A tale of two legislations. While Hong Kong is on tenterhooks as lawmakers are set to vote by Friday a package of electoral reform measures backed by Beijing, Japan’s parliament passed a bill Wednesday that lowers the voting age from 20 to 18, allowing more citizens to participate in choosing their leaders.
Meanwhile, fears of a Greek default eased a bit as investors shift their focus towards the Fed, which will announce the result of its two-day meeting later in the day. While U.S. rates are expected to remain steady, investors will be searching for clues from the Fed’s post-meeting statement on when the rate will start to go up, though the majority consensus so far will be in September. But you never know….
Japan lowers voting age anew after 70 years. The National Diet passed a bill that brings down the voting age from 20 to 18. The last time it was lowered was in 1945, when the voting age was cut to 20 from 25, and women were allowed to vote. The new law adds 2.4 million voters. The Wall Street Journal (paywall)
Hong Kong on “amber alert” as lawmakers debate crucial electoral reform package. Hundreds of people converged outside government buildings as lawmakers started deliberating electoral reform measures that were supported by the Chinese government. Reuters
Asian shares mostly higher ahead of Fed’s policy announcement. Underpinned by Wall Street’s gain overnight, the Shanghai Composite Index rose 1.6%, reversing a 1% decline earlier in the session, while the Hang Seng Index was last trading up almost 1%. The Nikkei though closed 0.2% lower, as investors took profit after it breached the 20,300 mark earlier in the day. CNBC
Alibaba, Foxconn Technology to invest in Indian startup. The two firms are in discussions to invest a combined $500 million for a 10% stake in e-commerce firm Snapdeal.com. India’s regulators have yet to approve the transaction. The Wall Street Journal (paywall)
Japan’s trade gap narrows. The deficit stood at $1.75 billion in May, 76.5% lower than a year ago due largely to declining imports. The drop in crude oil prices in the global market helped push down imports, which fell for a fifth straight month. Exports rose at an annual rate of 2.4%. Asian Nikkei Review
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