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The Hang Seng Index and the Hang Seng Tech Index turned positive in the afternoon.Bank of Korea board member Shin Sung-hwan: Inflation risks make it difficult to cut interest rates.On May 11th, strategists at Daiwa Securities pointed out in a research report that the Bank of Japan may raise interest rates in tandem with the Ministry of Finances intervention in the foreign exchange market. The report noted similar situations occurred in 2022 and 2024 when Japan took action in the foreign exchange market. The strategists stated that it is worth watching whether US Treasury Secretary Bessenter will mention the need for the Bank of Japan to tighten monetary policy to help stabilize the foreign exchange market during his visit to Tokyo this week. Bessenter previously stated that he will meet separately with Japanese Prime Minister Sanae Takaichi and Finance Minister Satsuki Katayama in Tokyo on Tuesday.Google (GOOG.O): Launches AI-powered Google Finance service across Europe.On May 11th, Goldman Sachs postponed its forecast for the timing of Federal Reserve rate cuts, from September and December of this year to December 2026 and March 2027. The bank noted that high energy prices are likely to keep inflation high. Given that the ongoing Middle East conflict, which has lasted for 10 weeks, has driven up energy prices and led policymakers to remain vigilant about inflation risks, several global brokerages have lowered their expectations for US rate cuts in 2026. Currently, market opinions are divided, with some institutions predicting a slight easing, while others expect no rate cuts at all.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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