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Will respond to speed and level of long-term rates if they move beyond 0.50%There is still a distance to achieving 2% inflation targetAs mentioned in my earlier posts, it is now a test of the BOJ's appetite to see how much they can tolerate. But at the balance, any...
It's not just Japanese yields that are rising today in the aftermath of the BOJ. The impact is reverberating as asset managers and fund houses will have to start thinking more about the longer-term repercussions as well. For now, we are seeing a more immediate impact...
> Central Banks > BOJ governor Ueda: Need to patiently continue monetary easing to support the economy Central Banks BOJ governor, Kazuo Ueda, begins his press conference <!--> --> Justin Low Friday, 28/07/2023 | 06:35 GMT-0 28/07/2023 | 06:35 GMT-0...
There is just one to take note of, as highlighted in bold.That being for EUR/USD at the 1.1000 mark. Given recent price action since yesterday, the expiries may serve as a defensive layer for sellers to keep price pinned lower in the session ahead. The euro also has...
The Fed hiked interest rates by 25 bps as expected while keeping the policy statement basically unchanged. The market was more focused on the Powell’s press conference to see if he was going to give some forward guidance. Unfortunately, Fed Chair Powell just repeated...
Headline annual inflation for Germany's industrial state is seen coming down and this fits with expectations of a softer set of numbers in July. If the other state readings show a similar trend, this at least helps to afford the ECB some added room in justifying a...
Prior +0.2%; revised to +0.1%The French economy grew more than anticipated in Q2 but the devil is in the details. Exports were the main contributor to growth on the quarter, with the breakdown showing:Domestic demand -0.1%Inventory changes -0.1%Net foreign trade...
The latest poll by Reuters shows that 20 of 36 economists are expecting the RBA to announce a 25 bps rate hike to 4.35% next week. If so, that will represent the highest cash rate in nearly 12 years. For me, that's still quite a split decision as the other 16...
US Dollar, USD/JPY, Japanese Yen, BoJ, Fed, ECB, AUD/USD, RBA - Talking PointsThe US Dollar resumed strengthening today with volatility ticking higherThe Bank of Japan let the word out early of an adjustment, then deliveredMarkets are now reassessing the path of...
This report leak yesterday changed everything. What looked to be a straightforward BOJ decision day was then made more complicated and basically confirmed that we were to see something substantial today. And boy, did it deliver.The initial reaction earlier was for a...
10-year JGB yields (%) daily chartYields are now hitting 0.57% and this will start to test the mettle of the BOJ in how they will be conducting their "new" policy. They mentioned that the 0.50% allowance from zero is no longer a "rigid limit" but more so of a...
On the surface of it, there is no change to how the yield curve control program is functioning. The target band also remains at +/- 0.50% from zero, so essentially it is supposed to work in the same way as before. However, the Japanese central bank now says that they...
Reuters reporting that: Bank of Japan widens range of 3-5 year bond buying, offering to buy as much as 750 bln yen each time, up from 725 bln yenI think saying 'widens range' might be taken the wrong way - but the amount is boosted. The BOJ decision is here:USD/JPY...
Bank of Japan monetary policy decision and statement - says will manage YCC more flexibly but maintains 0.5% band. Maintains short-term interest rate target at -0.1%Maintains 10-year JGB yield target around 0%Maintains band around 10-year JGB yield target at up and...
You most likely already know that the Bank of Japan statement is not set for a specific time. Based on experience its reasonable to expect it sometime in the 0230 to 0330 GMT time window (10.30 - 11.30pm US Eastern time). The later it gets in that window, or...
USD/JPY had a sharp fall in very early Asia, dropping from circa 139.50 to lows under 138.90. The swings didn’t finish there, with lows for the session (as I write) under 138.75 before a move back up to above 139.50. Speculation swirled of a Bank of Japan ‘tweak’ to...
Japan's Finance Minister Suzuki: will not comment on the BOJ policy decisionexpects the BoJ will conduct policy appropriatelysays he is closely watching the Federal Reserve and other central banks' policy decisionsclosely watching price hikes in guiding economic...
Commonwealth Bank of Australia economists on the RBA meeting next week. In summary from a longer piece:In another finely balanced decision,we expect the RBA to hike the cash rate one final time in August to 4.35%The RBA noted in July that fresh staff forecasts and the...
more to comeIn summary from WPAC:The Board is expected to be guarded on the positive news on headline inflation for the June quarter. Just as we saw at the May meeting - risks to achieving the inflation path, particularly in 2024, should see the Board taking more...
Comments from a morning note from ING, first on the CPI data earlier:unlike other major economies, Japan’s inflation hasn’t yet reached its peakHeadline inflation will continue to go down slowly due to base effects and falling global commodity prices, but core...