Bank of Japan
Thursday Rundown of Overnight News, Data Reports, and Central Bank Decisions
December 19, 2019
President Trump has been impeached by a House of Representatives partisan vote of 229-197. He will get a trial in the senate. Market movements today are mostly unremarkable. Sovereign debt yields are up. Equities are down a bit in Europe but started on an up note in the United States. New Zealand’s stock market rallied […] More
Bank of Japan Leaves Policy Settings as Is but Cuts Projected Growth and Inflation
October 31, 2019
The Bank of Japan’s latest policy review, a meeting lasting five hours and 18 minutes over two days, produced no change in policy settings: a negative 0.1% short-term policy interest rate, a targeted 10-year JGB yield of “around zero percent,” and plans to buy about JPY 80 tln of JGB’s annually. This month’s policy review […] More
Soft Economic Data and China Balking on a Long-Term Trade Deal
October 31, 2019
Equity markets today are down 1.1% in India, 0.9% in the U.K., and 0.4% in China and Australia. 10-year sovereign debt yields also reflect a more cautious investor mood. Canada’s 10-year yield tumbled 15 basis points on Wednesday. Today, the 10-year German bund and British gilt yields are down 5 bps, and the U.S. Treasury […] More
Eight More Central Bank Meetings, a U.S. Current Account Report, and Downgraded Global Growth
September 19, 2019
Dollar movement overnight was mixed, with gains against the Australian dollar, kiwi, sterling, and yuan but losses relative to the yen, Swiss franc, euro, loonie and peso. The 10-year U.S. Treasury and Japanese JGB yields fell three basis points. Their German and British counterparts are respective a basis point higher and a basis point lower. […] More
European Economic Sentiment Stumbled in July
July 30, 2019
European share prices fell Tuesday, depressed by an unexpectedly large slide in economic sentiment in the euro area to a 40-month low of 102.7 in July. That’s down from 105.2 just two months earlier and 111.2 a year ago. Germany’s economic sentiment slumped 2.4 points between June and July. Two big factors are sapping the […] More
Japanese Monetary Policy Not Changed
June 20, 2019
Following its scheduled monetary policy review, the Bank of Japan left its stance unchanged but observed weak industrial production, export demand, housing, and expected inflation. Amid escalating global uncertainties and ahead of a planned domestic sales tax hike, BOJ officials flagged a rising possibility of more easing in the future, but the credibility of that […] More
Dollar Down on a Perfect Storm of Tensions Fraught with Uncertainty
June 20, 2019
The dollar lost 0.6-0.9% overnight against the euro, Swiss franc, loonie, yuan, kiwi, Australian dollar and Mexican peso. The greenback also has fallen 0.4% relative to the yen and 0.3% vis-a-vis sterling. The list of unknowns keeps lengthening. Iran shot down a U.S. surveillance drone, seemingly bringing another Middle East war closer. From Fed Chairman […] More
Bank of Japan Keeps Rates Policy Unchanged and Updates Forecasts
April 25, 2019
The third scheduled Japanese monetary policy review of 2019 coincided with publication of the quarterly Outlook for Economic Activity and Prices, in which the baseline projections have been updated for GDP growth and core CPI inflation (excluding fresh food and adjusted to exclude as well the effect of a 2-percentage point consumption sales tax due […] More
Stronger Dollar, Weaker Stocks, and Four Central Bank Meetings
April 25, 2019
The dollar advanced overnight by 0.4% against the yuan and peso, 0.3% relative to the euro, 0.2% versus the Swiss franc, sterling and Australian dollar, and 0.1% vis-a-vis the loonie. One currency against which the dollar fell was the yen, which climbed 0.3%. Share prices dived 2.4% in China to a 3-week low on continuing […] More
Bank of Japan Stance Left Unchanged
March 15, 2019
The latest Bank of Japan policy review as expected left targets for the overnight interest rate (-0.1%), the 10-year JGB yield (around 0%), and other quantitative elements of that central bank’s easy stance unchanged. In a released statement, Board members did downgrade their views of global growth and Japanese exports and industrial production, observing recent […] More
