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FX Market Commentary: Dan Deming, 6/20/23
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In accordance with the short-term policy interest rate of minus 0.1 percent and the target level of the long-term interest rate, both of which were decided at the previous meeting on March 9 and 10, 2023, the Bank had been conducting purchases of Japanese government bonds (JGBs). Under the guideline for conduct of yield curve control decided at that meeting, it had also conducted outright purchases of 10-year JGBs at 0.5 percent through the fixedrate method every business day. Moreover, the Bank had carried out fixed-rate purchase operations of the cheapest-to-deliver (CTD) issues every business day. With these market operations, 10-year JGB yields had been at around 0 percent. Since the previous meeting, the shape of the JGB yield curve had been generally smooth, as interest rates had declined, mainly at medium- to long-term and super-long-term maturities. The Bank had conducted operations to purchase exchange-traded funds (ETFs), Japan real estate investment trusts (J-REITs), CP, and corporate bonds in accordance with the guideline for asset purchases decided at the previous meeting. In addition, it had conducted the Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel post at 7:51pm: BOJ MEETING MINUTES: MEMBERS BELIEVE THAT MONETARY EASING SHOULD BE MAINTAINED. post at 7:52pm: BOJ MEETING MINUTES: SEVERAL MEMBERS NOTED THAT PREVIOUS PRICE INCREASES IN COMMODITIES AND RAW MATERIALS WERE BEING PASSED ON TO CONSUMER PRICES WITH A TIME LAG. post at 7:57pm: BOJ MEETING MINUTES: SEVERAL MEMBERS STATED THAT FOR CPI INFLATION TO RETURN TO 2% AFTER DECELERATING, WAGE DEVELOPMENTS, FIRM GROWTH EXPECTATIONS, AND MEDIUM- TO LONG-TERM INFLATION EXPECTATIONS MUST IMPROVE.
It’s official. The S&P 500 is up over 20% from its October 2022 lows and we’ve technically entered a new bull market: chart But, before you break out the champagne, there are a ...
The European Central Bank has completed most of its interest rate increases, and possible further hikes would be less important in fighting inflation than the duration of tight ...
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- Posted: Jun 20, 2023 7:15pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 876