A Quick Glance at News

• The International Monetary Fund said Japan’s currency is overvalued and the central bank should consider further monetary stimulus, including longer-dated government bonds and private securities.
• Asian stocks fell, with the regional benchmark index retreating from a two week high, as surging Spanish bond yields stoked concern that a bailout for the nation’s banks won’t tame the European debt crisis.
• The yen erased gains against its major counterparts after comments by the International Monetary Fund stoked speculation global policy makers will tolerate attempts by Japan to weaken its currency.
•  Saudi Arabia said OPEC may need to raise oil output targets at its Thursday meeting in Vienna.
•  The United States will exempt India, South Korea and five other economies from financial sanctions in return for significantly cutting purchases of Iranian oil. Iran's top oil buyer China and Singapore did not receive waivers.
• With a contentious OPEC meeting looming, Ali al-Naimi, Saudi Arabia’s oil minister, said OPEC may need to raise its oil output target for the second half of the year
• The U.N.'s International Atomic Energy Agency said its separate talks with the Iranians on Friday were "disappointing”, and resulted in no progress toward an agreement on allowing inspectors access to key facilities in Iran.
• China Bond Market Ready for Takeoff after Bold Moves. The government wants to change that, to give corporate bonds a bigger role in boosting growth and to divert risk from the state-owned banking system that provides 75 percent of the nation’s credit. A mature bond market also would provide funding for capital-hungry small businesses that have few options beyond the unregulated world of shadow banking, which officials are seeking to wrestle under control.
• Indian industrial production rose less than estimated in April, adding to the case for an interest-rate cut to bolster a weakening economy.
• Apple sticks to updates, no surprises.Apple Inc.’s two-hour keynote, which was full of cool new software updates and some tweaks to its Mac Book line, pretty much met expectations on Monday, along with the predictable drop in the company’s share price.