- S&P Global vice chair says Brent oil prices could rise above $120 when China fully reopens
- The IMF said the BOJ’s surprise decision on 10 year JGB bond yields is a sensible step
- More on the Bank of Japan’s next move could be removing the negative interest rate
- New Zealand data - Credit card spending for November -2.6% m/m (prior 1.0%)
- Japan Eco Min Goto - BoJ's decision not meant to be a tweak or exit from monetary policy
- Reports out of Taiwan say export orders have collapsed, worst since March 2009
- More on China’s Central Economic Work Conference support priorities for 2023
- PBOC sets USD/ CNY mid-point today at 6.9650
- The yield on 2 year JGBs has risen above zero for the first time since 2015
- Japan Cabinet Office economic report keeps assessment on the overall economy unchanged
- UK business confidence for December to 17% (prior 10%)
- FTX founder Sam Bankman-Fried will fly from Bahamas to US Wednesday, face criminal charges
- Australian data - Westpac Leading index for November -0.13% m/m (prior 0.02%)
- BOJ YCC shock pivot - "risks remain skewed to the downside for USD/JPY"
- BOJ YCC pivot shock: "USD/JPY could be into the 120’s sooner than we expected" says MUFG
- 3 reasons the Bank of Japan surprised with changed yield curve control policy
- New Zealand data - November trade balance -1863mn (vs. -2129mn previoulsy )
- Forexlive Americas FX news wrap: Yen hits new highs as the BOJ fallout continues
- Oil - private survey of inventory shows a headline draw larger than expected
- FedEx highlights 'weaker demand environment' and says it's cutting costs
- Trade ideas thread - Wednesday, 21 December 2022
- FedEx quarterly earnings & sales fell from a year ago. Warned of ongoing weaker demand.
The Bank of Japan move on Tuesday continued to reverberate here in Asia today, with the yield on 10-year JGBs rising, although not to the upper limit 0.5% set by the BOJ yesterday. Japanese stocks fell in early trade, the Nikkei 225 down around 1% at one stage. As I post the index has retraced much of the earlier loss. Once again financial sector stocks, such as banks and insurance companies, rose on expectations of better profits from rising interest rates. Hong Kong and mainland China stocks gained.
USD/JPY has continued to rally from its overnight low. USD/CHF has risen also.
Elsewhere across major FX it’s a story of a slightly higher USD also. AUD, GBP, EUR, NZD, CAD are all a little lower on the session.
