Yen hits two-year low, Asian shares rise on U.S. fiscal hopes

TOKYO (Reuters) - The yen fell to its lowest level in more than two years on Friday, lifting Japanese stocks to 21-month highs on expectations of drastic monetary easing, while shares in the rest of Asia rose as Washington races to avoid a fiscal crisis.

U.S. President Barack Obama and lawmakers are launching a last round of budget talks before a New Year deadline to reach a deal or watch the economy go off a "fiscal cliff," that economists fear will push the United States back into recession and stamp out fragile signs of recovery elsewhere.

"A big issue is being made of it, but eventually they'll do something to kick the can down the road," said Steven Robinson, senior investment manager at Alleron Investment Management in Sydney.

European shares were seen flat to higher, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open little changed to as much as 0.3 percent higher. U.S. stock futures suggested a steady Wall Street start. <.l><.eu><.n/>

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.5 percent, hovering around a near 17-month high. It has gained about 18.7 percent this year, a sharp turnaround from an 18 percent plunge in 2011.

Australian shares <.axjo> rode iron ore stocks up to finish at a 19-month high, with a recovery in battered mining shares driving the market to its strongest annual gain since 2009. Hong Kong shares <.hsi> hovered near a 17-month high with a 0.1 percent gain and Shanghai shares <.ssec> jumped 0.8 percent.

Oil prices rose on hopes the United States would resolve the fiscal cliff, easing concerns about weakening demand.

Brent crude was up 0.4 percent to $111.25 a barrel and on course to post a full-year increase of about 3.6 percent, which would be its smallest gain in four years. U.S. crude rose 0.5 percent to $91.30, set for its first yearly loss in four years.

"The U.S. fiscal cliff will continue to direct crude prices until it's resolved," said Natalie Rampono, a commodities analyst at ANZ in Melbourne.

As well as being deadline day for the fiscal cliff, December 31 is the date the federal government is set to reach its $16.4 trillion debt limit. The Treasury will have to take measures to buy time for the government to approve a rise in the debt ceiling.

A similar political stalemate over raising the federal debt limit in the summer of 2011 raised fears over a U.S. default, and prompted Standard & Poor's to strip the U.S. of its top-notch credit rating, causing turmoil in financial markets.

Asian bond issuance jumped to $133.8 billion so far this year, eclipsing the previous year's tally of $76.34 billion, as retail investors stepped up purchases of the region's corporate bond. Those bonds have returned nearly 20 percent this year, outshining Asian equities.

Asset returns in 2012: http://link.reuters.com/nyw85s

Asian 2012 bond issuance: http://r.reuters.com/xyz93t

Japan industrial output: http://link.reuters.com/xyt65s

SE Asia foreign inflows: http://link.reuters.com/byr84t

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JAPAN REMAINS IN FOCUS

Under the leadership of Prime Minister Shinzo Abe, who took office earlier in the week, Japan is speeding up efforts to turn around its economy, battered for decades by its strong currency and persistent deflation.

A survey on Friday showed Japanese manufacturing activity contracted in December at its fastest pace in more than three years while core consumer prices fell last month and industrial output plunged 1.7 percent in November from October.

Abe's repeated calls for "unlimited" monetary easing and policies aimed at reducing the yen's strength have bolstered expectations of a sustained period of yen weakness. This has lifted the mood in Japanese stocks as a weaker yen improves earnings prospects for the country's exporters.

The benchmark Nikkei average <.n225> closed up 0.7 percent at a 21-month high, ending 2012 with the sharpest yearly gain since 2005. Japanese markets will be closed for New Year's holidays and will resume trading on January 4. <.t/>

"The Japanese equity market has turned positive, providing good sentiment for global investors, with many making money and putting the money into commodity markets such as oil market," said Tetsu Emori, a commodity fund manager at Astmax in Tokyo.

The dollar climbed to its highest since August 2010 of 86.64 yen on Friday. The yen is on track for a drop of more than 12 percent this year, its steepest since 2005. The yen also fell to a 17-month low against the euro at 114.675 yen on EBS on Thursday.

The Australian dollar hit a 20-month peak against the yen of around 89.83 yen, according to Reuters data.

The Japanese government will compile spending requests for a stimulus package on January 7 and finalize the proposal shortly thereafter as Abe tries to quickly enact his agenda of increased public works spending to boost the economy.

(Additional reporting by Umesh Desai in Hong Kong, Jessica Jaganathan in Singapore and Victoria Thieberger and Sonali Paul in Melbourne; Editing by Sanjeev Miglani and Eric Meijer)

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Net loss: Brooklyn fires coach Avery Johnson

NEW YORK (AP) — Coach of the month in November, out of a job by New Year's.

The Brooklyn Nets have elevated expectations this season, and a .500 record wasn't good enough. Coach Avery Johnson was fired Thursday, his team having lost 10 of 13 games after a strong start to its first season in Brooklyn.

"We don't have the same fire now than we did when we were 11-4," general manager Billy King said at a news conference in East Rutherford, N.J. "I tried to talk to Avery about it and we just can't figure it out. The same pattern kept on happening."

Assistant P.J. Carlesimo will coach the Nets on an interim basis, starting Friday night with a home game against Charlotte. King said the Nets might reach out to other candidates, but for now the job was Carlesimo's. The GM wouldn't comment on a report that the team planned to get in touch with former Lakers coach Phil Jackson.

King said the decision to dismiss Johnson was made by ownership after a phone discussion Thursday morning. Owner Mikhail Prokhorov had expressed faith in Johnson before the season.

"With the direction we were going we felt we had to make a change," King said.

Johnson was in the final year of a three-year, $12 million contract.

"It's a really disappointing day for me and my family. It's my wife's birthday. It's not a great birthday gift," Johnson said. "I didn't see this coming. But this is ownership's decision. It's part of the business. Fair or unfair, it's time for a new voice and hopefully they'll get back on track."

The Nets have fallen well behind the first-place New York Knicks, the team they so badly want to compete with in their new home. But after beating the Knicks in their first meeting Nov. 26, probably the high point of Johnson's tenure, the Nets went 5-10 and frustrations have been mounting.

"Our goal is to get to the conference finals," King said. "We started out good and then we stumbled. We have to get back to playing winning basketball. It's the entire team. It's not like golf, where Tiger Woods can blame the caddie. It takes five guys on the court and they're all struggling. We have to figure out the ways to get back to winning. I don't know what happened. I'm not sure. But unfortunately, it did happen."

The Nets were embarrassed by Boston on national TV on Christmas, then were routed by Milwaukee 108-93 on Wednesday night for their fifth loss in six games.

Star guard Deron Williams recently complained about Johnson's offense, and Nets CEO Brett Yormark took to Twitter after the loss to Celtics to voice his displeasure with the performance.

King said the change was not made because Williams was unhappy, and he added the point guard himself has to play better.

Johnson also stood by Williams.

"From Day One, I always had a really good relationship with him. I don't think it's fair for anyone to hang this on Deron," Johnson said. "We were just going through a bad streak, a bad spell. It's not time for me to be down on one player. That would be the easy way."

Brooklyn started the season 11-4, winning five in a row to end November, when Johnson was Eastern Conference coach of the month. But he couldn't do anything to stop this slump, one the Nets never anticipated after a $350 million summer spending spree they believed would take them toward the top of their conference.

Johnson has been the Nets' coach for a little more than two seasons. He went 60-116 with the Nets, who moved from New Jersey to Brooklyn to start the season. Johnson coached the Dallas Mavericks to a spot in the NBA Finals in 2006.

"You don't always get a fair shake as a coach," Johnson said. "I'm not the owner. If I were the owner, I wouldn't have fired myself today. But life is not always necessary fair. It's a business and in this business, the coach always gets blamed."

This is the NBA's second coaching change this season following the dismissal of Mike Brown by the Los Angeles Lakers.

Johnson arrived in New Jersey with a 194-70 record, a .735 winning percentage that was the highest in NBA history, but had little chance of success in his first two seasons while the Nets focused all their planning on the move to Brooklyn.

They looked to make a splash this summer when they re-signed Williams and fellow starters Gerald Wallace, Brook Lopez and Kris Humphries, traded for Atlanta All-Star Joe Johnson, and added veteran depth with players such as Reggie Evans, C.J. Watson and Andray Blatche.

Johnson didn't have a contract beyond this season but seemed to have the confidence of Prokhorov, the Russian billionaire who before the season said he had faith in "the Avery defense system."

Some thought the Nets would finish as high as second in the East behind defending champion Miami, and the predictions seemed warranted when the Nets started quickly amid much fanfare. But all the good publicity faded in recent weeks once the losing started.

Williams, who has struggled this season, stirred the waters when he expressed his preference for the offense he ran under Jerry Sloan in Utah before a loss to the Jazz. Williams and Johnson, nicknamed "Brooklyn's Backcourt" and expected to be one of the best in the NBA, have shot poorly and rarely meshed.

The Nets were embarrassed near the end of their 93-76 loss to Boston, when fans exited early amid a chant of "Let's go Celtics!"

"Nets fans deserved better," Yormark tweeted after the game. "The entire organization needs to work harder to find a solution. We will get there."

Not under Johnson, though.

The Nets should be able to entice a big-name coach with Prokhorov's billions and the chance to play in a major market at Barclays Center, the $1 billion arena that has drawn praise in the city and from visiting teams.

Carlesimo has previous NBA head coaching experience in Portland, Golden State and Seattle/Oklahoma City. He has a career coaching record of 204-296 in the regular season and 3-9 in the playoffs.

"Right now, P.J. is our coach and I told him to coach the team like he'll be here for the next 10 years," King said.

___

AP Sports Writer Tom Canavan in East Rutherford and AP freelancer Jim Hague contributed to this report.

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2013: A year for big issues in the courts

By Jeffrey Toobin, CNN Senior Legal Analyst

December 27, 2012 -- Updated 1445 GMT (2245 HKT)

Chief Justice John Roberts re-administers the oath of office to Barack Obama at the White House on January 21, 2009.

STORY HIGHLIGHTS

• Jeffrey Toobin: 2013 will see pivotal decisions in several key areas of law


• He says Supreme Court could decide fate of same-sex marriage


• Affirmative action for public college admissions is also on Court's agenda


• Toobin: Newtown massacre put gun control debate back in the forefront

Editor's note: Jeffrey Toobin is a senior legal analyst for CNN and a staff writer at The New Yorker magazine, where he covers legal affairs. He is the author of "The Oath: The Obama White House and the Supreme Court."

(CNN) -- What will we see in 2013?

One thing for sure: The year will begin with Chief Justice John Roberts and President Obama getting two chances to recite the oath correctly.

Jeffrey Toobin

After that, here are my guesses.

1. Same-sex marriage and the Supreme Court. There are two cases, and there are a Rubik's Cube-worth of possibilities for their outcomes. On one extreme, the court could say that the federal government (in the Defense of Marriage Act) and the states can ban or allow same-sex marriage as they prefer. On the other end, the Court could rule that gay people have a constitutional right to marry in any state in the union. (Or somewhere in between.)

CNN Opinion contributors weigh in on what to expect in 2013. What do you think the year holds in store? Let us know @CNNOpinion on Twitter and Facebook/CNNOpinion

2. The future of affirmative action. In a case pending before the Supreme Court, the Court could outlaw all affirmative action in admissions at public universities, with major implications for all racial preferences in all school or non-school settings.

3. Gun control returns to the agenda. The Congress (and probably some states) will wrestle with the question of gun control, an issue that had largely fallen off the national agenda before the massacre in Newtown. Expect many invocations (some accurate, some not) of the Second Amendment.

4. The continued decline of the death penalty. Death sentences and executions continue to decline, and this trend will continue. Fear of mistaken executions (largely caused by DNA exonerations) and the huge cost of the death penalty process will both accelerate the shift.

5. Celebrity sex scandal. There will be one. There will be outrage, shock and amusement. (Celebrity to be identified later.)

Follow @CNNOpinion on Twitter

Join us at Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Jeffrey Toobin.

Part of complete coverage on

December 27, 2012 -- Updated 1445 GMT (2245 HKT)

Jeffrey Toobin says key rulings will likely be made regarding same-sex marriage and affirmative action for public college admissions.

December 28, 2012 -- Updated 0041 GMT (0841 HKT)

Frida Ghitis says that after years in which conservative views dominated the nation, there's now majority support for many progressive stances.

December 28, 2012 -- Updated 0316 GMT (1116 HKT)

John MacIntosh says gun manufacturer Freedom Group should be acquired by public-spirited billionaires and turned into a company with ethical goals.

December 27, 2012 -- Updated 0237 GMT (1037 HKT)

Bassam Gergi and Ali Breland says we should mourn for Newtown's victims, but also take steps to stop the slaughter of young people in inner cities

Get the latest opinion and analysis from CNN's columnists and contributors.

December 26, 2012 -- Updated 1445 GMT (2245 HKT)

Tseming Yang says the 25 major carbon emitters should come to an agreement just among themselves about fighting climate change.

December 25, 2012 -- Updated 1252 GMT (2052 HKT)

David Frum says the National Rifle Association's "Death Wish" style vision of America as a land of armed civilians fending off criminals is a fantasy.

December 27, 2012 -- Updated 0207 GMT (1007 HKT)

Lawrence Krauss says the nation must grieve with the families of Newtown after such a tremendous loss, but religion is not the right framework

December 26, 2012 -- Updated 1408 GMT (2208 HKT)

Jonathan Batiste says jazz is a complex, traditional and utterly contemporary art -- the language that we use to state our deepest, truest feelings

December 26, 2012 -- Updated 1540 GMT (2340 HKT)

Dean Obeidallah says "Zero Dark Thirty" and "Promised Land" present hot button issues that fire up people from the left and right.

December 26, 2012 -- Updated 1344 GMT (2144 HKT)

MADD started as a small grass-roots movement that grew and radically changed society's views on drunk driving, says Candace Lightner.

December 22, 2012 -- Updated 1706 GMT (0106 HKT)

David Gergen says the hope for cooperation is gone in the capital as people spar over fiscal cliff, gun control, and nominations

December 19, 2012 -- Updated 2054 GMT (0454 HKT)

William Bennett says having armed and trained people could help protect schools and other vulnerable places from gun violence

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Defibrillators on Metra in January

Metra is nearing completion of an initiative to equip all commuter trains with potentially lifesaving defibrillators, officials with the rail line said Thursday.

About 300 automatic external defibrillators, or AEDs, will be installed on Metra trains by the end of January. Additional defibrillators will be put in place at Metra work facilities and in its police vehicles, according to the agency.

The defibrillators monitor a person's heartbeat for irregularities and deliver an electrical current to those stricken with sudden cardiac arrest. The hand-held machines issue audio instructions, so even those without training should be able to use one, officials said.

"Even third-graders can use these devices," said Dr. Amer Aldeen of Northwestern University's Feinberg School of Medicine, which is partnering with Metra on the initiative. "They don't shock people who are sleeping. They don't shock people who are drunk."

About 300,000 Americans a year suffer cardiac arrest outside of a hospital setting, and 92 percent of them die of it, according to the Centers for Disease Control and Prevention. A defibrillator can triple the survival rate, Aldeen said.

Metra doesn't keep track of how many people suffer from cardiac arrest while on board a train, but estimates trains are forced to make unscheduled stops 10 to 20 times a month for emergency medical situations, said Metra spokeswoman Meg Reile.

Every Metra train will have at least one defibrillator on it, with the aim being to have the devices on every other car. About 1,000 Metra employees, mostly those who work on the trains, will be trained in how to use the equipment, according to Metra.

In September, the Metra board agreed to pay $664,606 for a contract with Cardiac Science Corp. to provide the AEDs and maintenance services for two years, according to the agency.

The Federal Aviation Administration has required defibrillators on passenger airplanes since 2001. But most transit agencies have been slow to add the devices to commuter trains. Metra announced it was adding defibrillators in August 2011.

In 2009, 64-year-old Michael Crowe was riding to work on a Metra train when he collapsed with heart attack symptoms. Two nurses on the train attempted to resuscitate him, but Crowe later died.

Crowe's family applauded the addition of defibrillators on Metra trains.

"I wish they had gotten it sooner," said his daughter, Michelle Crowe, who is trained in AED use. "They can save people's lives."

nnix@tribune.com

Twitter @nsnix87

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CAR appeals for French help against rebels, Paris balks

BANGUI (Reuters) - The president of the Central African Republic appealed on Thursday for France and the United States to help push back rebels threatening his government and the capital, but Paris said its troops were only ready to protect French nationals.

The exchanges came as regional African leaders tried to broker a ceasefire deal and as rebels said they had temporarily halted their advance on Bangui, the capital, to allow talks to take place.

Insurgents on motorbikes and in pickup trucks have driven to within 75 km (47 miles) of Bangui after weeks of fighting, threatening to end President Francois Bozize's nearly 10-year-stint in charge of the turbulent, resource-rich country.

French nuclear energy group Areva mines the Bakouma uranium deposit in the CAR's south - France's biggest commercial interest in its former colony.

The rebel advance has highlighted the instability of a country that has remained poor since independence from Paris in 1960 despite rich deposits of uranium, gold and diamonds. Average income is barely over $2 a day.

Bozize on Thursday appealed for French and U.S. military support to stop the SELEKA rebel coalition, which has promised to overthrow him unless he implements a previous peace deal in full.

He told a crowd of anti-rebel protesters in the riverside capital that he had asked Paris and Washington to help move the rebels away from the capital to clear the way for peace talks which regional leaders say could be held soon in Libreville, Gabon.

"We are asking our cousins the French and the United States, which are major powers, to help us push back the rebels to their initial positions in a way that will permit talks in Libreville to resolve this crisis," Bozize said.

France has 250 soldiers in its landlocked former colony as part of a peacekeeping mission and Paris in the past has ousted or propped up governments - including by using air strikes to defend Bozize against rebels in 2006.

But French President Francois Hollande poured cold water on the latest request for help.

"If we have a presence, it's not to protect a regime, it's to protect our nationals and our interests and in no way to intervene in the internal business of a country, in this case the Central African Republic," Hollande said on the sidelines of a visit to a wholesale food market outside Paris.

"Those days are over," he said.

Some 1,200 French nationals live in the CAR, mostly in the capital, according to the French Foreign Ministry, where they typically work for mining firms or aid groups.

CEASEFIRE TALKS

The U.N. Security Council issued a statement saying its members "condemn the continued attacks on several towns perpetrated by the 'SELEKA' coalition of armed groups which gravely undermine the Libreville Comprehensive Peace Agreement and threaten the civilian population."

U.S. State Department spokesman Patrick Ventrell said the U.S. embassy had temporarily suspended operations and the U.S. ambassador and other embassy personnel had left the country.

Officials from around central Africa are due to meet in Bangui later on Thursday to open initial talks with the government and rebels.

A rebel spokesman said fighters had temporarily halted their advance to allow dialogue.

"We will not enter Bangui," Colonel Djouma Narkoyo, the rebel spokesman, told Reuters by telephone.

Previous rebel promises to stop advancing have been broken, and a diplomatic source said rebels had taken up positions around Bangui on Thursday, effectively surrounding it.

The atmosphere remained tense in the city the day after anti-rebel protests broke out, and residents were stocking up on food and water.

Government soldiers deployed at strategic sites and French troops reinforced security at the French embassy after protesters threw rocks at the building on Wednesday.

In Paris, the French Foreign Ministry said protecting foreigners and embassies was the responsibility of the CAR authorities.

"This message will once again be stressed to the CAR's charge d'affaires in Paris, who has been summoned this afternoon," a ministry spokesman said.

He also said France condemned the rebels for pursuing hostilities and urged all sides to commit to talks.

Bozize came to power in a 2003 rebellion that overthrew President Ange-Felix Patasse.

However, France is increasingly reluctant to directly intervene in conflicts in its former colonies. Since coming to power in May, Hollande has promised to end its shadowy relations with former colonies and put ties on a healthier footing.

A military source and an aid worker said the rebels had got as far as Damara, 75 km (47 miles) from Bangui, by late afternoon on Wednesday, having skirted Sibut, where some 150 Chadian soldiers had earlier been deployed to try and block a push south by a rebel coalition.

With a government that holds little sway outside the capital, some parts of the country have long endured the consequences of conflicts in troubled neighbors Chad, Sudan and the Democratic Republic of Congo spilling over.

The Central African Republic is one of a number of nations in the region where U.S. Special Forces are helping local forces try to track down the Lords Resistance Army, a rebel group responsible for killing thousands of civilians across four African nations.

(Additional reporting by Leigh Thomas and Louis Charbonneau; Writing by Richard Valdmanis; Editing by Andrew Osborn and Paul Simao)

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Asian shares up with eye on "fiscal cliff"; yen slips more

TOKYO (Reuters) - Asian shares rose on Thursday amid caution as U.S. lawmakers prepared to resume negotiations to avoid a fiscal crunch by December 31, while the yen hit a 21-month low against the dollar on the prospect of drastic monetary easing and massive state spending.

European shares were seen returning from the Christmas holiday break with a fall, financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open down as much as 0.6 percent.

A 0.1 percent gain in U.S. stock futures suggested a firm Wall Street start. <.l><.eu><.n/>

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was up 0.3 percent, with Australian shares <.axjo> also adding 0.3 percent. Hong Kong shares <.hsi> rose 0.4 percent to a near 17-month high, although Shanghai <.ssec> steadied after earlier touching their highest level since July.

In a sign that there may be a way to break the deadlock in the U.S. Congress, Republican House of Representatives Speaker John Boehner urged the Democrat-controlled Senate to act to pull back from the cliff and offered to at least consider any bill the upper chamber produced.

U.S. President Barack Obama will try to revive budget crisis talks which stalled last week when he returns to Washington on Thursday after cutting short his Christmas holiday in Hawaii.

"There is no easy way to resolve the U.S. fiscal cliff, but there should be a compromise at some point and that's what the market is looking for," said Tetsu Emori, a commodity fund manager at Astmax in Tokyo.

Economists warn that the "fiscal cliff" of higher taxes and spending cuts worth $600 billion could hurl the world's largest economy into recession, dragging other economies with it.

Such concerns underpinned the dollar as the fiscal impasse continues to sap investor appetite for risky assets, raising the dollar's safe-haven appeal.

"Most risk assets will probably remain range-bound until we get a clearer indication of what to expect from the fiscal cliff negotiations," said Stan Shamu, a strategist at IG Markets.

There were some signs of economic improvement in the Asian region, with data showing profits earned by China's industrial companies jumped 22.8 percent in November from a year earlier, accelerating from October's 20.5 percent.

London copper rose 1.7 percent to a one-week high of $7,932 a tonne on the positive data from China, the world's top copper buyer.

U.S. crude futures inched up 0.2 percent to $91.14 a barrel on hopes the new Japanese government's policies would spur demand. Brent crude steadied at $111.03.

However, South Korea warned on Thursday of only a modest recovery in the economy next year. India's economic growth could get stuck at 5-5.5 percent if a policy logjam continues, said Montek Singh Ahluwalia, a key policy adviser to Prime Minister Manmohan Singh.

Asset performance in 2012: http://link.reuters.com/muc46s

Fiscal cliff woes impact: http://link.reuters.com/num84t

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YEN SALES ACCELERATE

Against the yen, the dollar at 85.87 yen reached its highest since September 2010, with investors accelerating their yen sales after new Japanese Prime Minister Shinzo Abe said his government would pursue bold monetary policy, flexible fiscal policy and a growth strategy to encourage private investment.

Abe has pledged to make his top priority beating deflation and taming the strong yen, which are dragging down the world's third biggest economy.

The yen is on track for a drop of more than 10 percent this year, its steepest since 2005. It also fell to a 16-month low against the euro at 113.65 yen on EBS on Thursday.

The weaker yen, a boon for Japanese exporters, lifted the benchmark Nikkei stock average <.n225> 0.9 percent to close at its highest since March 2011. It is on track to log its best yearly gain since 2005. <.t/>

"People are putting on some positions based on what we saw after the cabinet appointment and LDP policy decision," a dealer at a foreign brokerage said, referring to the ruling party.

The yen is expected to stay under pressure given the new government's clear resolve to prevent it rising. Japan's top government spokesman said recent yen declines were a reversal of past "one-sided" gains in the Japanese currency.

"I'm still bullish on the dollar/yen quite a bit," said a trader for a U.S. bank in Singapore. "In this thin market, I think anything can happen. But definitely I wouldn't go against the trend. The trend is quite clear at this point in time."

New Japanese Finance Minister Taro Aso said the prime minister had ordered him to compile a stimulus package without adhering to the previous government's 44 trillion yen ($519 billion) cap on new bond issuance.

The benchmark 10-year Japanese government bond yield rose to three-month highs of 0.80 percent, while lead 10-year JGB futures hit a three-month low of 143.48.

(Additional reporting by Dominic Lau in TOKYO, Miranda Maxwell in MELBOURNE and Masayuki Kitano and Ramya Venugopal in SINGAPORE; Editing by Paul Tait)

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Peyton Manning, Peterson make Pro Bowl

NEW YORK (AP) — Peyton Manning and Adrian Peterson want to cap their sensational comebacks with Super Bowl appearances. For now, they can be proud of Pro Bowl spots.

So can Redskins quarterback Robert Griffin III, one of two rookies chosen Wednesday for the Jan. 27 NFL all-star game.

Manning missed all of the 2011 season with neck and back problems that required several operations. He then signed with Denver as a free agent and has led the Broncos on a 10-game winning streak to take the AFC West.

"I know there's great players out there in the NFL, but there's some great players on this team this year that deserve to go," said Manning, whose 12th Pro Bowl is a record for quarterbacks. He ranks fourth in league passing this year, has thrown 34 touchdowns and 11 interceptions.

Four other Broncos made the AFC roster: DE Elvis Dumervil, linebacker Von Miller, CB Champ Bailey and tackle Ryan Clady. Bailey's 12th appearance is a record for defensive backs.

"My goal has always been to go out and help the team win and play at a high level," Manning added. "Anything that comes along with that, like being honored as a Pro Bowl selection, is very humbling."

Minnesota's Peterson tore up his left knee on Christmas Eve last year, underwent major surgery, then was back for the season opener. He's gone from uncertain to unstoppable, running away with the rushing title with a career-high 1,898 yards and lifting the Vikings toward an NFC wild card.

"Coming into the season after going through the rehab process, I just told myself that I wanted to lead my team to a championship and make sure that I contribute and do my part," Peterson said. "I've been doing it."

Griffin is one of three rookie QBs who had superb debut seasons, along with Andrew Luck of Indianapolis and Russell Wilson of Seattle. Luck and Wilson weren't voted to the Pro Bowl by players, coaches and fans, although their teams are in the playoffs; Griffin can get to the postseason if Washington beats Dallas on Sunday.

"You can't play down those kind of things," Griffin said. "I've always said my whole football career that you don't play for awards. They just come. You don't say you're going to win the Heisman. You don't say you're going to win MVP. You go out and you prove it on the field, and if everyone feels that way then they'll give you that award."

San Francisco had the most players selected, nine, including six from its second-ranked defense. Houston was next with eight, six on offense.

Kansas City, despite its 2-13 record that is tied with Jacksonville for worst in the league, had five Pro Bowlers, including RB Jamaal Charles, who like Peterson is coming back from a torn ACL.

One other rookie, Minnesota kicker Blair Walsh, was chosen. Walsh has nine field goals of at least 50 yards, an NFL mark.

The AFC kicker is at the other end of the spectrum: Cleveland's Phil Dawson earned his first selection in his 14th NFL season.

"I deliberately tried not to know," Dawson said. "We wanted to watch the show with my kids. I had a really good idea what was going on, but it was a pretty priceless moment when we saw the name flash up on the screen. My kids went nuts 'cause my wife went nuts. That makes these 15 years of waiting worth it."

Another record setter will be heading to Honolulu: Detroit WR Calvin Johnson.

Johnson broke Jerry Rice's single-season yards receiving record and has 1,892 yards with a game left.

Falcons tight end Tony Gonzalez set the record for Pro Bowls at his position by being chosen for the 13th time.

The league's top two sackmasters, DEs Aldon Smith of San Francisco and J.J. Watt of Houston, were first-time selections. Watt has 20 1-2 sacks, one ahead of Smith; the NFL record is 22 1-2.

Other newcomers, along with Griffin, Walsh and Dawson, were AFC players tackle Duane Brown and guard Wade Smith of Houston; safety LaRon Landry of the Jets; kick returner Jacoby Jones of Baltimore; and punter Dustin Colquitt of Kansas City.

For the NFC, first-timers were Giants WR Victor Cruz; Atlanta WR Julio Jones; Seattle tackle Russell Okung and center Max Unger; San Francisco guard Mike Iupati, linebacker NaVorro Bowman and safety Donte Whitner; Chicago cornerback Tim Jennings and defensive tackle Henry Melton; Washington tackle Trent Williams and special teamer Lorenzo Alexander; Minnesota fullback Jerome Felton; Tampa Bay DT Gerald McCoy; and New Orleans punter Thomas Morstead.

Eight teams had no Pro Bowl players: Carolina, Philadelphia and St. Louis in the NFC, Tennessee, Buffalo, Jacksonville, San Diego and Oakland in the AFC.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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The Violent Video Games the NRA Didn’t Blame

In a news conference today (Dec. 21), National Rifle Association Executive Vice President and Chief Executive Officer Wayne LaPierre blamed video-game studio and publishers for helping to create “genuine monsters” like Adam Lanza, the 20-year-old who killed 20 first-graders with an assault rifle in Newtown, Conn., last week.

“There exists in this country, sadly, a callous, corrupt and corrupting shadow industry that sells and stows violence against its own people,” LaPierre said.

LaPierre gave five examples of “vicious, violent video games”: “Bulletstorm,” “Grand Theft Auto,” “Mortal Kombat” and “Splatterhouse,” plus the obscure Flash-based online game “Kindergarten Killer.”

But there’s one kind of violent video game LaPierre didn’t mention at all. Those would be military-themed shooters, such as the best-selling “Call of Duty” and “Medal of Honor” series, as well as the Pentagon-produced “America’s Army.”

Unlike the games LaPierre did name, the military shooters exalt American soldiers, sailors, airmen and Marines, and the targets being shot at are Nazis, Russians, terrorists and zombies.

Retired service members serve as paid consultants to the game makers, who strive to make the weaponry depicted as true-to-life as possible. Active-duty members of Navy SEAL Team Six were punished last month for consulting on “Medal of Honor: Warfighter.”

And, as mentioned, the U.S. Army produces and distributes “America’s Army” itself as a recruiting and training tool.

Yet such games are not without controversy. “Call of Duty: Modern Warfare 2,” released in 2009, contains an optional level called “No Russian” which realistically depicts a massacre of unarmed civilians in a Russian airport.

In the “No Russian” level, the playable character is an undercover CIA agent who has infiltrated a terrorist group and must take part in the massacre. The player can shoot and kill non-playable civilian characters, although no points are awarded for doing so and no points are deducted for not firing a weapon.

Anders Behring Breivik, the Norwegian spree killer who shot 69 people, mostly teenagers, in July 2011, later testified at his own trial that he used “Call of Duty: Modern Warfare 2″ to train himself to use holographic weapon sights.

So why didn’t LaPierre mention the single game that has been conclusively linked to an incident of mass killing, not to mention an entire category that trains players in the proper handling and use of military-grade weapons? 

The NRA did not immediately respond to a request for comment.

Copyright 2012 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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The forgotten victims of gun violence

Chicago Mayor Rahm Emanuel, center, and other area officials call for stronger gun regulations at a news conference last week.

STORY HIGHLIGHTS

• While America was mourning Newtown victims, guns were claiming lives elsewhere in U.S.


• Authors: Media focus on mass shootings, but continuing violence also needs coverage


• They say inner cities suffer an epidemic of gun killings, and young are particularly vulnerable


• Authors: There is a day-by-day slaughter of children that must be stopped

Editor's note: Bassam Gergi is studying for a master's degree in comparative government at St. Antony's College, Oxford, where he is also a Dahrendorf Scholar. Ali Breland studies philosophy at the University of Texas at Austin.

(CNN) -- On the Sunday after the Newtown massacre, President Barack Obama traveled to Connecticut to comfort the grieving community. As the president offered what he could to the town, other American communities, in less visible ways, were grappling with their own menace of violence.

In Camden, New Jersey -- a city that has already suffered 65 violent deaths in 2012 , surpassing the previous record of 58 violent deaths set in 1995 -- 50 people turned out, some bearing white crosses, to mourn a homeless woman known affectionately as the "cat lady" who was stabbed to death (50 of the deaths so far this year resulted from gunshot wounds.)

Bassam Gergi

In Philadelphia, on the same Sunday, city leaders came together at a roundtable to discuss their own epidemic of gun violence; the year-to-date total of homicides is 322. Last year, 324 were killed. Of those victims, 154 were 25 or younger. A councilman at the roundtable asked, "How come as a city we're not in an outrage? How come we're not approaching this from a crisis standpoint?"

Ali Breland

The concerns go beyond Philadelphia. In the week following the Newtown massacre, there were at least a dozen gun homicides in Chicago, Detroit, Baltimore and St. Louis alone. In a year of highly publicized mass shootings, inner-city neighborhoods that are plagued by gun violence have continued to be neglected and ignored.

According to the Centers for Disease Control and Prevention, large metropolitan areas account for more than two-thirds of deaths by gun violence each year, with inner cities most affected. The majority of the victims are young, ranging in age from their early teens to mid-20s, and black.

To track these violent deaths, many communities and media organizations have set up agonizing online trackers -- homicide watches or interactive maps -- that show each subsequent victim as just another data point. These maps are representative of a set of issues far larger than the nameless dots suggest.

In the immediate aftermath of Newtown, as politicians and public figures across America grapple with the horrible truths of gun violence, far less visible from the national spotlight is the steady stream of inner-city victims.

Illegal firearms confiscated in a weapons bust in New York's East Harlem is on display at an October news conference.

The media is fixated, and with justification, on the string of high-profile massacres that have rocked the nation in Aurora, Colorado; Tucson, Arizona; Virginia Tech; and now in Newtown. Yet in many of America's neighborhoods most affected by the calamity of gun violence, there is a warranted exasperation -- residents are tired, tired of the ubiquity of guns, tired of fearing for their children's safety, tired of being forgotten.

Critiquing a narrow media focus doesn't deny the horrible, tragic nature of the massacre at Sandy Hook Elementary School; mass shootings, however, make up only a small fraction of America's shockingly high level of gun crime.

In his study "American Homicide," Randolph Roth showed that while the overall risk of being murdered is higher in America than it is in any other first-world democracy, homicide rates vary drastically among groups.

According to Roth, if current trends are maintained, one out of every 158 white males born today will be murdered, but for nonwhite males it is likely one of every 27 born today will be murdered.

The stark difference in these racial trends can be traced to the high levels of racial segregation in America's cities, which have created a spatial barrier between poor inner-city youths of color and more mainstream America -- a barrier that is often responsible for the lack of media and political attention paid to inner-city problems.

Many experts claim that actually it is the spectacular nature of mass shootings that naturally magnifies media coverage and explains the resonance of these tragedies to the broader public. Inner-city violence on its own, however, does not suffer from a lack of awful, spectacular violence and calamity. In fact, the gruesome nature of violence in inner cities has contributed to widespread social desensitization to gun violence. How then do we explain the differing public responses?

An indicator of the difference of attention levels lies in the tone of the public rhetoric in the wake of mass shootings: "This was supposed to be a safe community," and "This kind of thing wasn't supposed to happen here."

These statements imply that in America's leafy-green small towns and suburbs, gun violence is a shocking travesty; it strikes against America's perception of what is acceptable. In contrast, gun violence in the American metropolis has been normalized, and the public and media display a passive indifference toward the lives of inner-city youths.

This normalization of inner-city violence is due in part, to the isolation and segregation of America's ghettos from wider America, but it is also due to a sense that the victims of inner-city violence are responsible for their own condition.

As Robert Sampson, a professor at Harvard University, has highlighted, the gun violence in American cities is born out of neighborhood characteristics such as poverty, racial segregation and lack of economic opportunity. This shortened explanation for the high levels of inner-city violence has often been mistaken to imply that it is the direct choice of inner-city residents to remain either in poverty or in their segregated community that leads to their victimization.

In reality, the victims of inner-city gun violence are the victims of a dual tragedy. The first is that the poverty and segregation, which play a crucial role in spurring the downward cycle of crime, are the result of social arrangements predicated on longstanding oppression and prejudice.

Through a complex mix of violence, institutional arrangements and exploitation, black Americans were pressured into ghettos, which are the hotbeds of contemporary gun violence. Their inability to escape their conditions is not a choice but rather the byproduct of continued structural discrimination. Slowing the tide of inner-city deaths through gun control is therefore a modern-day civil rights issue.

If the refusal of America's national politicians to move on gun control before Newtown represents a political failure and a paucity of American will, then the disregard for the lives of inner-city youths stricken by gun violence on a daily basis is an illustration of the limits of American compassion.

The slaughter of young children en masse should be a moment of reckoning for any society, but there is a day-by-day, child-by-child slaughter occurring in America that has gone on too long and is yet to be reckoned with.

If Newtown should teach us anything, it is that all of us in America share this same short moment of life, and that we all seek to ensure safety, security and prosperity for our children.

As Vice President Joe Biden and the presidential task force meet to negotiate about what new gun laws to recommend, they must look to Sandy Hook Elementary and beyond. We need to protect the children of Newtown from the threat of future gun violence, but the children of Chicago and Camden and Detroit deserve the same long-term security.

We may not be able to ensure absolute security for America's children, but through smarter policy America can surely save more of its children from gun violence.

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The opinions expressed in this commentary are solely those of the authors.

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Man shot on Southwest Side in critical condition

A man in his 30s was shot in an alley east of California, south of 54th, around 10 p.m. Wednesday night. He's in critical condition at Sinai. (Peter Nickeas, Chicago Tribune / December 27, 2012)

By Peter Nickeas




Tribune reporter

12:35 a.m. CST, December 27, 2012

A man in his 30s died after someone shot him in the face, chest and arms in the Gage Park neighborhood late Wednesday night. 

He was shot in an alley east of California Avenue just south of 54th Street about 10 p.m. 

He was taken to Mount Sinai Hospital in critical condition, Chicago Police News Affairs Officer Hector Alfaro said. 

Police later said he died. A spokesman for the Cook County medical examiner's office wasn't able to say whether they had been notified of the death.

Check back for more information.

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