Yen off lows vs dollar, Asian shares ease in subdued trade

TOKYO (Reuters) - The yen recovered from lows against the dollar and Tokyo stocks jumped closer to a 33-month high on Tuesday after markets took comments from a U.S. official as approval for Japan to pursue anti-deflation policies that weaken the yen.

U.S. Treasury Undersecretary Lael Brainard said on Monday the United States supports Japanese efforts to end deflation, but she noted that the G7 has long been committed to exchange rates determined by market forces, "except in rare circumstances where excess volatility or disorderly movements might warrant cooperation.

"Her (Brainard's) comments gave confidence to the market. It was surprising, and was taken as the Obama Administration giving a green light to 'Abenomics'," said Takuya Takahashi, a market analyst at Daiwa Securities.

Japan has faced some overseas criticism that it is intentionally trying to weaken the yen with monetary easing, but talk of a so-called currency war was dialled back ahead of a Group of 20 meeting in Moscow on Friday and Saturday.

G20 officials said on Monday the Group of Seven nations are considering a statement this week reaffirming their commitment to "market-determined" exchange rates.

European Central Bank council member Jens Weidmann also said the euro was not overvalued at current levels.

The dollar fell 0.4 percent to 93.94 yen after marking its highest level since May 2010 of 94.465 on Monday . The euro shed 0.6 percent to 125.68 yen after rising over 2 percent on Monday. It hit its highest since April 2010 of 127.71 yen last week.

"I think the yen's weakening is a function of (playing)catch-up," and not Japan resorting to deliberate devaluation of its currency, said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. in New York. "It's the market's way of saying:'We're convinced there is a movement afoot to reinflate Japan.'"

The yen is pressured by anticipation that Prime Minister Shinzo Abe will endorse a far more dovish Bank of Japan regime when the current leadership's term ends next month, although the BOJ is expected to refrain from taking fresh easing steps when it meets this week.

Share trading was subdued with many regional bourses shut for holidays. Encouraging trade data from China late last week was lending support to sentiment but non-Japan markets lacked momentum as investors awaited key events such as the U.S. president's State of the Union address for trading cues.

European markets are seen inching lower, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open down 0.2 percent. A 0.2 percent drop in U.S. stock futures also suggested a soft Wall Street start. <.l><.eu><.n/>

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> fell 0.1 percent, with Australian shares closing flat ahead of corporate earnings due this week.

The weaker yen in turn hoisted the Nikkei stock average <.n225> to close 1.9 percent higher on improving earnings prospects for exporters. <.t/>

Trading resumed in Japan and South Korea but markets in Singapore, Hong Kong, mainland China, Malaysia and Taiwan remained closed.

STATE OF UNION ADDRESS

Currency and equities markets were also looking ahead to President Barack Obama's State of the Union address later on Tuesday night, for any signs of a deal to avert automatic spending cuts due to take effect March 1.

"We believe that the G20's take on currency wars, Mr. Obama's upcoming state of the union address, and data on the current condition of the U.S. economy should help markets assess where the global recovery stands and where we are heading," Barclays Capital said in a research report.

U.S. and Chinese data last week lifted the tech-focused Nasdaq Composite Index <.ixic> to a 12-year closing high and the Standard & Poor's 500 Index <.spx> to a five-year peak on Friday.

Financial markets showed a muted reaction to the news that North Korea has conducted a nuclear test.

"The test was not something that makes your heart pound as much as a pressing situation between Iran and Israel," said Kaname Gokon, research manager at brokerage Okato Shoji, referring to the threat of possible military action to prevent Iran from developing nuclear weapons.

U.S. crude futures edged down 0.1 percent to $96.92 a barrel while Brent steadied around $118.15.

Spot gold stayed near a one-month low.

(Additional reporting by Ayai Tomisawa, Lisa Twaronite and Osamu Tsukimori in Tokyo; Editing by Edwina Gibbs and Eric Meijer)

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IHT Rendezvous: In China, Shock and Acceptance Over Pope's Resignation

BEIJING — In China, where official relations with the Vatican are a “never-ending crisis,” as the Vatican Insider put it recently, the news of the resignation of Pope Benedict has been slow to spread. The Chinese state doesn’t recognize the Pope as the leader of China’s Catholics and has had its own “patriotic” church since the Communist Revolution in 1949.

But by noon Tuesday the news that rocked the world was arriving here, too. One priest’s reaction was accepting – even approving.

“I’m open-minded. You can retire as Pope,” said Father Yan, in a telephone interview from a Chinese province. (He can only be identified by his last name since speaking out about Roman Catholicism is politically sensitive in China.)

“When God makes us old, he doesn’t want us to work,” Father Yan said.

“People haven’t really talked about it here. It’s a sensitive issue because of relations, but it won’t impact on relations. The state church will accept it. You change a Pope and things go on for the state church,” he said. “But I think it’s very good to retire. It’s OK. He’s old.”

Another priest I called for reaction was stunned – he was hearing the news for the first time.

“I’m shocked. I don’t think I quite believe it,” said Father Dang in a telephone interview. (He too could only be identified by one name.)

“I think the reaction here won’t be too big,” was his immediate response. “But then again maybe it will be. I’m totally shocked.”

Many of China’s Catholics, who number about 12 million, “look two ways,” acknowledging the Pope’s spiritual leadership but the government’s de facto authority and, by extension the authority of the state church. In this slideshow, my colleague Sim Chi Yin presents beautiful images of a baptism at an official church, part of the Chinese Catholic Patriotic Association. Many Chinese people also worship in unofficial “underground” churches.

I explored this ongoing, modern-day “schism” in a column, finding that “many ordinary Catholics dislike the strife between Beijing and Rome and seem comfortable with a pragmatic blend of the two.”

Another reason the news of the Pope’s resignation, announced by him in Latin during what was supposed to be a routine meeting in Rome on Monday, has been slow to seep into China was because of the slowing effect of the weeklong Chinese New Year holiday, which began last Saturday. For days, Chinese, including Catholics, have been paying more attention to homegrown customs and family members than to world news.

“I haven’t actually checked the news in two days,” Father Dang said.

Chinacath.org, a Chinese language Web site for Catholics that is within the Great Firewall that blocks unwanted overseas Internet content, indicating it is officially approved, carried the news of the Pope Benedict’s pending departure on its homepage, with the text of his speech announcing his resignation, in English.

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Tweet-to-buy? American Express says yes

NEW YORK (AP) — A new program from American Express lets Twitter users post special hashtags to buy gift cards and things like Xbox 360 gaming consoles or a Kindle Fire HD from Amazon.

The credit card issuer said Monday that holders of eligible American Express cards will first have to link their cards with their Twitter accounts. Then they can tweet special hashtags, such as “BuyAmexGiftCard25,” wait for a confirmation from Amex and re-tweet the confirmation within 15 minutes to make the purchase. The extra step is there to help make sure that people don’t accidentally buy things with one Tweet.

Once the tweet is sent, the products are sent to the cardholder’s billing address, the company said.

On the safety front, American Express said people’s credit card information is not shared with Twitter or merchants, so even if hackers gain access to someone’s Twitter account they won’t be able to get their credit card information.

Leslie Berland, senior vice president of digital partnerships and development at the American Express, said the company has been “going very deep into social commerce” over the past couple of years. But past efforts have focused on discount offers, not actual purchases through Twitter.

Amex customers can buy gift cards starting Monday and other items beginning on Wednesday.

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How'd They Make Carrie Underwood's Glowing Gown?

Stylewatch
Style News Now

02/11/2013 at 12:25 AM ET

Kevork Djansezian/Getty; John Shearer/Invision/AP (2)

We can’t say we were surprised to see that Carrie Underwood had ditched her form-fitting Roberto Cavalli number for a princess-y silver gown to perform her song “Blown Away” at the Grammys Sunday night. When glowing paisley details began to unscroll across her full skirt, however? We definitely didn’t see that coming.

“We wanted it to be artful and dramatic,” Underwood told reporters backstage. “I just like to stand still and sing sometimes, so this seemed like the best way I could do that and still create something visually attention-capturing.” On the technology behind it, she was a little more tight-lipped, saying “I guess I probably shouldn’t tell my secret, should I?” — but luckily, we’ve already got the inside info.

To perform the song that won her best solo country performance, the superstar donned a custom Theia gown designed specifically for the vivid light show. The line’s creative director Don O’Neill sourced fabric for the 4 feet 5 inches-wide skirt that had to be approved by both Underwood’s stylist, Trish Townsend, as well as the video team creating the special effects.

With only three days to create the gown, O’Neill’s team worked around the clock, stitching together 10 yards of Duchesse satin, 100 yards of tulle and crinoline and thousands of Swarovski crystals onto the bodice. Meanwhile, the production team created the effects that were projected onto her gown, including sparkling stars, rose petals and butterflies.

And was all that work worth it? Judging by your overwhelmingly positive reactions on Twitter, absolutely. And O’Neill was thrilled with the result too, especially because he took the line’s name from the Greek goddess of light. “There couldn’t be a more perfect opportunity to fuse light in a literal sense with one of my gowns,” he says in a statement, “and have it showcased on a national stage by Carrie Underwood, the first celebrity to wear a Theia dress four years ago when we launched.”

Tell us: What did you think of Underwood’s high-tech couture?

–Alex Apatoff

PHOTOS: SEE MORE GRAMMY RISK-TAKERS!

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What heals traumatized kids? Answers are lacking

CHICAGO (AP) — Shootings and other traumatic events involving children are not rare events, but there's a startling lack of scientific evidence on the best ways to help young survivors and witnesses heal, a government-funded analysis found.

School-based counseling treatments showed the most promise, but there's no hard proof that anxiety drugs or other medication work and far more research is needed to provide solid answers, say the authors who reviewed 25 studies. Their report was sponsored by the federal Agency for Healthcare Research and Quality.

According to research cited in the report, about two-thirds of U.S. children and teens younger than 18 will experience at least one traumatic event, including shootings and other violence, car crashes and weather disasters. That includes survivors and witnesses of trauma. Most will not suffer any long-term psychological problems, but about 13 percent will develop symptoms of post-traumatic stress, including anxiety, behavior difficulties and other problems related to the event.

The report's conclusions don't mean that no treatment works. It's just that no one knows which treatments are best, or if certain ones work better for some children but not others.

"Our findings serve as a call to action," the researchers wrote in their analysis, published online Monday by the journal Pediatrics.

"This is a very important topic, just in light of recent events," said lead author Valerie Forman-Hoffman, a researcher at the University of North Carolina-Chapel Hill.

She has two young children and said the results suggest that it's likely one of them will experience some kind of trauma before reaching adulthood. "As a parent I want to know what works best," the researcher said.

Besides the December massacre at Sandy Hook Elementary School in Connecticut, other recent tragedies involving young survivors or witnesses include the fatal shooting last month of a 15-year-old Chicago girl gunned down in front of a group of friends; Superstorm Sandy in October; and the 2011 Joplin, Mo., tornado, whose survivors include students whose high school was destroyed.

Some may do fine with no treatment; others will need some sort of counseling to help them cope.

Studying which treatments are most effective is difficult because so many things affect how a child or teen will fare emotionally after a traumatic event, said Dr. Denise Dowd, an emergency physician and research director at Children's Mercy Hospitals and Clinics in Kansas City, Mo., who wrote a Pediatrics editorial.

One of the most important factors is how the child's parents handle the aftermath, Dowd said.

"If the parent is freaking out" and has difficulty controlling emotions, kids will have a tougher time dealing with trauma. Traumatized kids need to feel like they're in a safe and stable environment, and if their parents have trouble coping, "it's going to be very difficult for the kid," she said.

The researchers analyzed 25 studies of treatments that included anti-anxiety and depression drugs, school-based counseling, and various types of psychotherapy. The strongest evidence favored school-based treatments involving cognitive behavior therapy, which helps patients find ways to cope with disturbing thoughts and emotions, sometimes including talking repeatedly about their trauma.

This treatment worked better than nothing, but more research is needed comparing it with alternatives, the report says.

"We really don't have a gold standard treatment right now," said William Copeland, a psychologist and researcher at Duke University Medical Center who was not involved in the report. A lot of doctors and therapists may be "patching together a little bit of this and a little bit of that, and that might not add up to the most effective treatment for any given child," he said.

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Pediatrics: http://www.pediatrics.org

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Equities, oil steady; euro dips in holiday-thinned trade

SINGAPORE (Reuters) - Oil and equities dawdled on Monday near multi-month highs scaled after robust Chinese trade data last week, while the euro slipped to a two-week low as uncertainty surrounded a political scandal in Spain and a looming election in Italy.

With the Lunar New Year holiday shutting most Asian financial centers, including those in Japan, China, Hong Kong, Singapore and South Korea, trading was light and volatile on many of those exchanges that remained open.

European markets were expected to likewise lack momentum in the absence of major economic drivers and ahead of a meeting of the Eurogroup, where the discussion around the risk of a global round of competitive currency devaluation could re-emerge.

Financial bookmakers called major European indexes <.ftse><.gdaxi><.fchi>to open flat.

Australian shares <.axjo> were flat after closing at a 34-month high on Friday following positive data from China, the most important consumer of Australia's commodity exports.

S&P 500 index futures inched up 0.1 percent after the Wall Street benchmark reached a five-year high on Friday.

Brent crude oil, which touched its highest in nine months on Friday, was unchanged just below $119 a barrel.

Foreign exchange trading was choppy in thin volumes, with what traders interpreted as slightly dovish comments from the European Central Bank last week also weighing on the euro, which has shed around 2.5 percent since reaching a 15-month high above $1.37 on February 1.

The euro briefly fell to $1.3325 on Monday, after stop-loss selling was triggered below $1.3340, traders said, before recovering to stand little changed around $1.3370.

There are growing worries about Spain as a scandal on secret cash payments engulfs the prime minister, while confidence in Italy has been shaken in the run-up to a February 24-25 election. "The euro's upside is likely to be limited and short-lived," said Aroop Chatterjee, an analyst at Barclays Capital.

"Better financial conditions are likely to be offset by rising political risks, market positioning and a weaker economy. We expect the euro to be on a declining trend beginning in Q2."

The yen pared a little of its recent heavy losses after Japanese Finance Minister Taro Aso said it had weakened more than intended.

The currency, which has been an easy one-way bet for weeks as Prime Minister Shinzo Abe put intense pressure on the central bank to take bold action to revive Japan's fragile economy, also recovered from its recent 4-week trough against the Aussie, the latter changing hands at 95.25 yen AUDJPY=R, compared with a peak of 97.42 set on Tuesday.

(Additional reporting by Ian Chua in Sydney and Vidya Ranganathan in Singapore; Editing by Shri Navaratnam)

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IHT Rendezvous: Builder of China's 'Great Firewall' Finds His Holiday Greetings Spurned

BEIJING — Fang Binxing is known here as the “Father of the Wall,” that is, the Great Firewall — the sprawling system of technological controls in China that has created a parallel online world, or “Chinternet,” where global favorites such as YouTube, Twitter and Facebook are blocked.

In fact, it’s fair to say that Mr. Fang is unpopular among quite a few of China’s hundreds of millions of netizens, though he does have his admirers, including among those who support the government’s large-scale efforts to “weiwen,” or maintain stability.

Just how unpopular he is was demonstrated again over the weekend when his New Year’s microblog greeting was promptly bombarded with messages telling him to “go to hell,” according to netizens (it wasn’t possible to read each message, but Mr. Fang’s post had been forwarded over 23,000 times at the time of writing).

Pithily, in one word repeated again and again, the critics said: “gun,” or “滚.” (The word literally means “roll,” or, in an officially accepted slang variation, “beat it.”)

“Fang Binxing sends everyone New Year’s greetings! May all be joyful and successful in the Year of the Snake!” he posted on his Sina Weibo, or microblog, account, on Saturday, continuing with salutations to his university (he is the president of the University of Posts and Telecommunications in Beijing) and a poem.

“Yesterday, a university president wished everyone Happy New Year on his microblog account and the result was he got over 10,000 forwards saying ‘go to hell,’ ” He Bing, deputy director of the School of Law at the China University of Political Science and Law, posted to his nearly 395,000 followers on Sina Weibo.

“As long as people like this continue to be the presidents of universities there’s no hope for China,” Mr. He’s post continued. By Tuesday afternoon it had been forwarded about 3,700 times.

Mr. Fang acknowledged in an interview in 2011 that he had designed major parts of the Great Firewall. He is a lightning rod for protest among the Internet-savvy who want broader freedom of speech.

He’s had eggs and a shoe thrown at him, and in 2011 had to close his newly opened microblog after thousands of users left comments within hours — almost all of them critical, the populist newspaper Global Times noted.

“I regard the dirty abuse as a sacrifice for my country,” the newspaper quoted Mr. Fang as saying.

Attention is growing around the world on how the Chinese state uses the Internet, with The Washington Post reporting today on a new intelligence assessment in the United States. The newspaper writes that according to a National Intelligence Estimate, the United States is the target of “a massive, sustained cyber-espionage campaign” and that China is “the country most aggressively seeking to penetrate the computer systems of American businesses and institutions to gain access to data that could be used for economic gain.”

The Post is one of a number of U.S. news organizations, including The New York Times, that recently reported having been subjected to cyberattacks believed to have Chinese origins. (The Times has been blocked in China since running a story last year about wealth accumulated by the family of the outgoing prime minister, Wen Jiabao.)

Back in Beijing, Mr. Fang hasn’t posted anything since his New Year greeting, so it isn’t clear how he feels about the reaction to it. Meanwhile, word continues to circulate that more “upgrades,” or tightening, of the Great Firewall lie ahead.

In December, several overseas-based companies that provide VPNs to both non-Chinese and Chinese users in the country (a VPN, or virtual private network, enables users to get around the Chinternet, or “cross the Wall” as it’s known here, by logging on via overseas servers) said their services had been interrupted.

In what some read as a warning, Mr. Fang appeared to tell Global Times that overseas-based companies offering VPNs to people in China must register with the Ministry of Industry and Information Technology.

“I haven’t heard that any foreign companies have registered,” he said. Unregistered VPN service providers are not protected by Chinese law and any company running a VPN business should realize it has a responsibility to register, he said, according to Global Times.

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The Truth About Your Facebook Friends

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Tiger Woods & Lindsey Vonn Are 'Spending More Time' Together: Source

Buzz

By Steve Helling

02/09/2013 at 06:00 PM EST

Tiger Woods and Lindsey Vonn

Mick Tsikas/Reuters/Landov; Luis Guerra/Ramey

It was quite the gesture.

After Lindsey Vonn suffered a devastating injury during the Alpine World Championships in Austria, she got a bit of help from Tiger Woods. Walking on crutches, Vonn – who tore two ligaments in her right knee and fractured her shin when she crashed on Tuesday ­– boarded Woods's private jet to return home.

Is it a sign that the rumored relationship between Woods and Vonn is heating up?

"Tiger and Lindsey have been friends for a while, and nothing started out romantically at all," a source tells PEOPLE. "But they really have a lot in common and got closer and closer. He still refers to her as 'my very good friend,' but he's been spending more and more time talking to her – and talking about her."

Last month, Vonn's reps kept mum about the rumored relationship, telling PEOPLE that her "focus is solely on competing and on defending her titles and thus she will not participate in any speculation surrounding her personal life at this time."

But the source close to Woods tells PEOPLE that Woods, 37, and Vonn. 28, talk and text frequently.

"Tiger really does want a woman who he can have good conversations with," he says. "He wants shared interests and outlooks. He is finding that with [Lindsey]."

Woods made international headlines in 2009 when he was linked to dozens of women while still married to his ex-wife, Elin Nordegren.

Since then, he has dated sporadically, but struggled to find someone who wanted a relationship for the right reasons.

"She's not freaked out by his past, and that's really appealing to him," says the source. "He really does deserve to be happy. He has been flogging himself for three years, and it's good to see him moving forward."

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After early start, worst of flu season may be over

NEW YORK (AP) — The worst of the flu season appears to be over.

The number of states reporting intense or widespread illnesses dropped again last week, and in a few states there was very little flu going around, U.S. health officials said Friday.

The season started earlier than normal, first in the Southeast and then spreading. But now, by some measures, flu activity has been ebbing for at least four weeks in much of the country. Flu and pneumonia deaths also dropped the last two weeks, the Centers for Disease Control and Prevention reported.

"It's likely that the worst of the current flu season is over," CDC spokesman Tom Skinner said.

But flu is hard to predict, he and others stressed, and there have been spikes late in the season in the past.

For now, states like Georgia and New York — where doctor's offices were jammed a few weeks ago — are reporting low flu activity. The hot spots are now the West Coast and the Southwest.

Among the places that have seen a drop: Lehigh Valley Hospital-Cedar Crest in Allentown, Pa., which put up a tent outside its emergency room last month to help deal with the steady stream of patients. There were about 100 patients each day back then. Now it's down to 25 and the hospital may pack up its tent next week, said Terry Burger, director of infection control and prevention for the hospital.

"There's no question that we're seeing a decline," she said.

In early December, CDC officials announced flu season had arrived, a month earlier than usual. They were worried, saying it had been nine years since a winter flu season started like this one. That was 2003-04 — one of the deadliest seasons in the past 35 years, with more than 48,000 deaths.

Like this year, the major flu strain was one that tends to make people sicker, especially the elderly, who are most vulnerable to flu and its complications

But back then, that year's flu vaccine wasn't made to protect against that bug, and fewer people got flu shots. The vaccine is reformulated almost every year, and the CDC has said this year's vaccine is a good match to the types that are circulating. A preliminary CDC study showed it is about 60 percent effective, which is close to the average.

So far, the season has been labeled moderately severe.

Like others, Lehigh Valley's Burger was cautious about making predictions. "I'm not certain we're completely out of the woods," with more wintry weather ahead and people likely to be packed indoors where flu can spread around, she said.

The government does not keep a running tally of flu-related deaths in adults, but has received reports of 59 deaths in children. The most — nine — were in Texas, where flu activity was still high last week. Roughly 100 children die in an average flu season, the CDC says

On average, about 24,000 Americans die each flu season, according to the CDC.

According to the CDC report, the number of states with intense activity is down to 19, from 24 the previous week, and flu is widespread in 38 states, down from 42.

Flu is now minimal in Florida, Kentucky, Maine, Montana, New Hampshire and South Carolina.

___

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CDC: http://www.cdc.gov/flu/

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