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☆ Here's how to play Japan stocks, finally hitting a new high after 34 long years
▼ + stars: | 2024-02-22 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

Japan's Nikkei 225 index , a price-weighted index of 225 Japanese stocks, has also hit an historic high. A few months before that, on December 29, 1989, Japan's Nikkei 225 Index hit an historic high that stood until this week. That's about the amount the U.S. stock market dropped at the start of the Great Depression, from 1929 to 1932. .N225 5Y mountain Nikkei 225 Index in past five years. The Japanese stock market took 20 years.

Persons: it's, Japan's, Minoru Isutani, Arnold Palmer, Richard Ferris, Peter Ueberroth, Clint Eastwood, Nori, Bart Wakabayashi Organizations: Nikkei, CNBC, Japan's Nikkei, Mitsubishi, Rockefeller Center, Lone Cypress Company, Sumitomo Bank, Taiheiyo, Lone Cypress, Toyota, Honda, Sony, Hitachi, Nintendo, Sumitomo Mitsui, Japan Hedged Equity, Dow Jones, Tokyo Stock Exchange, Retailing, Softbank, Vision Fund, Foreign, Bank of Japan, White Oak Capital, Reuters Locations: Tokyo, New York, Japanese, California, Japan, U.S, Singapore

☆ Yen intervention a hard sell even as 150 to the dollar 'red line' beckons
▼ + stars: | 2023-09-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +6 min

But, Japanese authorities could find propping up their currency both difficult to achieve and hard to justify. To make even a ripple in the $5 trillion currency market, the BOJ would need to draw down massive amounts of dollar reserves. Wakabayashi, like many other analysts and investors, considers the 150 yen per dollar level a red line for currency intervention, not least because of its significance as a symbol of climbing costs of living from imported food and fuel. INTERVENTION IMMINENTThe yen careened to a 32-year trough at 151.94 last October before being reined in by several bouts of heavy intervention, the first by Japanese authorities in a generation. Measures of expected market volatility remain subdued.

Persons: Kim Kyung, Bank of Japan's hesitancy, Kazuo Ueda, You've, they're, Bart Wakabayashi, Fumio Kishida, Shunichi Suzuki, Masayuki Kichikawa, Ray Attrill, Janet Yellen, Aninda Mitra, Mitra, Kevin Buckland, Alun John, Vidya Ranganathan, Simon Cameron, Moore Organizations: National Printing Bureau, Bank of Japan, REUTERS, Rights, Bank of Japan's, U.S . Federal Reserve, U.S, Treasury, Fed, State Street Bank, Trust, Finance, Sumitomo Mitsui DS Asset Management, Ministry of Finance, National Australia Bank, BNY Mellon Investment Management, Thomson Locations: Tokyo, Japan, U.S, Washington, Asia, London

☆ Dollar firm on safe-haven demand as markets fret over China, banks
▼ + stars: | 2023-08-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. The Chinese yuan, however, got some respite after the central bank set a stronger official rate than expected, signalling its discomfort with recent declines. Worries about the global economy flared again after data on Tuesday showed Chinese imports and exports contracting faster than expected in July. U.S. Treasuries also saw a surge in demand from haven-seeking investors, with 10-year yields briefly dipping back below 4%. Reporting by Kevin Buckland; Additional reporting by Brigid Riley; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose Luis Gonzalez TOKYO, Treasuries, Ray Attrill, there's, Attrill, Patrick Harker, Raphael Bostic, Michelle Bowman, Bart Wakabayashi, Kevin Buckland, Brigid Riley, Sonali Paul Organizations: REUTERS, New Zealand, U.S, Bank of New York Mellon, US Bancorp, National Australia Bank, People's Bank of, Federal Reserve, Philadelphia Fed, Atlanta Fed, Fed, State Street Bank, Trust, Thomson Locations: Ciudad Juarez, Mexico, Asia, Rome, China, People's Bank of China, Tokyo

That yen hoard has mostly been held as cash with the aim of ploughing into Japanese bonds when yields eventually turn higher. "We're all waiting for the end of YCC so we can buy JGBs," said a Japanese pension fund manager who requested anonymity as he is not authorized to speak to media. Japanese banks have ploughed money into overseas bonds, but insurance firms and pension funds have kept their powder dry. MARKETS WONT BLINKSuch is the positioning and inertia among long term Japanese investors that analysts expect markets to barely blink even if the BOJ plays for time this week. Lifers and pension funds say they have very little exposure to Japanese government bonds, so a surprise policy change won't hurt them either.

Persons: Androniki, Haruhiko Kuroda, Kazuo Ueda, Bart Wakabayashi, Hirofumi Suzuki, Suzuki, Kevin Buckland, Ankur Banerjee, Vidya Ranganathan Organizations: REUTERS, Bank of, Japan, Nippon Life Insurance, Sumitomo Life Insurance, Insurance, State, Thomson Locations: Japan, Tokyo, TOKYO, SINGAPORE, YCC, Singapore

☆ Dollar edges up as US rates seen higher for longer
▼ + stars: | 2023-06-05 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO, June 5 (Reuters) - The dollar firmed against major peers in Asian trading after a robust U.S. jobs report spurred traders to price in higher interest rates for longer. The Australian dollar erased early losses after a report showed a pick-up in services activity in key trading partner China. CME Group's FedWatch tool shows interest rate traders are laying 1-in-4 odds for a hike next week, down from 2-in-3 odds a week earlier. For July, markets put 70% odds for rates to be at least a quarter point above where they are currently. The U.S. dollar was 0.03% lower at 7.1074 yuan in offshore trading , after earlier gaining 0.15%.

Persons: payrolls, Bart Wakabayashi, Wakabayashi, Kevin Buckland, Jacqueline Wong Organizations: China, Canadian, U.S, Reuters, The, Treasury, CME, State, P Global, PMI, Thomson Locations: TOKYO, Tokyo, Saudi Arabia

☆ Dollar edges up as U.S. rates seen higher for longer
▼ + stars: | 2023-06-05 | by ( ) www.cnbc.com time to read: +3 min

The dollar firmed against major peers in Asian trading after a robust U.S. jobs report spurred traders to price in higher interest rates for longer. The Australian dollar erased early losses after a report showed a pick-up in services activity in key trading partner China. CME Group's FedWatch tool shows interest rate traders are laying 1-in-4 odds for a hike next week, down from 2-in-3 odds a week earlier. For July, markets put 70% odds for rates to be at least a quarter point above where they are currently. The U.S. dollar was 0.03% lower at 7.1074 yuan in offshore trading, after earlier gaining 0.15%.

Persons: payrolls, Bart Wakabayashi, Wakabayashi Organizations: China, Canadian, U.S, Reuters, The, Treasury, CME, State, P Global, PMI Locations: Tokyo, Saudi Arabia

LONDON/TOKYO, May 31 (Reuters) - The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China's recovery is sputtering. That helped the dollar index , which measures the greenback against six major peers, climb to 104.63, its highest since March 16. Data on Wednesday showed inflation in France and some of Germany's biggest states is slowing quickly. Euro zone-wide inflation data is due out tomorrow. "European inflation is rolling back now and you're taking back some of the previously anticipated hikes from the ECB," said Carl Hammer, chief strategist at European bank SEB.

Persons: Carl Hammer, SEB, Hammer, Shusuke Yamada, Bart Wakabayashi, Sterling, Tayyip Erdogan, Harry Robertson, Kevin Buckland, Mark Potter, Helen Popper Our Organizations: U.S, Analysts, European Central Bank, ECB, U.S ., Bank of America, State, Thomson Locations: TOKYO, France, U.S, China, COVID, Tokyo

☆ Dollar sags versus yen after Japan warning; Aussie slides on China data
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: +2 min

Japanese 10,000 yen and U.S. 100 dollar banknotes are arranged for a photograph in Tokyo, Japan, on Sept. 7, 2017. The dollar languished below the psychological 140 yen level on Wednesday after getting knocked back from a six-month high after Japanese officials met on Tuesday to discuss their currency. The Aussie was last down 0.15% at $0.6507, heading back toward last week's 6 1/2-month low of $0.6490. The New Zealand dollar sank as much as 0.5% to a 6 1/2-month trough at $0.60125. Against the Chinese yuan, the U.S. dollar climbed as much as 0.38% to 7.1171 for the first time since Nov. 30.

Persons: Rodrigo Catril, Bart Wakabayashi, Sterling Organizations: Australian, National Australia Bank, Reserve Bank of Australia, New Zealand, U.S, State Locations: Tokyo, Japan, China, United States, Tuesday's

☆ Dollar weighed down by US default risks; Aussie, yuan hurt by weak China data
▼ + stars: | 2023-05-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The U.S. dollar index - which measures the currency against a basket of six major peers - was little changed at 102.47. "The interesting thing is the dollar is weak, and usually when there's risk off, people buy the dollar," he said. The euro , which has the greatest weight in the dollar index, was little changed at $1.0870 on Tuesday, after bouncing off a five-week low overnight. The Australian dollar , which is not part of the dollar index, erased small early gains ahead of Chinese retail sales and industrial production data, then sank after the release. The dollar gained 0.2% to 6.9723 yuan in the offshore market , after touching 6.9749 on Monday for the first time since March 10.

☆ Safe-haven dollar slides as bank fears ease; yen surges
▼ + stars: | 2023-03-28 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, March 28 (Reuters) - The U.S. dollar slid for a second day against major peers on Tuesday as receding fears of a full-blown banking crisis sapped demand for the safest assets. The risk-sensitive Australian dollar also jumped, while the euro and sterling pushed higher. The U.S. dollar index - which gauges the currency against six peers, including the yen - declined 0.14% to 102.6 during Asian trading, extending Monday's 0.35% drop. The 10-year yield was little changed in Tokyo trading on Tuesday at around 3.52%. "For the moment, dollar is king - dollar is paying interest rates, dollar is safe.

☆ Bank of Japan keeps yield control policy unchanged
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +7 min

MARKET REACTION:The Japanese stock market cheered the BOJ's decision with the Nikkei share average (.N225) jumping more than 2% after the midday break. Therefore, among equities, we think Japanese financials sector will have a rerating of valuations over the next 3-6 months." That could escalate when the new governor of the bank will be announced and towards the policy meeting in March." MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE"The can has been kicked down the road and the attention will shift to the next meeting. CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE:"I think the speculations will still continue.

☆ Dollar edges to one-week high vs yen amid spike in Treasury yields
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: +2 min

The dollar edged higher against its major peers on Wednesday, reaching a more than one-week top versus the yen, buoyed by higher Treasury yields as traders puzzled over the outlook for policy at the world's biggest central banks. The 10-year Treasury yield , which tends to be highly correlated to the dollar-yen pair, was at 3.843% in Tokyo, not far from the 1 1/2-month high of 3.862% reached overnight. "The dollar is in a very interesting situation," said Bart Wakabayashi, a branch manager at State Street in Tokyo. Sterling eased 0.06% to $1.2024, as it continued to hover just above its low for the month of $1.1993, reached on Dec. 22. The Australian dollar was flat at $0.6733, while the New Zealand dollar added 0.09% to $0.6279.

☆ Japan jolts markets in surprise change to yield curve policy
▼ + stars: | 2022-12-20 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

In a move explained as seeking to breath life back into a dormant bond market, the BOJ decided to allow the 10-year bond yield to move 50 basis points either side of its 0% target, wider than the previous 25 basis point band. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. "Today's step is aimed at improving market functions, thereby helping enhance the effect of our monetary easing. "This change will enhance the sustainability of our monetary policy framework. It's absolutely not a review that will lead to an abandonment of YCC or an exit from easy policy."

☆ BOJ jolts markets in surprise change to yield curve policy
▼ + stars: | 2022-12-20 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Shares tanked, while the yen and bond yields spiked following the decision, which caught offguard investors who had expected the BOJ to make no changes to its yield curve control (YCC) until Governor Haruhiko Kuroda steps down in April. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. Reuters GraphicsAs widely expected, the BOJ kept unchanged its YCC targets, set at -0.1% for short-term interest rates and around zero for the 10-year bond yield, at a two-day policy meeting that ended on Tuesday. The 10-year Japanese government bond (JGB) yield briefly spiked to 0.460%, close to the BOJ's newly set implicit cap. Kuroda has repeatedly said he saw no need for the BOJ to tweak YCC, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

☆ Bank of Japan makes surprise policy tweak
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +8 min

ATUSHI TAKEDA, CHIEF ECONOMIST, ITOCHU ECONOMIC RESEARCH, TOKYO:"Today's move reflects the BOJ's determination not to alter its yield cure control policy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023. "The tweak may seem modest but is significant for a central bank that has held dovish for a long time.

☆ Yen soars to 4-month peak after surprise BOJ policy tweak
▼ + stars: | 2022-12-20 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The dollar tumbled as much as 2.78% to 133.11 yen , a level last seen on Aug. 16, before last trading 2.62% weaker at 133.345. It had been slightly stronger at about 137.40 yen ahead of the policy announcement. Eyes will now be trained on BOJ Governor Haruhiko Kuroda's media briefing later in the day for additional hints about a pivot away from ultra-easy policy. Most BOJ watchers had expected no changes until his 10-year term finishes at the end of March. "Unease over China's haphazard COVID policy changes also seems to be keeping a lid on AUD/USD," Callow added.

☆ Bank of Japan reviews yield-curve control policy
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +4 min

Dec 20 (Reuters) - The Bank of Japan has slightly loosened the shackles on its 10-year yield target and said it will review its yield-curve control policy, surprising financial markets and sending the yen sharply higher. However, it is only a first step and yield-curve control (YCC) remains in place, as does negative rate strategy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023.

☆ BOJ changes yield curve control, jolts markets with surprise monetary policy
▼ + stars: | 2022-12-20 | by ( ) edition.cnn.com time to read: +3 min

The Bank of Japan shocked markets Tuesday with a surprise tweak to its bond yield controls that allows long-term interest rates to rise more, a move aimed at easing some of the costs of prolonged monetary stimulus. Shares tanked, while the yen and bond yields spiked following the decision, which caught offguard investors who had expected the BOJ to make no changes to its yield curve control (YCC) until Governor Haruhiko Kuroda steps down in April. But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus. The 10-year Japanese government bond (JGB) yield briefly spiked to 0.460%, close to the BOJ’s newly set implicit cap. Kuroda has repeatedly said he saw no need for the BOJ to tweak YCC, including taking immediate steps to address the side-effects such as the distortion it was creating in the bond market.

☆ Dollar holds firm on hawkish Fed bets, Aussie tad higher after RBA
▼ + stars: | 2022-12-06 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

It had dipped to 104.1 for the first time since June 28 as traders continued to rein in bets of aggressive Fed tightening. "The dollar really kicked butt across the board," said Bart Wakabayashi, branch manager at State Street in Tokyo. Investors had been on watch for signs of a pause in tightening after inflation unexpectedly cooled last month. "And with the RBA expecting inflation to continue higher and household spending remaining strong as ever, then the RBA may well hike by another 25 bps in February and March before reassessing." In recent days though, RBA policy has taken a back seat to optimism about an easing of strangling COVID-19 restrictions in China, a top trading partner.

It had dipped to 104.1 for the first time since June 28 as traders continued to rein in bets of aggressive Fed tightening. "The dollar really kicked butt across the board," said Bart Wakabayashi, branch manager at State Street in Tokyo. The Aussie dollar rose 0.21% to $0.6713, clawing back some of a 1.4% overnight tumble. In recent days though, RBA policy has taken a back seat to optimism about an easing of strangling COVID-19 restrictions in China, a top trading partner. "We expect the RBA to change its forward guidance in a subtle but significant way from 'expects to increase interest rates further' to 'likely to increase interest rates further' or 'willing to increase interest rates further,' (which) would indicate the RBA considers it is at or at least near the end of its tightening cycle," pushing the Aussie lower.

☆ Dollar heads for biggest monthly loss since 2010 ahead of Powell speech
▼ + stars: | 2022-11-30 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

LONDON, Nov 30 (Reuters) - The dollar eased from a one-week high on Wednesday ahead of a speech by Federal Reserve Chair Jerome Powell, while optimism over a possible loosening in China's COVID restrictions set it on course for its biggest monthly loss since late 2010. But after almost two years of near-relentless acceleration in inflation, markets could welcome any sign that the worst may be over. European assets got a lift on Tuesday after inflation in Spain and a number of major German states cooled. It has lost around 4.3% in November, marking its worst monthly performance since September 2010 , according to Refinitiv data. The offshore yuan gained ground against the dollar, which fell 1% to 7.0802.

☆ Dollar slips from one-week high on China hopes as Powell speech looms
▼ + stars: | 2022-11-30 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The risk-sensitive New Zealand and Aussie dollars rose, while the offshore Chinese yuan hovered near a one-week peak. "But there's a back and forth between dollar selling and dollar strength, because earlier in the week, all we could talk about was hawkish Fedspeak," he added. The euro ticked up 0.11% to $1.0339, lifting from a one-week low reached earlier on Wednesday at $1.0319. The New Zealand dollar strengthened 0.29% to $0.6218 while the Aussie adding 0.1% to $0.66935. "Expectations for an end to China's zero‑covid policy in coming months, combined with more targeted restrictions in the meantime, can provide support to CNH, AUD and NZD."

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "Japanese households have a thousand trillion in yen deposits. As of June, households had 1,102 trillion yen ($7.7 trillion) in cash and deposits, while private non-financial companies had 325 trillion yen. "There is a risk of what I call capital flight by Japanese households," said Tohru Sasaki, head of Japan markets research at J.P. Morgan Securities in Tokyo. In January 2006, when spreads between U.S. and Japan were at their widest at roughly 440 bps, Japanese households had 1,631 trillion yen of assets.

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