|Bid||367.90 x 0|
|Ask||366.90 x 0|
|Day's range||365.40 - 373.80|
|52-week range||311.20 - 714.80|
|Beta (5Y monthly)||1.40|
|PE ratio (TTM)||N/A|
|Earnings date||12 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||27 Sep 2019|
|1y target est||1,065.60|
(Bloomberg) -- After the shock arrest of former Nissan Motor Co. chief Carlos Ghosn in November 2018, some fretted that major Japanese firms might never hire a foreign chief executive again.But two years on, the nation’s premier blue-chip index will soon have two more foreign CEOs. In the space of just 24 hours Nexon Co., headed by Owen Mahoney, was promoted to the index, while Mitsubishi Chemical Holdings Corp. announced Belgian Jean-Marc Gilson as its next leader.The two will join the likes of Takeda Pharmaceutical Co.’s Christophe Weber and Trend Micro Inc.’s Eva Chen as foreign heads of firms on Japan’s blue-chip index — which, despite a series of corporate governance overhauls in the past decade, is still an unusual event.Following his dramatic flight to Lebanon earlier this year, Ghosn suggested such appointments could become even rarer, warning that foreign executives in Japan weren’t safe. Ghosn was arrested in Nov. 2018 along with Nissan director Greg Kelly on charges of financial misconduct and breach of trust, charges Kelly is now facing alone following Ghosn’s escape. Both Ghosn and Kelly have denied the charges.“If you’re a foreigner working in Japan, you have to be very careful, because unless the system changes, you’re playing with your life,” Ghosn told CNBC in an interview in January. Ghosn had already relinquished his role as Nissan’s CEO in 2017, more than a year before his arrest, although he remained a powerful chairman of the automaker.Atypical CaseBoth Mahoney and Gilson have shrugged off the concerns raised by the former automobile mogul.“I met him a couple of times and got the sense he was here for the job, not the culture,” Mahoney said of Ghosn in an e-mail to Bloomberg News. “Japan is not for everyone, but if you want to be successful and enjoy your time here, you need to start with a respect for the people, culture and values.”Nexon’s case is atypical for a Nikkei 225 component. The company was founded by South Korean billionaire Kim Jung-ju, who retains about 48% of the stock, and moved its headquarters to Tokyo before listing there in 2011.Mahoney, who attended graduate school in Japan and worked in the country early in his career, joined Nexon from Electronic Arts Inc. in 2010. He was named to the top job after a spell as chief financial officer, and has overseen a seven-fold increase in the share price during that time. Nexon will join the Nikkei 225 on Oct. 29.‘No Anxiety’Speaking Friday via video call at a Mitsubishi Chemical press conference, Gilson, a former executive at Dow Corning and currently CEO of France’s Roquette, said he had no such concerns, noting the experience he also has working and living in Japan.“I have no anxiety,” said Gilson, whose wife is Japanese. “Japan is not new. I have some understanding of Japanese culture. I know some people have been successful and others have failed.”Gilson’s case is even more unusual, with major Japanese boards often reluctant to hire from outside, much less from abroad, when replacing top management. Both Ghosn and Howard Stringer, the former president of Sony Corp., were promoted from within the organization.The record of foreign appointments is historically mixed. Craig Naylor quit as CEO of Nippon Sheet Glass Co. after less than two years in 2012, citing a clash with the board. In October 2011, Michael Woodford was fired after just six months as president of Olympus Corp. after questioning the company’s accounting practices.Takeda’s share price has dropped 41% since Weber took over as CEO in April 2015, during which time he engineered the $62 billion acquisition of Shire.(Updates with comment from Nexon’s Owen Mahoney from sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Nissan Motor <7201.T> plans to increase its production capacity in China by 30% next year, aiming to tap a recovery in demand in the world's biggest auto market as it seeks to turn around its loss-making business, the Yomiuri newspaper reported on Tuesday. The Japanese carmaker will set up production lines at two factories owned by joint venture partner Dongfeng Motor Group <0489.HK> in Wuhan, Hubei province and in Changzhou, Jiangsu province, boosting its production bases in China to six from four now, the Yomiuri said.
(Bloomberg) -- Overseas borrowers have flocked to the dollar this year at a record pace, with sovereigns from Indonesia to Colombia and companies from Nissan Motor Co. to Manila’s water utility racking up sales of $1.29 trillion.It’s a key economic takeaway from the Covid-19 crisis: just as happened in the wake of the global financial meltdown of 2008, the dollar is cementing its role as the world’s dominant currency even as unilateralist policies from President Donald Trump rile allies and rivals alike.“Whenever there is a crisis, companies and countries rush to make sure they have all the funding they need,” said Jim O’Neill, the former Goldman Sachs Group Inc. chief economist who coined the BRIC acronym.“The dollar markets are the only real source available, so the whole situation builds on itself,” according to O’Neill, who is chair of the international policy group Chatham House.The ease of borrowing in dollars across the globe has been key in preventing the health and economic crisis spiraling into a financial one by providing companies and governments cheap access to funds. But it may also be sowing seeds for the next crisis: If the greenback sees a sustained appreciation trend, it will drive up debt-servicing costs, potentially creating, for some, repayment difficulties down the road.That’s a particular risk for emerging markets, where external debt including dollar borrowing is climbing at the fastest pace on record, with full-year issuance on track to eclipse $750 billion, according to Bloomberg Intelligence strategist Damian Sassower.For now, the dollar’s been moving in the right direction. The Bloomberg dollar index has plunged about 10.5% from its 2020 high reached on March 23.A lack of global alternatives helps explain some of the dollar’s role. The euro’s status as a reserve currency remains limited, and China’s currency is still subject to capital controls.It’s also a function of cost. With the Federal Reserve unleashing massive liquidity, and now expected to keep interest rates near zero for years to come, the greenback is all the more attractive as a funding source.Easier Fed policy helped the Philippines sell sovereign dollar debt at its lowest interest rate ever back in April. The dollar is the “universal currency” and the unit of global trade, according to Rosalia de Leon, treasurer of the Philippines, who says her country will continue to rely on the greenback to help fund its budget deficit.Philippine and Indonesian companies have each sold more dollar bonds in 2020 than in any past full year.“The domestic financial market is not yet deep” in Indonesia, said Deni Ridwan, director of sovereign bonds at the nation’s Finance Ministry. By selling debt in dollars, Indonesia’s government can avoid crowding out local rupiah issuers, he explained.For Nissan, the Japanese carmaker struggling to bounce back from both corporate scandals and the Covid crisis, the broad base of international investors was appealing when it turned to the dollar debt market for the first time in decades. It priced an $8 billion dollar offering in September, one of the largest corporate issues in Asia on record, as well as a 2 billion euro deal ($2.4 billion).The total issuance of $1.29 trillion from non-U.S. borrowers this year is up 21% from the same period of 2019, according to data compiled by Bloomberg.The record boom in offshore dollar bond sales has been echoed on the U.S. domestic front. Behind it all: the Fed not only cut its policy rate near zero in March, it introduced corporate-debt purchase programs that helped ensure the flow of credit even as coronavirus lockdowns walloped the economy.The Fed also enlarged and expanded swap lines with monetary authorities around the world to address a sudden shortage of dollars abroad.The critical role of the U.S. currency also has a downside, however -- it leaves emerging markets reliant on American policy settings. While it seems distant now, Fed tightening down the road could spur dollar appreciation.“The extensive dependence on the dollar leaves the international financial system hostage to the whims of U.S. policies, especially those of the Federal Reserve,” said Eswar Prasad, who once led the International Monetary Fund’s China team, and is now at Cornell University. “For emerging market economies, in particular, it can create whiplash effects on capital flows and exchange rates.”While other major bond markets are seeing a bumper year too -- Europe’s primary bond market has surpassed 1.5 trillion euros of annual sales for the first time -- when issuers do go offshore to borrow, it’s still likely to be in dollars.Even as the share of dollar funding relative to the size of the global economy remains below its peak of a decade ago, its slice of international borrowing has climbed to a two-decade high, Bank for International Settlements data show. “It is clearly the dominant international funding currency,” the BIS wrote in a June report.(Adds details on the Bloomberg dollar index’s move this year in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.