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New Zealand Business Outlook: (Almost) All in the Black
Business confidence jumped 21 points to +23 in October. Expected own activity rose 12 points to +23. Activity indicators jumped in the earlymonth sample and jumped again in the second half of the month. • Inflation indicators were mixed – the RBNZ needs to see more progress. chart table The October ANZ Business Outlook survey saw a bounce in most activity indicators following the All Blacks’ successful progression to the World Cup final – and the election. Figure 2 below shows September results, the early-October read, and finally the roughly 25% of responses that came in mostly around 19- 20 October ... (full story)
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Japan's economy is likely to continue recovering moderately for the time being, supported by factors such as the materialization of pent-up demand, although it is expected to be ...
At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided to further increase the flexibility in the conduct of yield curve control. Specifically, while the Bank will maintain the target level of 10-year Japanese government bond (JGB) yields at around zero percent, it will conduct yield curve control with the upper bound of 1.0 percent for these yields as a reference and will control the yields mainly through large-scale JGB purchases and nimble market operations. In this manner, the Bank will patiently continue with monetary easing. The Bank decided on the following regarding yield curve control and the guidelines for asset purchases. (1) Yield curve control The Bank decided, by a unanimous vote, to set the following guideline for market operations for the intermeeting period. The short-term policy interest rate: The Bank will apply a negative interest rate of minus 0.l percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank. The long-term interest rate: The Bank will purchase a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around zero percent. b) Conduct of yield curve control (an post: BoJ Widens Band Around 10 Year JGB Yield Target At +/- 1% Each (prev 0.5%) - Scraps Reference To Daily Fixed Rate JGB Purchasing Operations - Maintain Short-Term Interest Rate Target At -0.1% - Maintains 10-Year JGB Yield Target Around 0%USD/JPY spikes to fresh daily top, retakes 150.00 mark after BoJ policy decision The USD/JPY pair regains positive traction during the Asian session on Tuesday and snaps a two-day losing streak to the 148.80 area, or a two-week low touched the previous day. The buying interest picks up pace after the Bank of Japan (BoJ) announced its policy decision, pushing spot prices to the 150.00 psychological mark, or a fresh daily high in the last hour. The Japanese central bank refrained from altering its yield curve control (YCC) policy, though changed language around the target range for the benchmark 10-year yield. The BoJ decides to keep the yield target but make 1% a reference cap. The move comes on the back of pressure from a sell-off in bond markets through October, which had lifted the yield on the 10-year JGB to a 10-year peak earlier this Tuesday. The BoJ, however, maintained its ultra-low interest rates despite an uptick in Japanese inflation. This continues to weigh on the Japanese Yen (JPY) and lends support to the USD/JPY pair.
Japan's unemployment rate fell to 2.6 percent in September from 2.7 percent a month earlier, marking the first improvement in three months, as the country's economy continued to ...
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- Posted: Oct 31, 2023 12:00am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,785
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