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☆ Yen near 10-week low, dollar buoyant as traders adjust rate bets
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +3 min

The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialed back bets on how quickly the Bank of Japan, or BOJ, will raise interest rates and how soon the Federal Reserve will cut them. The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialed back bets on how quickly the Bank of Japan, or BOJ, will raise interest rates and how soon the Federal Reserve will cut them. The yen was little changed at 149.315 per dollar in early Asian trading, after dipping to 149.48 late in the previous session for the first time since Nov. 27. Both currencies have been relatively resilient with officials from the European Central Bank and Bank of England pushing back against market wagers on early rate reductions. New Zealand's dollar gained 0.34% to $0.6117, supported by bets for a delayed start to Reserve Bank rate cuts - or even the potential for further hikes - after data this week showed a stronger-than-forecast jobs market.

Persons: Shinichi Uchida, Shunichi Suzuki, Jerome Powell, FOMC, Richard Franulovich, Sharon Zollner, bitcoin Organizations: Bank of Japan, Federal Reserve, BOJ, Japanese Finance, Traders, European Central Bank and Bank of England, Reserve, ANZ Locations: Tokyo

☆ Dollar keeps tight ranges ahead of Fed, jobs data
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +3 min

A Chinese 100 yuan banknote, a 1 U.S. dollar bill and a 50 euro banknote are lying on a table. The dollar was steady in the Asian morning, with market participants moving cautiously ahead of the two-day FOMC meeting that kicks off on Tuesday. "I suspect that the FOMC meeting will not be as dovish as current market pricing suggests," said Matt Simpson, senior market analyst at City Index. The data will give another indication of whether the world's largest economy remains strong after the Fed's aggressive hiking campaign. Sterling was last trading at $1.2716, holding firm ahead of the Bank of England's monetary policy meeting this week.

Persons: Jerome Powell, Matt Simpson, hasn't, Sterling, Wei Liang Chang Organizations: U.S . Department of Labor, U.S ., Central Bank, Bank, DBS, Fed Locations: U.S

Thursday on Wall Street, the S&P 500 added 0.4% to 4,894.16 and set a record for a fifth straight day. IBM helped lead the market with a gain of 9.5% after it reported a better profit for the latest quarter than analysts expected. The electric-vehicle maker reported earnings and revenue that fell short of forecasts and warned of lower sales growth this year. Such a resilient economy should drive profits for companies, which are one of the main inputs that set stock prices. On the losing end of Wall Street, Humana tumbled 11.7% after the insurer reported worse results for the end of 2023 than expected.

Persons: ” Robert Carnell, Seng, Tesla, ”, Jamie Cox Organizations: TOKYO, Nikkei, Bank of Japan, ING, Dow Jones, Nasdaq, IBM, U.S ., Federal Reserve, Harris Financial, Treasury, . American Airlines, Humana, New York Mercantile Exchange, Brent Locations: U.S, Asia, Pacific, Shanghai, Australia, Wall

☆ Dollar hovers near 6-week high on Fed view; yen edges up after BOJ
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +4 min

The Japanese yen , though, ticked higher as expectations rose for a stimulus exit as soon as March, following hawkish comments from the Bank of Japan on Tuesday. "We have seen ECB (European Central Bank) officials push back on rate cut expectations as well, in line with the Federal Reserve." The dollar declined 0.17% to 148.085 yen, after swinging from as low as 146.99 and as high as 148.70 on Tuesday. The Bank of Canada meets on policy on Wednesday, and is expected to leave its key overnight rate unchanged at a 22-year high of 5%. Traders have unwound bullish positions built up in anticipation of U.S. approval of the country's first spot bitcoin exchange traded fund (ETF).

Persons: Mary Daly, Christopher Waller, James Kniveton, Christine Lagarde's, Sterling, Kazuo Ueda, China's, cryptocurrency, Bitcoin Organizations: Federal Reserve, Bank of Japan, U.S, San Francisco Fed, ECB, European Central Bank, Bank of England, Bank of Canada, Bloomberg, Traders Locations: U.S

☆ It'll be a 'pivotal moment' when BOJ normalizes monetary policy, says portfolio manager
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt'll be a 'pivotal moment' when BOJ normalizes monetary policy, says portfolio managerKei Okamura, senior vice president and portfolio manager at Neuberger Berman, says it'll be a "pivotal moment for the Japanese economy [to] finally exit the last decades of deflation once and for all," but it'll be a "gradual process."

Persons: Kei Okamura, Neuberger Berman, it'll

☆ Bank of Japan expectedly retains its ultra-loose policy, cuts core inflation estimate
▼ + stars: | 2024-01-23 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Bank of Japan governor Kazuo Ueda gestures as he speaks during a press conference following a monetary policy meeting at the Bank of Japan's headquarters in Tokyo on July 28, 2023. The Bank of Japan on July 28 eased its grip on its ultra-loose monetary policy in a small step towards normalisation as inflation accelerates and the yen comes under pressure against other major currencies. (Photo by JIJI Press / AFP) / Japan OUT (Photo by STR/JIJI Press/AFP via Getty Images)The Bank of Japan expectedly retained its ultra-loose monetary policy at its first meeting this year, while cutting its core inflation forecast for the next fiscal year. All the economists surveyed by Reuters expected the Japanese central bank to maintain its negative rate policy this month — making the BOJ the world's only central bank with negative rates. The central bank also marginally increased the core CPI inflation estimate for fiscal 2025 to 1.8% from 1.7% forecast earlier.

Persons: Kazuo Ueda, Bank of Japan expectedly, BOJ Organizations: Japan, Bank of Japan's, The Bank of Japan, JIJI Press, Getty, Bank of Japan, Reuters Locations: Tokyo, AFP, Japan

☆ CNBC Daily Open: Markets' upbeat sentiment
▼ + stars: | 2024-01-23 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Traders work on the floor of the New York Stock Exchange (NYSE) on October 30, 2023 in New York City. [PRO] Wall Street's China picksWall Street banks Morgan Stanley and JPMorgan have highlighted key China internet picks for this year. Both firms think an alpha-driven investment strategy will provide good risk-reward for the sector and picked some themes to watch.

Persons: bitcoin, Morgan Stanley Organizations: CNBC, New York Stock Exchange, Dow Jones, Nasdaq, Bloomberg, BOJ, Bank of Japan, Metrics, JPMorgan, Alpha Locations: New York City, Wall, Asia, Hong, China, Covid

☆ Former Bank of Japan deputy governor discusses BOJ's January policy decision
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Bank of Japan deputy governor discusses BOJ's January policy decisionBank of Japan can afford to wait on any decision to exit its negative rates policy partly because inflation is "decelerating a little bit," says Masazumi Wakatabe, former Bank of Japan deputy governor.

Persons: Masazumi Wakatabe Organizations: Former Bank of Japan, Bank of Japan

It said China plans to tap offshore funds held by Chinese state-owned enterprises and also local funds. Elsewhere in Asia, South Korea's Kospi rose 0.6% to 2,478.61 and Australia's S&P/ASX 200 added 0.5% to 7,514.90. ADM also said it expects to report profit for the full year of 2023 that’s below what analysts were forecasting. That in turn has relaxed the pressure considerably on the stock market and helped it to rip higher. In other trading, U.S. benchmark crude oil rose 9 cents to $74.85 per barrel in electronic trading on the New York Mercantile Exchange.

Persons: Seng, Tan Boon Heng, “, ” Tan, Sunoco, Archer Daniels Midland, Tesla Organizations: Bloomberg, Mizuho Bank, Nikkei, Bank of Japan, U.S ., Dow Jones, Nasdaq, Technologies, NuStar Energy, ADM, American Airlines, Intel, Procter, Gamble, Federal Reserve, Treasury, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Hong Kong, Shanghai, Beijing, China, South, U.S

☆ Dollar struggles to retain gains even as March rate cut odds recede
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +3 min

Japan's yen was the notable mover in otherwise quiet trading, as it tiptoed away from Friday's one-month low of 148.80. San Francisco Federal Reserve Bank President Mary Daly on Friday said she believes the U.S. economy and monetary policy are in a "good place" and it is premature to think rate cuts are imminent. Short-term interest rate futures market show traders are betting interest rate cuts will start in May, with the probability of a March cut dropping below 50%, down from near 80% in the first weeks of January, according to CME Group data. "The USD holds a fair relationship with the evolving implied pricing for a March Fed cut, where rate cut probability falls the USD rallies, and vice versa," he wrote. Much of the gains have come from investor bets on Fed rate cuts.

Persons: dovish, Mary Daly, Chris Weston, Pepperstone Organizations: U.S, of Japan's, Federal Reserve, San Francisco Federal Reserve Bank, Group, NatWest Markets, European Central Bank, ECB Locations: Japan, Europe, U.S

☆ Dollar headed for second weekly gain on tempered rates outlook
▼ + stars: | 2024-01-19 | 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 dollar headed for a second weekly gain in a row on Friday on signs of resilience in the U.S. economy and caution about rate cuts from central bankers. Weekly gains on the risk-sensitive Australian and New Zealand dollars of 1.7% and 2.1% are set to be the largest since November and June respectively. Rabobank revised its one-month forecast for dollar/yen to 148 from 144, expecting further unwinding of bets on the pace of U.S. rate cuts to support the dollar. An unexpected rise in British inflation also drove a sharp pullback in bets on Bank of England interest rate cuts, and leant support to sterling.

Persons: Jane Foley, Christopher Waller, Bitcoin Organizations: New, Bank of Japan, Rabobank, Federal, Bank of Locations: Berlin, Germany, U.S, New Zealand, Asia, Europe, Bank of England

HONG KONG (AP) — Asia markets mostly advanced Friday after Wall Street recouped most of the week's earlier losses and Japan reported slowing inflation, which may keep its ultra-low interest rates steady. Japan’s inflation slowed for a second straight month, increasing the chance that the Bank of Japan will keep its ultra-low interest rates unchanged at its meeting next week. Hong Kong stocks were on track for their third consecutive week of losses as investors remain worried about the gloomy economic prospects. The market was broadly steadier as Treasury yields in the bond market slowed their jump from earlier in the week. On the losing end of Wall Street were several financial companies that reported weaker results for the end of 2023 than analysts expected.

Persons: Australia’s, Taiwan’s Taiex, homebuilders, KeyCorp, Brent Organizations: —, Nikkei, Bank of Japan, Taiwan Semiconductor Manufacturing, Dow Jones Industrial, Nasdaq, Big Tech, Apple, Broadcom, Federal Reserve, Treasury, Discover Financial Services, U.S Locations: HONG KONG, — Asia, Japan, Hong Kong, Shanghai, South Korea, Bangkok, United States

☆ Asia markets rise as Japan December inflation hits its lowest since June 2022
▼ + stars: | 2024-01-19 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

The Bank of Japan (BOJ) headquarters is seen beyond the cherry blossoms in Tokyo on March 20, 2023. Asia-Pacific markets rose as investors assessed Japan's December inflation numbers — the last key data before the Bank of Japan's first monetary policy meeting of 2023. The world's third-largest economy saw headline inflation rate hit its lowest level since June 2022, cooling to 2.6% from 2.8% in November. Japan's core inflation rate — which strips out prices of fresh food — also fell to 2.3% from November's 2.5%, in line with expectations from economists polled by Reuters. The Bank of Japan kicks off its two-day monetary policy meeting on Jan. 22, and will announce its decision the next day.

Persons: — Organizations: Bank of Japan, Bank of, Reuters, The Bank of Japan Locations: Tokyo, Asia, Pacific

☆ Dollar holds near one-month peak as dovish Fed bets recede
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +2 min

The dollar held close to a one-month peak versus major peers on Thursday after robust U.S. retail sales data overnight added to building expectations the Federal Reserve will not rush to lower interest rates. Australia's dollar weakened after data showed an unexpected decline in employment. Traders have trimmed the odds of a first Fed rate cut by March to 53.8%, down from 63.1% on Tuesday, according to CME's FedWatch Tool. ECB President Christine Lagarde told Bloomberg there would likely be majority support among ECB officials for an interest rate cut in the summer, although she stressed they would be data-dependent. Elsewhere, the Australian dollar weakened after data showed a 65,100 drop in jobs for December, where economists had forecast a 17,600 increase.

Persons: CME's, Christopher Waller, Tony Sycamore, Sycamore, Christine Lagarde, Sterling Organizations: Reserve, U.S, hawkish Bank, Japan, Traders, IG, Bloomberg, Bank of England, British, greenback Locations: Japan

☆ Dollar advances as traders weigh rate cut expectations, eyes on data
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: +4 min

Traders are back projecting cuts of 160 bps this year, up from expectations of 140 bps last week. Chris Weston, head of research at Pepperstone, said the risk is that Waller could push back on market pricing for a March cut and show a lack of urgency to normalize policy. "That said, should he even remotely validate market pricing, then we should see U.S. 2-year bond yields fall further. Markets are pricing around 120 bps of rate cuts by the Bank of England in 2024, with the first one most likely in May. Elsewhere, the Australian dollar fell 0.43% to $0.6632, while the New Zealand dollar fell 0.39% to $0.6176.

Persons: Hamish Pepper, Christopher Waller, Waller, Chris Weston, Weston, Bank's Joachim Nagel Organizations: U.S, Federal, Bank of Japan, Fed, Traders, Asset Management, Treasury, Bank of England, New Zealand Locations: Tokyo, Japan, U.S

BANGKOK (AP) — Shares fell Tuesday in Asia, with Hong Kong’s benchmark down nearly 2%, as jitters over Chinese markets dimmed confidence across the region. Tokyo’s Nikkei 225 index fell, snapping a New Year’s winning streak that took it to its highest level in 34 years. The dollar weakened against the Japanese yen even as a former central bank official said that the Bank of Japan is preparing to end its longstanding negative interest rate policy. The dollar bought 146.12 yen, up from 145.75 late Monday and at its highest level in more than one month. Traders are largely betting on the Fed cutting its main interest rate six or more times through 2024.

Persons: —, Meituan, Kristalina Georgieva, Kospi, Germany's DAX, It's, Brent Organizations: Dow Jones, Nikkei, Bank of Japan, Federal Reserve, Tencent, China Garden Holding, Ocean, IMF, CNBC, CAC, Traders, Fed, New York Mercantile Exchange Locations: BANGKOK, Asia, U.S, Shanghai, China, Beijing, South, Australia, Paris

☆ Asia markets set to rebound from Tuesday's broad sell-off
▼ + stars: | 2023-12-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Sydney Harbour taking in the Harbour Bridge, Opera House and ferries at sunrise during the COVID-19 pandemic on April 20, 2020 in Sydney, Australia. Asia-Pacific markets rebounded across the region, following a broad sell-off on Monday. Wednesday will see Australia release its third-quarter GDP numbers, while investors will also digest the Reuters Tankan survey for Japan in December, which showed improving business sentiment among large Japanese manufacturers. The Tankan survey, done by the Bank of Japan quarterly, measures economic conditions in Japan and the survey results are considered a key economic indicator. The Reuters monthly poll is considered to be a leading indicator of the BOJ's official survey.

Organizations: Sydney Harbour, Opera House, Reuters, Bank of Japan Locations: Sydney, Australia, Asia, Pacific, Japan

For its biggest banks, however, there's a hitch: a generation of professional front-line staff have little experience with rising interest rates. The 38 members, which include credit dealers and data scientists, work to improve coordination between retail and wholesale divisions, as higher rates are expected to fuel trading activities. Still, if higher rates are new to most bankers, so they are for their clients, who have for years enjoyed rock bottom rates in Japan. "Almost no front-line bankers have experienced short-term rates above 0.5% as Japan last saw such rates in the 1990s," he said. "I think there are a lot of scepticism among front-line bankers over whether they can really increase their lending rates."

Persons: Masahiro Minami, they've, Izuru Kato, Kato, Satoru Yamamoto, Atsushi Kikuchi, Tokyo Tanshi's Kato, Makiko Yamazaki, Ritsuko Shimizu, David Dolan Organizations: MUFG Bank, TOKYO, Resona Holdings, Reuters, Bank, Mitsubishi, Daiwa Securities, Mizuho Financial, Mizuho, Thomson Locations: Japan, Tokyo

☆ BOJ's Noguchi: Japan yet to achieve wage-driven rise in inflation
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. "It's true the impact of elevated global inflation is reaching Japan's economy with consumer inflation exceeding the BOJ's 2% target since the spring of 2022," Noguchi said, according to the text of his speech posted on the BOJ's website. "But the rise (in inflation) is mostly due to cost-push factors amid higher import prices," contrary to the wage-driven price increases seen in the United States and Europe, he said. "To achieve our 2% inflation target, we must see price rises backed by sustained wage increases," Noguchi said. With inflation exceeding the BOJ's 2% target for more than a year, market expectations are heightening that the central bank will exit ultra-loose monetary policy next year.

Persons: Issei Kato, Asahi Noguchi, Noguchi, we've, Kazuo Ueda, Leika, Jonathan Oatis Organizations: Bank of Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan, United States, Europe

Adachi said Japan has yet to see a positive wage-inflation cycle, in which wages and inflation rise together, kick off. The BOJ can start debating an exit strategy only when the chance of such a cycle emerging heightens, he added. But Adachi said the BOJ did not necessarily need to wait until inflation-adjusted wage growth turns positive for it to normalise monetary policy. Hawkish member Naoki Tamura in August signalled a chance of ending negative rates early next year, saying Japan's inflation was already "clearly in sight" of the BOJ's target. With inflation exceeding its 2% target for more than a year, many market players expect the BOJ to end negative rates and YCC next year, with some betting on a move as early as January.

Persons: Issei Kato, Seiji Adachi, Adachi, we're, Naoki Tamura, YCC, Leika Kihara, Takahiko Wada, Chang, Ran Kim, Jamie Freed Organizations: Bank of Japan, REUTERS, Thomson Locations: Tokyo, Japan, TOKYO, MATSUYAMA, Matsuyama

☆ Japan's price trend gauge hits record, heightens case for BOJ exit
▼ + stars: | 2023-11-28 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

The 2.2% year-on-year increase in the weighted median inflation rate, which is closely watched as an indicator on whether price rises are broadening, followed a 2.0% gain in September. It was the fastest rise since comparable data became available in 2001, Bank of Japan (BOJ) data showed. The data will be among the factors the BOJ will scrutinise at its next policy-setting meeting on Dec. 18-19. The weighted median is the inflation rate of items at the middle of the price changes, or around the 50th percentile point of the distribution. Unlike the consumer price index (CPI), which is swayed by fuel and energy costs, the weighted median inflation rate is useful to trace how widely prices are rising.

Persons: Issei Kato, Kazuo Ueda, Leika Kihara, Kim Coghill Organizations: Bank of Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan, Bank

☆ BOJ's Ueda: Cannot say with conviction inflation will hit 2% target sustainably
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: 1 min

Bank of Japan (BOJ) Governor Kazuo Ueda attends a news conference after their policy meeting at BOJ headquarters in Tokyo, Japan April 28, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 27 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Monday the central bank cannot say yet with conviction that inflation will sustainably and stably achieve its 2% inflation target. "We're seeing some positive signs in wages and inflation. But there's high uncertainty on whether this cycle will strengthen," Ueda told parliament. Reporting by Leika Kihara; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Kazuo Ueda, Issei Kato, Ueda, Leika Kihara, Tom Hogue Organizations: of Japan, REUTERS, Rights, Bank of Japan, Thomson Locations: Tokyo, Japan

☆ Japan's corporate service inflation climbs in sign of broadening price pressures
▼ + stars: | 2023-11-27 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

TOKYO, Nov 27 (Reuters) - Japan's business-to-business service inflation accelerated in October as a tight job market lifted labour costs, underscoring a broadening of price pressures that could heighten the chance of a near-term end to ultra-loose monetary policy. The services producer price index, which measures the price companies charge each other for services, rose 2.3% in October from a year earlier, up from a revised 2.0% gain in September, Bank of Japan (BOJ) data showed on Monday. Information and communication, machinery repair and worker dispatching businesses saw fees increase from year-earlier levels due to higher labour costs. The data suggest Japan's economy is making progress towards achieving sustained rises in inflation accompanied by solid wage growth. His remarks have heightened market attention to developments in services prices, which most vividly reflect wages pressures companies face in their businesses.

Persons: Kazuo Ueda, Leika Kihara, Lisa Shumaker, Edwina Gibbs Organizations: Bank of Japan, Reuters, Thomson Locations: TOKYO

☆ BOJ to take 'gradual & phased' approach in normalizing monetary policy
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan will take a 'gradual and phased' approach in normalizing monetary policyKei Okamura of Neuberger Berman thinks Bank of Japan Governor Ueda will be "quite cautious" in monetary policy decisions.

Persons: Kei Okamura, Neuberger Berman, Ueda Organizations: Email Bank of Japan, Bank, Japan

☆ Dollar slips on bets US rates have peaked
▼ + stars: | 2023-11-24 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Currencies traded in a relatively narrow range with U.S. markets closing early the day after the U.S. Thanksgiving holiday. "I think what we're seeing is a classic case of the market taking the 'path of least resistance.'" The dollar index , which measures the U.S. currency with six peers, eased 0.4 % to 103.35 , staying close to the 2-1/2 month low of 103.17 touched earlier this week. German business morale improved for a third straight month in November, data showed.

Persons: Marcos Brindicci, Michael Brown, Jane Foley, Sterling, Saqib Iqbal Ahmed, Ankur Banerjee, Joice Alves, David Evans, Jason Neely, Richard Chang Organizations: REUTERS, U.S, Trader, P Global, Rabobank, Federal, ING, Thomson Locations: Buenos Aires, Argentina, London, Germany, Singapore

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