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☆ Dollar firms, yen wobbles as Japan inflation holds above BOJ target
▼ + stars: | 2023-07-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The data bolsters the chances the BOJ will revise up this year's inflation forecast in fresh projections due next week. Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA), said the market expectations for a BOJ policy tightening have ebbed and flowed over the past year. More than three-quarters of economists polled by Reuters expect the BOJ to hold policy steady including its yield control scheme. The yen has slipped about 1% against the dollar this week and is on course to snap its two-week winning run. The onshore yuan firmed against the dollar and was last at 7.1693 per dollar after the central bank set a much stronger guidance than expected.

Persons: Carol Kong, Kong, Kazuo Ueda, Scherrmann, Ankur Banerjee, Sam Holmes Organizations: Federal Reserve, Bank of Japan's, Commonwealth Bank of Australia, Reuters, Sterling, Fed, European Central Bank, Thomson Locations: SINGAPORE, Central, Europe, Japan, United State, U.S, Singapore

☆ Asian shares subdued after US tech falters, dollar and yields hold gains
▼ + stars: | 2023-07-21 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.5%, heading for a weekly loss of 1.8%. Shares of Taiwanese chipmaker TSMC (2330.TW) slumped 3.3%, after the world's largest contract chipmaker flagged a 10% drop in 2023 sales. The U.S. dollar index was little changed at 100.78, after advancing 0.5% overnight, the biggest one-day gain since mid-May. The Australian dollar gave up almost all of its gains made after a strong local jobs data release to hover below 68 cents. Brent crude futures were up 0.8% at $80.27 per barrel and U.S. West Texas Intermediate crude futures rose 0.8% to $76.25.

Persons: BOJ, TSMC, HSI, Wanda, Betty Wang, Stella Qiu, Lincoln Organizations: Netflix, Fed, ECB, Tesla, Treasury, Nasdaq, U.S . Federal Reserve, European Central Bank, Bank of Japan, Japan's Nikkei, HK, ANZ, U.S, Australian, TD Securities, Brent, . West Texas, Thomson Locations: SYDNEY, U.S, Asia, Pacific, Japan, China, Beijing, Europe

Yet, with services price growth also slowing last month, policymakers will feel that wage pressures have yet to build up enough to warrant an imminent tweak to the ultra-loose monetary stance. We'll likely see inflation slow in coming months, which would allow the BOJ to keep policy steady for the time being," said Toru Suehiro, chief economist at Daiwa Securities. "While services prices may rise next year, those for goods will stay weak. "If more firms hike wages and pass on the cost, services prices could overshoot," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "Inflation excluding food and energy will likely moderate ahead, but the pace of slowdown could be gradual."

Persons: We'll, Toru Suehiro, Kazuo Ueda, Yoshiki Shinke, Leika Kihara, Takahiko Wada, Sam Holmes Organizations: Bank of Japan, Daiwa Securities, Reuters Graphics Services, Dai, Research, Thomson Locations: TOKYO, Japan

☆ Asian shares fall after US tech falters, dollar and yields hold gains
▼ + stars: | 2023-07-21 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.5%, heading for a weekly loss of 1.8%. China's bluechips (.CSI300) dipped 0.2% while Hong Kong's Hang Seng index (.HSI) bucked the trend with a gain of 0.4%. The onshore yuan was 0.2% higher at 7.1674 per dollar after the central bank set a much stronger guidance rate than expected. The U.S. dollar index was little changed at 100.78, after advancing 0.5% overnight, the biggest one-day gain since mid-May. The Australian dollar gave up almost all of its gains made after a strong local jobs data release to hover below 68 cents.

Persons: BOJ, Tesla, TSMC, China's, Wanda, Tony Sycamore, Stella Qiu, Lincoln Organizations: Netflix, Fed, ECB, Treasury, U.S . Federal Reserve, Bank of Japan, Japan's Nikkei, Authorities, Nasdaq, Tesla, IG, Microsoft, Apple, Meta, Federal Reserve, U.S, Australian, European Central Bank, TD Securities, Brent, . West Texas, Thomson Locations: SYDNEY, U.S, Asia, Pacific, Japan

☆ Dollar firms, yen steady after Japan inflation holds above BOJ target
▼ + stars: | 2023-07-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The data bolsters the chances the BOJ will revise up this year's inflation forecast in fresh projections due next week. Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA), said the market expectations for a BOJ policy tightening have ebbed and flowed over the past year. "The window for the BOJ to tighten policy is narrowing," Kong said, adding that CBA's base case is for the BOJ to keep monetary policy unchanged this year. The yen has slipped about 1% against the dollar this week and is on course to snap its two-week winning run. Against a basket of currencies, the dollar rose 0.03% at 100.78, after gaining 0.5%.

Persons: Carol Kong, Kong, Kazuo Ueda, Ryan Brandham, Ankur Banerjee, Sam Holmes Organizations: Federal Reserve, Bank of Japan's, Commonwealth Bank of Australia, Validus Risk Management, Fed, European Central Bank, Thomson Locations: SINGAPORE, Central, Europe, Japan, United State, North America, U.S, Singapore

☆ Take Five: School's (not) out for summer
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +5 min

LONDON, July 21 (Reuters) - The peak holiday season is gearing up, but school's not quite out for summer in financial markets. Also in focus are earnings from some of the massive tech and growth stocks that have led markets higher this year. Reuters Graphics2/ SUMMER READINGBefore they go on their summer break, ECB policymakers have a well-flagged rate hike to deliver. Rate-setters' summer reading list just got longer. Second-quarter earnings are expected to decrease 9.2% from a year earlier, according to I/B/E/S data from Refinitiv, with aggregate earnings likely to be weighed down by poor performance from energy companies.

Persons: school's, Ira Iosebashvili, Kevin Buckland, Naomi Rovnick, Alun John, Dhara, Jerome Powell, Christine Lagarde, Kazuo Ueda's, Shinichi Uchida, Uchida, Ueda, Stocks, it's, Dhara Ranasinghe, Muralikumar Organizations: U.S . Federal Reserve, European Central Bank and Bank of Japan, Reserve, Microsoft, Reuters, ECB, Bank of Japan, Barclays, People's Party, Socialist Workers ' Party, Thomson Locations: Spanish, Ira, New York, Tokyo, London, Europe, SPAIN, Spain

Some market players bet the central bank could widen the allowance band set around its yield target to arrest market distortions caused by its heavy bond buying. With the 10-year yield moving stably below the 0.5% yield cap, however, many BOJ policymakers see no imminent need to take fresh steps against the side-effects of YCC, the sources said. Notwithstanding abrupt moves in the bonds and yen, the BOJ is likely to make no changes to its policy framework next week, they said. "We expect the BOJ will keep major policy levers unchanged next week," said Stefan Angrick, senior economist at Moody's Analytics. More than three-quarters of economists polled by Reuters said they expect the BOJ to keep policy steady including its yield control scheme next week.

Persons: Shinichi Uchida's, Kazuo Ueda's, Stefan Angrick, Leika Kihara, Takahiko Wada, Sam Holmes Organizations: Bank of Japan, Moody's, Reuters, Thomson Locations: BOJ, TOKYO

☆ Morning Bid: Markets shrug off upbeat news from Japan and China
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

With a Reuters poll pointing to a sharp slowing in Tokyo's core CPI for July next week, Bank of Japan Governor Kazuo Ueda is likely to remain confident about sticking to Japan's ultra-easy policy settings next Friday, keeping the yen on the back foot. China's latest efforts to boost consumption provided a small lift to mainland stocks, but markets continue to look ahead to the Politburo meeting, expected next week, for bigger stimulus announcements. The piecemeal measures unveiled so far suggest there's plenty of scope for disappointment. Where Beijing seems to be having greater impact is in propping up the Chinese yuan , which was holding the bulk of Thursday's gains after another stronger-than-forecast midpoint setting on Friday. A sharp drop in the July GfK consumer confidence gauge, which came in below the lowest Reuters poll forecast, suggests sentiment remains downbeat after what's expected to be a weaker UK retail sales reading for June.

Persons: Sonali Desai, Kazuo Ueda, Edmund Klamann Organizations: Netflix, Bank of Japan, U.S . Federal Reserve, European Central Bank, Reuters, Thales SA, Bank, American Express, Schlumberger NV, Thomson Locations: Asia, Japan, U.S, Beijing, propping

☆ Morning Bid: Dollar flexes into Fed week, calm returns
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +4 min

Another unexpectedly tight weekly reading from the U.S. labour market sowed some lingering doubts that we're on the cusp of 'peak Fed' just yet. The tech wobble saw the Nasdaq (.IXIC) recoil 2% in its biggest drop since March. A quieter earnings schedule is topped by American Express - but nearly all the other banks have been impressive over the past week. Pessimists think the Fed is not done tightening yet and any further rate hikes after next week will just hasten a downturn in 2024. That has sobered up the Treasury market a touch after a couple of weeks of disinflation relief.

Persons: Mike Dolan, jockeying, we're, Dow Jones industrials, Johnson, Pessimists, Huntington Bancshares, Janet Yellen, Angus MacSwan Organizations: Big Tech, Tesla, Netflix, Nasdaq, American Express, Treasury, Bank of Japan, Comerica, Regions, Roper Technologies, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Huntington, Schlumberger, Canada, Hanoi

☆ Asia markets to mostly fall as Japan's inflation rises slightly in June
▼ + stars: | 2023-07-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets are set to mostly fall on Friday as investors look to Japan's consumer price index figures for June. The country's core inflation rate - which strips out costs of fresh food - came in at 3.3%, in line with expectations of economists polled by Reuters. This is slightly higher than May's figure of 3.2%, and also above the Bank of Japan's 2% target. The inflation print will give clues to the Bank of Japan's moves when it meets next week for its rate decision. In contrast, Hong Kong's Hang Seng index looks set to open higher, with futures at 18,935 compared to the HSI's last close of 18,928.02.

Persons: Kazuo Ueda Organizations: Reuters, Bank of Japan's, Bank of, Nikkei Locations: Asia, Pacific, Chicago, Osaka, Australia

☆ Japan's central bank has been 'wrong footed' on inflation, analyst says
▼ + stars: | 2023-07-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Bank of Japan Governor Kazuo Ueda arrives to conduct an interview with a small group of journalists in Tokyo on May 25, 2023. Richard A. Brooks | AFP | Getty ImagesAnalysts are split over the Bank of Japan's moves after the country's core inflation came in above the central bank's target of 2% for the 15th straight month. CLSA Japan strategist Nicholas Smith is of the view that the BOJ has been "wrong-footed" on inflation. Under the YCC policy, the central bank targets short-term interest rates at -0.1% and the 10-year government bond yield at 0.5% above or below zero, with the aim of maintaining the inflation target at 2%. To Smith, there is "plenty of probability" for the BOJ to shift its stance on YCC at the next central bank meeting next Friday.

Persons: Kazuo Ueda, Richard A, Brooks, Nicholas Smith, Smith, CNBC's, Tetsufumi Yamakawa, Yamakawa, I've Organizations: Japan, AFP, Getty, Bank of, Reuters, Barclays Locations: Tokyo, Japan

☆ Dollar firms, yen steady after Japan inflation holds above Bank of Japan's target
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: +3 min

Dollar bills and Japanese currency Yen lying on a table on August 03, 2016 in Berlin, Germany. The data bolsters the chances the BOJ will revise up this year's inflation forecast in fresh projections due next week. Carol Kong, a currency strategist at Commonwealth Bank of Australia, or CBA, said the market expectations for a BOJ policy tightening have ebbed and flowed over the past year. The yen has slipped about 1% against the dollar this week and is on course to snap its two-week winning run. Against a basket of currencies, the dollar rose 0.03% at 100.78, after gaining 0.5%.

Persons: Carol Kong, Kong, Kazuo Ueda, Ryan Brandham Organizations: Federal Reserve, Bank of Japan's, Commonwealth Bank of Australia, Validus Risk Management, Fed, European Central Bank Locations: Berlin, Germany, Central, Europe, Japan, United State, North America, U.S

July 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The regional data focus on Friday will be the latest consumer inflation figures from Japan. Core consumer inflation likely re-accelerated in June to a 3.3% annual rate from 3.2% the previous month, staying above the central bank's 2% target for the 15th straight month. In its mid-year review, the government expects overall consumer inflation to hit 2.6% for the fiscal year that began in April, up sharply from 1.7% projected in January. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, Thursday's, Dow Jones Industrials, Johnson, Kazuo Ueda, Janet Yellen, Josie Kao Organizations: Nasdaq, Netflix, Johnson, U.S, Treasury, Bank of Japan's, . Treasury, Thomson, Reuters Locations: Asia, Japan, South Korea, Vietnam

☆ BOJ launches forum with 60 firms on digital yen pilot programme
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 20 (Reuters) - The Bank of Japan on Thursday kicked off a series of discussions with 60 companies on a pilot programme for developing a digital yen, joining peers around the globe ramping up efforts towards issuing digital versions of their currencies for retail use. The discussions will touch on various themes including the business and technological features of retail settlements using a central bank digital currency (CBDC), the central bank said in a statement. The BOJ has said no decision has been made yet on whether Japan will actually issue a digital yen, which must be made by the government and parliament. But many big Japanese companies were included in the list of 60 firms selected to join the discussions, a sign Japan is moving steadily toward such a launch. Central banks around the globe have been studying and working on digital versions of their currencies for retail use to avoid leaving digital payments to the private sector amid an accelerating decline in the use of cash.

Persons: Lawson, Leika, Kim Coghill Organizations: Bank of Japan, Sony, Toyota, East Japan Railway, Bank for International Settlements, Thomson Locations: TOKYO, Japan, Central

The nationwide core consumer price index (CPI), which excludes fresh food costs, rose 3.3% in June from a year earlier, matching a median market forecast. A hike in utility bills added to a steady increase in food and daily necessity prices, adding to the burden of households. But so-called "core core" inflation, which strips away both fresh food and fuel costs, slowed 4.2% in June from a 4.3% rise in May, a sign the rapid pace of increase seen in the past few months was moderating. As inflation perks up, markets are simmering with speculation the BOJ could soon phase out its controversial yield curve control (YCC) policy that is criticised for distorting market pricing and narrowing margins for financial institution. Under YCC, the BOJ guides short-term interest rates at -0.1% and buys huge amounts of government bonds to cap the 10-year bond yield around 0% as part of efforts to fire up inflation to its 2% target.

Persons: Kazuo Ueda's, Leika Kihara, Takahiko Wada, Sam Holmes Organizations: Bank of Japan, Thomson Locations: TOKYO, Japan

☆ Asia stocks split as US-China outlooks diverge
▼ + stars: | 2023-07-19 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Overnight the S&P 500 (.SPX) rose 0.7% to hit a three-month high, with results propelling bank shares. Morgan Stanley (MS.N), Bank of America (BAC.N) and Bank of New York Mellon (BK.N) shares rose sharply on strong results and an upbeat outlook overnight. Microsoft (MSFT.O) shares rose 4% - adding $100 billion in market value - after announcing charges for artificial intelligence features in its office software. British inflation data due at 0600 GMT is the next major calendar item and traders are expecting a fall to a still-uncomfortable 8.2% annual pace. "While annual headline inflation fell sharply, which is helpful for inflation expectations, the details suggest persistence in non-tradables inflation."

Persons: Seng, SYDNEY, Dovish, Tapas Strickland, Morgan Stanley, Klaas Knot, Brian Daingerfield, Treasuries, Brent, Lincoln Organizations: Companies, Microsoft, U.S, European Central Bank, New Zealand, Japan's Nikkei, Headline U.S, National Australia Bank, Bank of America, Bank of New York Mellon, NatWest Markets, Bank of, Fed, ECB, ANZ, Thomson Locations: China, Japan, Australia, Asia, Pacific, Hong Kong, South Korea, Sydney, Atlanta, U.S, Europe, New York, New Zealand, Bank of England

☆ Dollar gains as pound tumbles on cooling UK inflation
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar bounced on Wednesday after inflation in the United Kingdom cooled more than economists expected in June, sending the pound sharply lower against other major currencies. Before Wednesday's data, investors had assigned a roughly 60% chance that the BoE would hike rates on Aug. 3 by a half-percentage point. "The dollar is catching a reprieve because it's the inflation data that's really dictating sentiment, the dollar was whacked by cooler inflation last week and now it's the pound's turn today," Manimbo added. Fed funds futures traders are pricing in 33 basis points of additional tightening with the benchmark rate expected to peak at 5.40% in November. The New Zealand dollar was volatile, briefly spiking after consumer inflation came in slightly above expectations in the second quarter, before falling to last trade down 0.4% at $0.6250.

Persons: Joe Manimbo, BoE, Manimbo, Sterling, Kenneth Broux, Kazuo Ueda Organizations: U.S, Bank of England, Reuters, Bank of, Societe Generale, Federal Reserve, Bank of Japan, New Zealand Locations: Zealand, United Kingdom, May's, Convera, Washington ,, Bank of England

☆ Asia shares slip as China casts a pall, dollar's slide abates
▼ + stars: | 2023-07-18 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/2] FILE PHOTO-People walk past a screen displaying the Hang Seng stock index outside Hong Kong Exchanges, in Hong Kong, China July 19, 2022. Investors are waiting for clearer signs that inflation is cooling, with the readings on U.S. retail sales and industrial production to be released later on Tuesday. Economists reckon retail sales in June will show a 0.5% rise from May, strong enough to keep the soft landing scenario without rekindling worries about inflation. The Fed, European Central Bank and Bank of Japan are holding policy reviews next week. The U.S. dollar index dipped slightly to 99.71 in Asia trade, having struck its lowest since April 2022 on Friday.

Persons: Lam, Morgan Stanley, Goldman Sachs, Gary Ng, Ng, Brent, Selena Li, Simon Cameron, Moore, Sam Holmes Organizations: Hong Kong Exchanges, REUTERS, Federal, Bank of America, Natixis Corporate, Investment Bank, The, European Central Bank and Bank of Japan, Japan's Nikkei, ECB, Fed, Bank of England, U.S, Bank of Japan, Thomson Locations: Hong Kong, China, HONG KONG, Asia, Pacific, Japan

☆ Asia shares slip further as China casts a pall, dollar's slide abates
▼ + stars: | 2023-07-18 | by ( Selena Li | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.63% in the morning session. Investors are waiting for stronger signs of inflation cooling, with the readings on U.S. retail sales and U.S. industrial production to be released later on Tuesday. Economists reckon retail sales in June will show a 0.5% rise from May. The U.S. Federal Reserve, European Central Bank and Bank of Japan are holding policy reviews next week. A possible divergence of U.S. Federal Reserve and European Central Bank on rate hikes has recently caused dollar to weaken.

Persons: Gary Ng, Ng, Brent, Selena Li, Simon Cameron, Moore Organizations: Natixis Corporate, Investment Bank, The U.S . Federal Reserve, European Central Bank and Bank of Japan, Japan's Nikkei, . Federal Reserve, European Central Bank, Fed, Bank of England, Bank of Japan, U.S, Thomson Locations: HONG KONG, Asia, Pacific, Japan, Hong Kong, China

☆ Dollar teeters near one-year low; euro scales 17-month peak
▼ + stars: | 2023-07-18 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

FILE PHOTO: U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. “I think the dollar can stay under selling pressure,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Money markets have largely priced in a 25-basis-point rate hike from the Fed at its policy meeting later this month, though see rates coming down as early as December. Conversely, investors expect the European Central Bank and the Bank of England to have further to go in their rate-hike cycle. Elsewhere, the Japanese yen rose marginally to 138.66 per dollar and remains more than 4% clear of a seven-month low it hit last month.

Persons: Rick Wilking, ”, Carol Kong, Ryota Abe, China’s, Khoon Goh Organizations: greenback, REUTERS, U.S, Federal Reserve, Commonwealth Bank of Australia, “, Fed, European Central Bank, Bank of England, Bank of Japan, SMBC, Reserve Bank of Australia’s, New Zealand, ANZ Locations: SINGAPORE, Westminster , Colorado, Asia

☆ Dollar teeters near one-year low while euro scales 17-month peak
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +3 min

"I think the dollar can stay under selling pressure," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Money markets have largely priced in a 25-basis-point rate hike from the Fed at its policy meeting later this month, though see rates coming down as early as December. Conversely, investors expect the European Central Bank and the Bank of England to have further to go in their rate-hike cycle. Elsewhere, the Japanese yen rose marginally to 138.66 per dollar and remains more than 4% clear of a seven-month low it hit last month. The Bank of Japan, or BOJ, holds its monetary policy meeting next week, with investors on the lookout for whether the central bank will start phasing out its ultra-dovish policy stance.

Persons: Carol Kong, Ryota Abe, China's, Khoon Goh Organizations: greenback, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, European Central Bank, Bank of England, Bank of Japan, SMBC, Reserve Bank of Australia's, New Zealand, ANZ Locations: Asia

Summary BOJ has kept easy policy with eye on market functionSustained achievement of BOJ's price goal still distantUeda's remarks come amid speculation of July policy tweakJuly 18 (Reuters) - Bank of Japan (BOJ) Governor Kazuo Ueda said on Tuesday there was still some distance to sustainably and stably achieving the central bank's 2% inflation target, signalling his resolve to maintain ultra-loose monetary policy for the time being. "We have patiently continued our ultra-loose monetary policy under yield curve control (YCC)," with due consideration to the impact on financial intermediation and market function, Ueda told a news conference after attending a G20 finance leaders' meeting in India. Ueda said the BOJ will scrutinise at each policy meeting the pace of progress Japan was making in sustainably achieving its 2% target. "If our assumption (that sustained achievement of 2% inflation remains distant) is unchanged, our overall narrative on monetary policy remains unchanged," he said. Reporting by Leika Kihara and Tetsushi Kajimoto in Tokyo; Editing by Bernadette Baum and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Kazuo Ueda, Ueda, Leika Kihara, Bernadette Baum, Christina Fincher Organizations: Bank of Japan, Reuters, Thomson Locations: India, Japan, Tokyo

☆ Oil slips after Libya resumes output, China data eyed
▼ + stars: | 2023-07-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Prices softened after both benchmarks last week notched a third straight week of gains and touched their highest levels since April when output was shut at oilfields in Libya and Shell halted exports of a Nigerian crude, tightening supply. Two of the three Libyan oilfields shut on Thursday, the Sharara and El Feel oilfields with a total production capacity of 370,000 barrels per day (bpd), resumed on Saturday evening, four oil engineers and oil ministry said. Output was halted in protest against the abduction of a former finance minister. There is also some nervousness among traders ahead of another big week ahead for economic data from China, the UK and Japan, he added. Reporting by Florence Tan; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tony Sycamore, BoE, Sycamore, Florence Tan, Sonali Paul Organizations: Libya, Brent, West Texas, Shell, Federal Reserve, Market, Thomson Locations: China, SINGAPORE, Libya, Nigerian, El, Russia, Moscow, Saudi Arabia, U.S, Japan

☆ Japan finance minister: 'No discussion' of exchange rates at G7, Kyodo reports
▼ + stars: | 2023-07-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +1 min

TOKYO, July 16 (Reuters) - There was "no discussion" about exchange rates at a meeting of Group of Seven (G7) finance ministers and central bank chiefs, Japanese Finance Minister Shunichi Suzuki said on Sunday, according to Kyodo News. Suzuki was speaking after a meeting in India of the G7 - the U.S., Japan, Germany, Britain, France, Italy and Canada. Speaking at a press conference, Suzuki also confirmed Japan's "unwavering support" for Ukraine, Kyodo reported. Ueda has cited uncertainty about the global economy as a reason for keeping ultra-easy monetary policy in place in Japan, even as inflation runs above the central bank's target. The BOJ's easy monetary policy has been a key driver of the yen's weakness, as it contrasts with tightening in the United States, Europe and most other developed economies.

Persons: Shunichi Suzuki, Suzuki, Kazuo Ueda, Ueda, Kevin Buckland, Jamie Freed, William Mallard Organizations: Japanese Finance, Kyodo News, Kyodo, Bank of Japan, Thomson Locations: TOKYO, India, U.S, Japan, Germany, Britain, France, Italy, Canada, Ukraine, United States, Europe

☆ Japan finance minister: "No discussion" of exchange rates at G7 -Kyodo
▼ + stars: | 2023-07-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +1 min

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