JULYASIA BUSINESS OUTLOOK9NEWSROOMBOJ TO SURVEY BOND MARKETS TO SHAPE CENTRAL BANK POLICIESFacebook owner Meta is considering blocking news content on its platform in Australia if the government enforces a requirement for the company to pay licensing fees, a company representative disclosed during a parliamentary hearing on Friday. Mia Garlick, Meta's regional policy director, indicated that "all options are on the table" when questioned about the possibility of preventing Australians from sharing news content to avoid incurring fees.Garlick emphasized that there are numerous alternative channels through which people can access news content. She mentioned that Meta is currently awaiting a decision from Canberra on whether it will apply a 2021 law that empowers the government to set the fees that U.S. tech giants must pay media outlets for linking to their content.These remarks represent the clearest indication yet that Meta might adopt the same stringent approach in Australia as it did in Canada in 2023 when similar laws were introduced there. In Australia, Meta had initially struck deals with media firms, including News Corp and the Australian Broadcasting Corp, following the enactment of the law. However, Meta has since announced it will not renew these arrangements beyond 2024.The responsibility now lies with Australia's assistant treasurer to decide whether to intervene and mandate that Facebook pay for news content. The assistant treasurer has stated that he is still gathering advice but noted that Meta appears to respect the law only when it aligns with the company's interests.. The Bank of Japan (BOJ) is conducting a survey of Japanese government bond (JGB) market participants regarding its bond-tapering plans, according to three sources familiar with the matter. The survey's findings are expected to inform discussions at the BOJ's meetings with bond market participants scheduled for July 9-10. These sources, who requested anonymity due to the private nature of the matter, indicated that the survey would help shape the central bank's approach to reducing its substantial bond holdings.The BOJ has announced its intention to start tapering its extensive bond-buying program and decrease its holdings, which currently stand at 589 trillion yen ($3.7 trillion), representing roughly half of the total JGBs available in the market. Before finalizing the details on how it plans to scale back its bond purchases over the next one to two years, the BOJ aims to gather input from bond market participants.The survey is directed at various market participants, including banks, brokerage firms, and life insurance companies, seeking their expectations concerning the extent and pace of the tapering process. When queried by Reuters, the BOJ confirmed it is reaching out to all participants of the upcoming meetings to collect their views on the amount, pace, and framework for the planned reductions.As the BOJ reduces its presence in the bond market, there is an increased need for the government to secure stable buyers of JGBs to prevent a potential selloff that could lead to a damaging spike in yields. A finance ministry panel has emphasized the importance of creating an environment where government bonds remain attractive to financial institutions, possibly by issuing shorter-duration debt. META TO BLOCK NEWS IN AUSTRALIA IF LICENSING FEES ARE TO BE ENFORCEDJULYASIA BUSINESS OUTLOOK9
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