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☆ Policymakers see darker days ahead in China as growth sputters
▼ + stars: | 2023-09-07 | by ( Divya Chowdhury | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 6 (Reuters) - Policymakers expect persistently slower growth in China, perhaps even more sluggish than current consensus estimates, seeing its transition from an infrastructure- and investment-led economy to becoming consumption-driven as "difficult". "The inflation rate in China is around 0% - that means distortion of domestic demand and domestic supply," he said. This follows economic growth in 2022 recorded at one of its worst levels in nearly half a century. The Croatian central bank chief sees narrowing room for expansionary policies in China, adding, "We have to be careful." The RBNZ has already factored in "a pretty subdued period" for commodity prices within their projections, before they see them beginning to rise again, Hawkesby said.

Persons: Takahide Kiuchi, Goushi Kataoka, Boris Vujcic, Robert Holzmann, Christian Hawkesby, Hawkesby, Divya Chowdhury, Savio Shetty, Lisa Mattackal, Mehnaz Yasmin, Mark Heinrich Our Organizations: Former Bank of Japan, Reuters Global Markets, European Central Bank, ECB, Reserve Bank of New Zealand, Thomson Locations: MUMBAI, China, Europe, Croatian, Austrian, United States, Mumbai, Bengaluru

☆ BOJ policymaker calls for keeping ultra-easy policy for now
▼ + stars: | 2023-09-07 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. An increasing number of Japanese companies were raising prices and wages, Nakagawa said, adding that there was a chance inflation could accelerate more than initially expected. But there was also a risk inflation could slow once the pass-through of higher costs moderate, she said. "But we're not at a stage where we can judge that Japan has achieved our price target in a stable, sustainable fashion." Reporting by Leika Kihara; Editing by Tom Hogue and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Androniki, Bank of Japan policymaker Junko Nakagawa, Nakagawa, Kazuo Ueda, Leika Kihara, Tom Hogue, Kim Coghill Organizations: REUTERS, Rights, Bank of Japan, Thomson Locations: Japan, Tokyo, Rights KOCHI, Kochi

☆ Analysis-China's economic gloom hangs over Japan's long-awaited recovery
▼ + stars: | 2023-09-06 | by ( Tetsushi Kajimoto | Leika Kihara | ) www.reuters.com time to read: +5 min

TOKYO (Reuters) - Policymakers in Tokyo believe China’s deepening economic woes could hit Japan’s fragile recovery, especially if Beijing fails to shore up demand with meaningful stimulus, potentially delaying an exit from ultra-loose monetary policy. China is Japan’s largest trading partner, accounting for 20% of its exports, having replaced the United States in 2020. “Exports to China had already been weak and headwinds to inbound tourism are clearly bad for Japan’s economy,” said Toru Suehiro, chief economist at Daiwa Securities. Firms also promised wage hikes unseen in three decades this year, heightening the case for a retreat from decades of ultra-loose monetary policy. The darkening outlook for Japan’s recovery may push back the timing of a BOJ policy shift.

Persons: Marko Djurica, Kazuo Ueda’s, ”, Hiroyuki Ogawa, Ogawa, Takeshi Niinami, Toru Suehiro, Ueda, Toyoaki Nakamura, “, Seisaku Kameda Organizations: REUTERS, Bank of Japan’s, Reuters, Japan, Komatsu Ltd, Komatsu, Suntory Holdings, Daiwa Securities, Japan’s Sompo Holdings Locations: TOKYO, Tokyo, Beijing, Japan, United States, China

☆ BOJ policymaker sees shift in Japan's deflationary mindset
▼ + stars: | 2023-09-06 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Policymaker Takata stressed the need to maintain ultra-loose monetary policy for the time being, as slowing global growth was heightening uncertainty on whether the Bank of Japan's (BOJ) 2% inflation target was sustainably achievable. In an earlier speech, he said he believe Japan's economy was "finally seeing early signs" of achieving the 2% target. Two other BOJ board members earlier gave diverging views on how soon the central bank should consider scaling back its radical stimulus. Japan's core inflation hit 3.1% in July, exceeding the BOJ's 2% target for the 16th straight month. BOJ officials have said the central bank must keep interest rates ultra-low until robust domestic demand and sustained wage growth replace rising import costs as key drivers of inflation.

Persons: Androniki, Takata, Hajime Takata, Policymaker Takata, Haruhiko Kuroda, Leika Kihara, Tetsushi Kajimoto, Takahiko Wada, Tom Hogue, Lincoln, John Stonestreet Organizations: REUTERS, Bank of Japan's, CHINA IMPACT, Thomson Locations: Japan, Tokyo, TOKYO, China, CHINA

☆ BOJ policymaker sees signs of change in Japan's deflationary mindset
▼ + stars: | 2023-09-06 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. Takata stressed the need to maintain ultra-loose monetary policy for the time being, as slowing global growth heightens uncertainty on whether Japan can sustainably achieve the Bank of Japan's (BOJ) 2% inflation target. "Personally, I believe Japan's economy is finally seeing early signs of achieving the BOJ's 2% inflation target," Takata said in a speech. The remarks follow those of two other BOJ board members, who gave diverging views on how soon the central bank should consider scaling back its radical stimulus. BOJ officials have said the central bank must keep interest rates ultra-low until robust domestic demand and sustained wage growth replace rising import costs as key drivers of inflation.

Persons: Androniki, Takata, Hajime Takata, Haruhiko Kuroda, Leika Kihara, Tom Hogue Organizations: REUTERS, of Japan's, Thomson Locations: Japan, Tokyo, TOKYO, Lincoln

In a sign of growing pessimism over China, the government also said its monthly economic report for August that "concern over China's outlook" was among risks to Japan's recovery. "Exports to China had already been weak and headwinds to inbound tourism are clearly bad for Japan's economy," said Toru Suehiro, chief economist at Daiwa Securities. "All in all, it's hard to justify tightening monetary policy any time soon." Firms also promised wage hikes unseen in three decades this year, heightening the case for a retreat from decades of ultra-loose monetary policy. The darkening outlook for Japan's recovery may push back the timing of a BOJ policy shift.

Persons: Marko Djurica, Kazuo Ueda's, Hiroyuki Ogawa, Ogawa, Takeshi Niinami, Toru Suehiro, Ueda, Toyoaki Nakamura, Seisaku Kameda, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Bank of Japan's, Reuters, Japan, Komatsu Ltd, Komatsu, Suntory Holdings, Daiwa Securities, Japan's Sompo Holdings, Thomson Locations: Tokyo, Japan, China, TOKYO, Beijing, United States

☆ Reaching 2% inflation goal necessary for BOJ easy policy exit, says ex-board member Kataoka
▼ + stars: | 2023-09-04 | by ( Divya Chowdhury | ) www.reuters.com time to read: +2 min

MUMBAI, Sept 4 (Reuters) - The Bank of Japan (BOJ) will be able to gradually shift away from its easy monetary policy only after ensuring its 2% inflation goal has been sustainably achieved, former board member Goushi Kataoka said on Monday. Kataoka expected the Spring 2024 wage negotiations to be key for the BOJ's inflation mission, Kataoka, currently chief economist at PwC Japan, told the Reuters Global Markets Forum. Once it begins exiting policy, Kataoka expects the BOJ to first remove the peg on the 10-year Japanese government bond (JGB) yield, then exit its negative interest rate policy, and finally scrap the YCC policy. "Allowing the guide rate to effectively go as low as 1% would not be possible until the 2% (inflation) target is achieved," Kataoka said. "I'm worried about the stance of Kishida cabinet," he said, describing the previous administrations' tax hikes in 2014 and 2019 as undermining the Kuroda's bold monetary policy experiment.

Persons: Goushi Kataoka, Kataoka, Haruhiko Kuroda, BOJ, I'm, Divya Chowdhury, Savio Shetty, Anisha, Christina Fincher Organizations: Bank of Japan, Reuters Global Markets, Thomson Locations: MUMBAI, Mumbai, Bengaluru

☆ Japan finance minister offers no clues on intervention as yen weakens
▼ + stars: | 2023-09-01 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Banknotes of Japanese yen are seen in this illustration picture taken June 15, 2022. Some market players were surprised by the lack of determination to keep the yen from falling beyond 145 yen to the dollar. Traders are watching for any signs of intervention by Japanese officials to shore up the ailing currency. However, Japanese officials have rarely escalated verbal warnings since last month against speculators trying to sell off the yen. The weak yen has driven up import bills for fuel and foods, depriving households of purchasing power and prompting Prime Minister Fumio Kishida to scramble for measures to subsidise gasoline retail prices and to mitigate rises in utility bills.

Persons: Florence Lo, Shunichi Suzuki, Suzuki, Japan's, Daisaku Ueno, Fumio Kishida, Tetsushi Kajimoto, Tom Hogue, Kim Coghill Organizations: REUTERS, Rights, Japanese Finance, Mitsubishi UFJ Securities, Authorities, U.S . Federal Reserve, Bank of Japan, Thomson Locations: Japan

A man walks in front of the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. For years, the government has kept borrowing costs, as measured by assumed interest rates, low, effectively allowing the Bank of Japan (BOJ) to bankroll debt. That is up from 25.25 trillion yen this year, the sources said, requesting anonymity as they were not authorised to speak publicly. For the current fiscal year, the annual budget hit a record 114 trillion yen, boosted by steps to cope with COVID. Social security accounts for nearly one-third of budget spending, making it the lion's share of the overall budget, followed by debt-servicing costs, which make up more than a fifth of the budget.

Persons: Issei Kato, Izuru Kato, Tetsushi Kajimoto, Takaya Yamaguchi, Sam Holmes, Alex Richardson Organizations: Bank of Japan, REUTERS, Rights, Totan, Thomson Locations: Tokyo, Japan, China, North Korea

A man walks at the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. The central bank would take time to determine whether it can raise interest rates as it waits for evidence that a sustained economic recovery will eradicate Japan's deflationary mindset, he said. "The key is for the economy to keep recovering," Nakamura told a news conference, when asked about the conditions for ending negative interest rates. We therefore need more time before shifting to monetary tightening," he said, adding the key was to determine whether companies' growth expectations were heightening. Markets are divided on whether the BOJ could remove the yield cap before raising short-term rates, ditch both simultaneously, or keep the yield cap when ending negative rates as a precaution against an abrupt rise in long-term yields.

Persons: Issei Kato, Nakamura, Toyoaki Nakamura, Japan's, we're, Naoki Tamura, Kazuo Ueda, Leika Kihara, Christian Schmollinger, Navaratnam, Gerry Doyle Organizations: Bank of Japan, REUTERS, Hitachi Ltd, Thomson Locations: Tokyo, Japan, GIFU, Gifu

☆ BOJ policymaker Nakamura warns against premature monetary tightening
▼ + stars: | 2023-08-31 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Tightening monetary policy before rising prices are accompanied by higher wages would hurt domestic demand and corporate profits, Nakamura said. We therefore need more time before shifting to monetary tightening," Nakamura said in a speech to business leaders in the city of Gifu in central Japan. "Close scrutiny of (economic) conditions and cautious decision-making are required when modifying monetary policy," he said, warning against shifting policy too hastily. Governor Kazuo Ueda has said the BOJ must maintain ultra-low rates until there is more evidence that Japan's inflation can sustainably hit 2% backed by solid consumption and wage growth. Reporting by Leika Kihara; Editing by Christian Schmollinger and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Nakamura, Toyoaki Nakamura, Naoki Tamura, Kazuo Ueda, Leika Kihara, Christian Schmollinger Organizations: Bank of Japan, REUTERS, Nakamura Overseas, Hitachi Ltd, Thomson Locations: Tokyo, Japan, Gifu

☆ BOJ policymaker signals chance of policy tweak early next year
▼ + stars: | 2023-08-30 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

The remarks are the strongest signal to date by a Bank of Japan (BOJ) policymaker that rising inflation and wages could prod the bank to take bolder steps towards phasing out its radical stimulus. "About a decade has passed since the BOJ began efforts to sustainably and stably achieve its 2% inflation target. For now, the BOJ must sustain monetary easing to scrutinise wage and price developments, said the former commercial banker. "Abandoning negative rates will obviously be among options" if the BOJ were to normalise policy, he said. "Even if the BOJ were to end negative rates, it won't be scaling back monetary easing as long as it can keep interest rates low."

Persons: Issei Kato, Tamura BOJ, KUSHIRO, Naoki Tamura, Tamura, Kazuo Ueda, Shinichi Uchida, Ueda, Leika Kihara, Muralikumar Anantharaman, Sam Holmes Organizations: Bank of Japan, REUTERS, Reuters, Thomson Locations: Tokyo, Japan

☆ Europe's weaker economy limits fallout of US bond rout
▼ + stars: | 2023-08-30 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Last week, U.S. 10-year Treasury yields touched their highest relative to Germany's since December. For rate-sensitive short-dated German bond yields yields are even down 17 bps in August as weak data has raised expectations of a European Central Bank rate hike pause in September. SPILLOVERBofA, Goldman Sachs and Barclays expect Treasury yields to end the year slightly below current levels. Barclays's Khanna estimates German bond yields would have been 50-60 bps lower had they only been driven by domestic factors. The spillover from higher Treasury yields is more challenging elsewhere.

Persons: Dado Ruvic, Mauro Valle, Valle, Salman Ahmed, Rohan Khanna, Fitch, Mondher, SPILLOVER BofA, Goldman Sachs, Jackson, Barclays's Khanna, Frederik Ducrozet, Ataru Okumura, Yoruk, Chiara Elisei, Junko Fujita, Kevin Buckland, Dhara Ranasinghe, Tomasz Janowski Organizations: REUTERS, Generali Investment Partners, European Central Bank, Fidelity International, U.S, Fitch, AAA, Vontel Asset Management, Barclays, Treasury, Federal Reserve, ECB, Pictet Wealth Management, of Japan, Nikko Securities, Yoruk Bahceli, Thomson Locations: U.S, United States, Europe, Germany, Britain, Germany's, It's, Italy, France, Japan, Amsterdam, London, Tokyo

☆ Dollar soft as markets brace for data fest; yen under pressure
▼ + stars: | 2023-08-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The dollar index , which measures U.S. currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. The yen inched up 0.12% to 146.36 per dollar in Asian hours but remained close 146.75, its lowest level since Nov.9. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance (MOF) to buy the yen and push the pair back to around 140 yen. The Australian dollar added 0.03% to $0.643, while the New Zealand dollar eased 0.02% to $0.591.

Persons: Dado Ruvic, Jerome Powell, Carol Kong, CBA's Kong, Jackson, Chanana, Ueda, Sterling, Ankur Banerjee, Shri Navaratnam Organizations: REUTERS, Rights, U.S, Reuters, Commonwealth Bank of Australia, Ministry of Finance, United, Saxo, Jackson, New Zealand, Thomson Locations: Japan, United States, Tokyo, Singapore

☆ Japan at 'inflection point' in 25-year battle with deflation - govt
▼ + stars: | 2023-08-29 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

TOKYO (Reuters) - Japan may be at an inflection point in its 25-year battle with deflation as price and wage rises show signs of broadening, the government said on Tuesday, signalling its conviction the economy was nearing an end to prolonged stagnation. “Japan has seen price and wage rises broaden since the spring of 2022. Such changes suggest the economy is reaching a turning point in its 25-year battle with deflation,” the government said in its annual economic white paper. Companies this year offered their highest pay in three decades, heightening the case for a retreat from decades of ultra-loose monetary policy. Since declaring Japan in a state of deflation in 2001, the government has made ending price falls among its top policy priorities.

Organizations: REUTERS, Bank of Japan, Companies Locations: TOKYO, Japan, Tokyo

☆ Japan at 'inflection point' in 25-year battle with deflation, government says
▼ + stars: | 2023-08-29 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

REUTERS/Yuya Shino Acquire Licensing RightsTOKYO, Aug 29 (Reuters) - Japan may be at an inflection point in its 25-year battle with deflation as price and wage rises show signs of broadening, the government said on Tuesday, signalling its conviction the economy was nearing an end to prolonged stagnation. "Japan has seen price and wage rises broaden since the spring of 2022. Such changes suggest the economy is reaching a turning point in its 25-year battle with deflation," the government said in its annual economic white paper. Companies this year offered their highest pay in three decades, heightening the case for a retreat from decades of ultra-loose monetary policy. Since declaring Japan in a state of deflation in 2001, the government has made ending price falls among its top policy priorities.

Persons: Yuya, Leika, Sam Holmes Organizations: REUTERS, Rights, Bank of Japan, Companies, Thomson Locations: Tokyo, Japan

☆ Japan regulator to monitor potential BOJ impact on regional banks
▼ + stars: | 2023-08-29 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +1 min

[1/2] A man walks at the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. The Financial Services Agency (FSA) "will monitor how potential changes in the financial markets and client situations will affect regional banks' profits and health," the regulator said in its annual policy outlook released on Tuesday. Large banks have shortened the duration of their bond portfolios in anticipation of higher yields, but analysts say some smaller, regional banks do not have such flexibility. The FSA said in the policy outlook that it would "encourage regional banks to take necessary steps ahead of time" to address potential changes in the financial and economic situations. The policy outlook, set yearly, lays out guidelines for the FSA's supervision and direction of banks and other financial firms.

Persons: Issei Kato, Makiko Yamazaki, Sam Holmes Organizations: Bank of Japan, REUTERS, Rights, Financial Services Agency, Thomson Locations: Tokyo, Japan

☆ CNBC Daily Open: Powell said high rates. Markets heard hot economy
▼ + stars: | 2023-08-28 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

David Paul Morris | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Despite the (ostensibly) hawkish tone of Powell's Jackson Hole speech, markets, it seemed, seized on a tangential point and made it the whole narrative. The beauty of Powell's words is that they are open to interpretation. The drawback of Powell's words is that they are open to interpretation.

Persons: Christine Lagarde, Kazuo Ueda, Jerome Powell, David Paul Morris, Powell, Powell's Jackson Organizations: HK, European Central Bank, ECB, Bank of Japan, US Federal Reserve, Bloomberg, Getty, CNBC, Nasdaq, Dow Jones Industrial Locations: Moran , Wyoming

☆ BOJ's Ueda: Underlying inflation still a bit below target
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +2 min

Bank of Japan Governor Kazuo Ueda speaks at a group interview with media in Tokyo, Japan, May 25, 2023. "We think that underlying inflation is still a bit below our target," Ueda said. Japan's core consumer inflation hit 3.1% in July, staying above the central bank's 2% inflation target for the 16th straight month, as companies continued to pass on higher costs to households. Nevertheless, inflation "is expected to decline" from here, he said, with the underlying trend still less than the target. It also sets an allowance band of 50 basis point around the 10-year yield target.

Persons: Kazuo Ueda, Kim Kyung, JACKSON, Ueda, Howard Schneider, Leika Kihara, Andrea Ricci, Diane Craft Organizations: Japan, REUTERS, Bank of Japan's, Reserve, Thomson Locations: Tokyo, Japan, , Wyoming

U.S. bond investors nonetheless dialled back their bets of a rate hike in November and December following Powell's remarks, though Treasury yields traded near break-even by late morning. The yield on 10-year Treasury notes was steady at 4.2314% and the two-year yield, which reflects interest rate expectations, rose to 5.0735%. "We've seen a back-off in ECB rate hike expectations. Boston Fed President Susan Collins said on Yahoo Finance's video channel that rates may be near or at a peak, "but certainly additional increments are possible." Tokyo consumer price data on Friday, which front-runs nationwide figures, showed inflation remained well above the Bank of Japan's target.

Persons: Toby Melville, Jerome Powell, Powell, David Sadkin, Dow Jones, Christine, Lagarde, Ben Laidler, Patrick Harker, Susan Collins, Shaun Osborne, Joseph Capurso, Kazuo Ueda, Jackson, Brent, Samuel Indyk, Kevin Buckland, Jacqueline Wong, Mark Potter, Chizu Nomiyama, Susan Fenton, Diane Craft, Cynthia Osterman Organizations: London Stock Exchange Group, City of, REUTERS, Federal Reserve, Bel Air Investment Advisors, Nasdaq, European Central Bank, ECB, Reuters, Philadelphia Fed, CNBC, Boston, Yahoo, U.S, Scotiabank, Bank of, Bank of Japan, CBA, West Texas, Thomson Locations: City, City of London, Britain, Jackson Hole , Wyoming, U.S, Asia, Tokyo

☆ Shares whipsaw as Fed weighs inflation risks, yields steady
▼ + stars: | 2023-08-25 | by ( Samuel Indyk | ) www.reuters.com time to read: +5 min

If you're a bear, you heard him say we're going to be restrictive, and we might hike rates," said David Sadkin, president at Bel Air Investment Advisors. U.S. rates investors nonetheless dialled back their bets of a rate hike in November and December following Powell's remarks, though Treasury yields traded near break-even by late morning. "We've seen a back off in ECB rate hike expectations. Boston Fed President Susan Collins said on Yahoo Finance's video channel that rates may be near or at a peak, "but certainly additional increments are possible." Tokyo consumer price data on Friday, which front-runs nationwide figures, showed inflation remained well above the Bank of Japan's target.

Persons: Toby Melville, Jerome Powell, Powell, David Sadkin, Dow Jones, Christine, Lagarde, Ben Laidler, Patrick Harker, Susan Collins, Shaun Osborne, Joseph Capurso, Kazuo Ueda, Jackson, Brent, Samuel Indyk, Kevin Buckland, Jacqueline Wong, Mark Potter, Chizu Nomiyama, Susan Fenton Organizations: London Stock Exchange Group, City of, REUTERS, Federal Reserve, Bel Air Investment Advisors, Nasdaq, European Central Bank, Reuters, ECB, Philadelphia Fed, CNBC, Boston, Yahoo, U.S, Scotiabank, Bank of, Bank of Japan, CBA, West Texas, Thomson Locations: City, City of London, Britain, Jackson Hole , Wyoming, U.S, Asia, Tokyo

☆ Japan budget requests likely to top 110 trln yen as rates rise - Nikkei
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +3 min

FILE PHOTO-An office employee walks in front of the bank of Japan building in Tokyo, Japan, April 7, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Aug 25 (Reuters) - Japanese ministries' budget demands for the next fiscal year will likely top 110 trillion yen ($753 billion), the Nikkei business daily reported on Friday, with rising interest rates expected to boost debt servicing costs. This fiscal year's budget stood at 114 trillion yen. It would be the third straight year that budget requests exceed 110 trillion yen and may top a record 111.6 trillion yen requested for fiscal 2022. It's only natural for debt-servicing costs to rise under such circumstances," said Takuya Hoshino, senior economist at Dai-ichi Life Research Institute.

Persons: Androniki, Takuya Hoshino, Fumio, Tetsushi Kajimoto, Diane Craft, Jacqueline Wong Organizations: REUTERS, Rights, Nikkei, Bank of, Dai, Research, Thomson Locations: Japan, Tokyo, China, North Korea

☆ Stocks swoon, dollar firms as Powell speech looms
▼ + stars: | 2023-08-25 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centred worries about global growth. "However, there is also no real reason for Powell to strike a dovish tone," he added, "and that could mean an ugly end to the week for stocks, while the dollar shines." Against Japan's currency , the dollar edged tentatively back toward last week's nine-month high of 146.545, trading as strong as 146.21. In energy markets, crude prices rose slightly on Friday, but remained on track for weekly declines of between 1.5-2.5%.

Persons: Brendan McDermid, Jerome Powell, Jackson, Kazuo Ueda, Christine Lagarde, Powell, Matt Simpson, Simpson, Patrick Harker, Susan Collins, Joseph Capurso, Brent, Kevin Buckland, Jacqueline Wong Organizations: New York Stock Exchange, REUTERS, Rights, Federal, People's Bank of, Bank, Nasdaq, Japan's Nikkei, Nvidia, Advantest, Fed, Boston Philadelphia Fed, CNBC, Yahoo, U.S, Bank of Japan, CBA, Treasury, West Texas, Thomson Locations: New York City, U.S, . U.S, China, People's Bank of China, Asia, Tokyo, Jackson

Only one of 22 economists, or 5%, expected the BOJ to start unwinding its ultra-easy policy this year, the Aug 15-23 poll found, significantly down from 50% in a July survey. Four said the BOJ will start unwinding in January-March 2024, five chose April-June, six selected July-September and another six opted for October-December. A separate question showed 73% of economists expecting the BOJ to end YCC next year, up from 50% in July. A question about when the BOJ ends its negative short-term interest rate policy showed 41% of economists anticipating it in 2024, down from 54% in a May poll. Economists raised their projection for Japan's fiscal 2023 GDP growth to 1.8% from 1.1% in the previous poll.

Persons: Issei Kato, Takumi Tsunoda, YCC, Kazuo, Ueda, Hiroshi Namioka, Kantaro Komiya, Satoshi Sugiyama, Susobhan Sarkar, Shri Navaratnam Organizations: Bank of Japan, REUTERS, Rights, Shinkin Central Bank Research Institute, D, Management, U.S, Thomson Locations: Tokyo, Japan

☆ Stocks sink, dollar climbs as risk of hawkish Powell looms
▼ + stars: | 2023-08-25 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centered worries about global growth. "However, there is also no real reason for Powell to strike a dovish tone," he added, "and that could mean an ugly end to the week for stocks, while the dollar shines." Against Japan's currency , the dollar edged back toward last week's nine-month high of 146.545, last trading at 146.15. The Chinese yuan traded slightly weaker in offshore markets , slipping 0.07% to 7.2866 per dollar.

Persons: Brendan McDermid, Jerome Powell, Jackson, Kazuo Ueda, Christine Lagarde, Powell, Matt Simpson, Simpson, Patrick Harker, Brent, Kevin Buckland, Jacqueline Wong Organizations: New York Stock Exchange, REUTERS, Rights, Federal, People's Bank of, Bank, Nasdaq, Japan's Nikkei, Nvidia, Advantest, Philadelphia Fed, CNBC, U.S, Treasury, West Texas, Thomson Locations: New York City, U.S, . U.S, China, People's Bank of China, Asia, Tokyo

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