14 economists. The economy expanded 5.5 percent from a year earlier, the fastest pace in almost two years.

South Korea's stock index rose as the report added to confidence that exports to China, the Middle East and other emerging markets is helping Asian nations weather the U.S. slump. As global growth cools, the economy will be increasing reliant on spending by businesses and consumers to extend its longest expansion in 15 years.

``The Chinese economy is supporting economic growth in Korea and across Asia as the U.S. slows,'' said George Worthington, chief Asia-Pacific economist at Thomson IFR in Sydney. The report also shows ``quite a solid performance from the domestic economy even in the face of record oil prices.''

The Kospi index climbed 1.4 percent to 1,685.93 at 11:15 a.m. in Seoul. The won rose 0.2 percent to 947.25 per U.S. dollar. The yield on the three-year government bond jumped 9 basis points to 5.19 percent.

China's economy expanded more than 11 percent for the fourth straight quarter, figures showed yesterday, supporting global growth as a recession looms in the U.S.

Economists Disagree

Goldman Sachs Group Inc. this month raised its forecast for South Korea's economic growth, predicting an expansion of 5 percent in 2008 compared with 4.9 percent last year.

Others aren't as optimistic.

UBS AG today cut its 2008 growth forecast to 3.6 percent, which would be the weakest in five years, saying both exports and consumption will slow. It previously estimated 4.1 percent.

South Korea's ``challenges appear to be growing now we expect a U.S. recession,'' said Duncan Wooldridge, a Hong Kong- based economist at UBS. ``Export growth should slow in line with weaker demand from the U.S., Europe, and Japan. And a slowdown in credit will lead to weaker domestic demand, especially consumption.''

Concern that the U.S. slump will curb demand for Korean made cars and mobile phones has sent the Kospi index plunging 11 percent this year.

Domestic Demand

``The issue now is how much the U.S. slowdown will hurt exports and economic growth, not whether we'll be affected,'' said Oh Suktae, an economist at Citibank Korea Inc. in Seoul. ``Clearly, South Korea will have to rely more on the role of domestic demand.''

Private consumption increased 1.1 percent last quarter, today's report showed, compared with a 1.2 percent gain in the previous three months. Corporate investment in factories reversed the third quarter's drop and climbed 4.4 percent last quarter. Construction investment rose 0.4 percent.

The lowest jobless rate in five years and wage gains are underpinning consumer spending as fuel costs surge to a record.

President-elect Lee Myung Bak aims to stoke growth by encouraging firms to invest more and increase hiring. He announced a series of tax breaks on capital expenditure and has proposed relaxing rules that limit investment in banks by industrial groups.

`Engine for Growth'

``The engine for economic growth this year will be corporate investment,'' said Kwon Goohoon, Seoul-based economist at Goldman. ``Companies will spend if regulations are eased swiftly.''

The government expects domestic demand will account for about 90 percent of its forecast 4.8 percent growth rate in 2008.

For now, exports remain a major driver of growth. China surpassed the U.S. in 2003 to become South Korea's largest market, buying more than 21 percent of the nation's goods

Overseas shipments surged 7.3 percent in the fourth quarter, accelerating from a 1.5 percent gain in the third quarter, today's report showed. That was the biggest increase since the final quarter of 2003.

Exports to China jumped 18 percent in the period from Jan. 1 to Dec. 20 and shipments to the Middle East surged 40 percent.

Samsung Electronics Co., whose overseas sales account for 16 percent of the nation's total exports, has tapped demand in China and India. Asia's largest semiconductor maker forecast on Jan. 15 mobile-phone shipments will expand in the first quarter from the previous three months.

``Sales to emerging markets like the Middle East and Latin America are rising. That's what makes Korea less vulnerable to external shocks,'' said Ma Tieying, an economist at DBS Bank Ltd. in Singapore.

By Laura Litvan and Roger Runningen

Jan. 24 (Bloomberg) -- The Bush administration and House lawmakers announced agreement on an economic stimulus package that would distribute rebate checks to 117 million families and give businesses incentives to invest in equipment.

``The stimulus package will put money in the hands of hardworking Americans,'' House Speaker Nancy Pelosi said at a press conference with House Republican Leader John Boehner and Treasury Secretary Henry Paulson at the Capitol.

Lawmakers are racing to enact a stimulus measure to try to counter escalating risks of a recession. The Federal Reserve this week made an emergency cut in its benchmark overnight lending rate, lowering it three-quarters of a point to 3.5 percent.

President George W. Bush, in a statement at the White House, said the U.S. economy faces short-term disruptions in the housing market and rising energy prices.

``The country needs this boost to the economy now,'' Bush said. The agreement will result in ``higher consumer spending and increased business investment this year.''

Under the plan, individuals would receive rebates of up to $600 and couples could receive $1,200, plus $300 per child, Paulson said. Rebates would be phased out for individuals earning more than $75,000 and couples earning more than $150,000. Individuals must earn at least $3,000 to get a $300 rebate.

Paulson said the rebate checks may be mailed 60 days after the proposal becomes law, possibly in May.

`Fast Track'

``This is on a fast track,'' Paulson said.

The accord also seeks to address the growing number of housing foreclosures by including a provision allowing Fannie Mae and Freddie Mac, the largest U.S. mortgage finance companies, to temporarily buy mortgages of as much as $729,750, exceeding a $417,000 federal limit.

Some lawmakers protested that the measure doesn't include more spending. Democrats sought to extend unemployment benefits or provide additional food-stamp aid.

Representative Charles Rangel, a New York Democrat who heads the tax-writing House Ways and Means Committee, said he did ``not understand, and cannot accept'' the dropping of an extension of unemployment benefits from the final stimulus package.

``These are the families we need to protect in times of recession as they struggle to put food on their tables, clothes on their backs and keep a roof over their heads,'' Rangel said in a statement. Rangel added, however, that he wouldn't block the legislation from ``moving forward.''

Business Incentives

Two business incentives were included in the measure. One would allow large businesses to deduct more of the price of new equipment they purchase this year. Small businesses would be allowed to deduct twice the current limit of $112,000 for new equipment purchases.

Senate Democratic leaders, while praising the House agreement today, said the measure will be amended in that chamber.

Senate Republican Leader Mitch McConnell called for quick action.

``We can all agree that we must act soon if we want to provide timely relief to American families and job creators, and boost our fundamentally strong economy,'' he said in a prepared statement.

WASHINGTON (AP) -- A federal judge said Thursday that CIA interrogation videotapes may have been relevant to his court case, and he gave the Bush administration three weeks to explain why they were destroyed in 2005 and say whether other evidence was destroyed.

Lawyers for several Guantanamo detainees say the government has defied orders to preserve evidence.

Several judges are considering wading into the dispute over the videos.

But U.S. District Judge Richard W. Roberts was the first to order the administration to provide a written report on the matter.

The decision is a legal setback for the Bush administration, which has urged courts not to get involved.

The tapes showed harsh interrogation tactics used by CIA officers questioning al Qaeda suspects Abu Zubaydah and Abd al-Rahim al-Nashiri in 2002.

The Justice Department and Congress are investigating the destruction of the tapes.

When they were destroyed, the government was under various court orders to retain evidence relevant to terrorism suspects at the U.S. detention center at Guantanamo Bay, Cuba. After it became public in December that the tapes had been destroyed, lawyers for several detainees went to court demanding to know more.

"There's enough there that it's worth asking" whether other videos or documents were also destroyed, said attorney Charles H. Carpenter. "I don't know the answer to that question, but the government does know the answer and now they have to tell Judge Roberts."

The Justice Department has warned that a judicial inquiry could jeopardize the criminal investigation. U.S. District Judge Henry H. Kennedy, the first judge to consider the question, held a public hearing before agreeing not to hear evidence in the case.

Earlier this month, a federal judge in New York said destroying the tapes appeared to have violated his order in a case involving the American Civil Liberties Union. But U.S. District Judge Alvin Hellerstein has not yet said how he will rule.

Roberts issued a three-page ruling late Thursday siding with Carpenter, who represents Guantanamo Bay detainee Hani Abdullah. The judge said the lawyers had made a preliminary "showing that information obtained from Abu Zubaydah" was relevant to the detainee's lawsuit and should not have been destroyed.

Roberts said he wants a report by February 14 explaining what the government has done to preserve evidence since his July 2005 court order, what it is doing now and whether any other potentially relevant evidence has been destroyed.

Justice Department spokesman Dean Boyd had no comment.

David Remes, an attorney in a similar case who unsuccessfully sought information about the videotapes, praised the ruling.

"It was only a matter of time before a court ordered the government to account for its handling -- or mishandling -- of evidence in these cases," Remes said.