Japan's Recovery Slows;Congress Party Setback

We have enacted industrial competitiveness,said Japanese Prime Minister Shinzo Abe.We have decided to reduce the corporate tax by 2.4%.There is no end to Abenomics.*
At the same time,in April 2014 Japan's consumer tax will rise from 5% to 8%.*
Japan's GDP growth was just 1.1% annualised in Q3,revised down from 1.9%.The two main factors were flat business spending and a smaller contribution from inventories,according to the Cabinet Office.*
The wealth effect that Japan expected is not coming through in either Main Street or real property prices,said Andrew Economos,strategist at JP Morgan Asset Management.You need productivity gains and sales.The sales tax basically squelches consumption.They are basically on the right track,but they need to stop making wrong decisions,Mr.Economos observed.*
India's Nifty Fifty index was up in early Monday trading on the opposition BJP's winning elections in four states,as well as becoming the single largest party in Delhi and humiliating the ruling Congress Party.Congress' Vice President Rahul Gandhi,heir of the Gandhi political dynasty,is seen by some as an example of failed leadership and low confidence even as the BJP's leader,Chief Minister of Gujarat state Narendra Modi scored a big win in the elections.National elections will occur within five months.
We will introspect seriously and take all necessary actions to rectify our mistakes and the way we function,said Congress' President Sonia Gandhi,who is Rahul's mother.*
Through these elections,the people have delivered a message,Rahul Gandhi said.That message has been taken by me and our party,not just with our minds,but in our hearts.The Congress party has the ability to transform itself,to stand up to the expectations of this country,and the Congress Party is going to do that,the presumptive prime ministerial candidate promised.*
The MSCI Asia Pacific index rose 0.71% Monday morning on a strong US jobs report and Chinese data.*
In golf,Thailand's Pornanung Phatlum won the Ladies European Tour's Omega Dubai Ladies Masters on Sunday in the UAE.It was her second career victory on the LET.American Stacy Lewis was second,and Spain's Carlota Ciganda third.

Asia This Day:FoxConn Upgraded;India Has A Plan

FoxConn International has been upgraded to a buy from neutral at Ciitigroup on its iPhone work for Apple.The price target was raised to 5.80 a share.FoxConn International has reportedly begun making the iPhone's metal casing and is expected to gain new business from companies launching their own cell phone models in 2013.
FCI is a subsidiary of Taiwan's FoxConn Technology Group.Another subsidiary,Hon Hai Precision Industry,has been making iPhone casings for some time.
The Australian service sector index shrank for the ninth straight month in October.
Meanwhile,an Australian court has ruled that Standard and Poor's and ABN AMRO Group misled investors with deceptive debt ratings,and were negligent toward the investors.ABN had shoved the ratings through S and P.As a result of the ruling,local councils now have legal recourse to recover some of their lost funds.
India understands that 5.5% GDP growth is not enough,says Ajay Kapur,Head of Equity Strategy,Asia at Deutsche Bank.We like India.It's an economy that grows at night while the government is asleep,some wag said.All you need is a little bit of that policy shift,and I think we're beginning to see that.
India's Nifty Fifty and Sensex indexes were up about 0.10% in early Monday trading.Good earnings reports were expected from Tech Mahindra and Cipla,while Crompton Greaves reported profits that were below estimates.
Indian Prime Minister Manmohan Singh and his Congress Party have reached agreement on an overhaul plan for the economy.
FoxConn International Holdings Ltd(FXCNF)