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Japanese Economy, Trade and Industry Minister Minoru Jonouchi: I will not comment on market fluctuations.On September 18, the State Council Information Office held a press conference to introduce the relevant information about the 140th China Import and Export Fair (Canton Fair). Zhang Li, Assistant Minister of Commerce, announced at the conference that the 140th Canton Fair will be held in Guangzhou in three phases from October 15 to November 4.Bank of Japan Governor Kazuo Ueda will hold a monetary policy press conference in ten minutes.Japanese Minister of Economy, Trade and Industry, Minoru Shirou: The specific details of monetary policy decisions will be made by the Bank of Japan.British retail sales unexpectedly rose in August, with warmer weather and a more optimistic national sentiment encouraging spending, despite rising energy bills. The Office for National Statistics reported that total sales of goods online and in physical stores increased by 0.5%, compared to a 0.5% decline in July. The growth was mainly driven by sales of clothing, food, and department store goods. This helped offset the decline in fuel sales, as higher oil prices prompted Britons to drive less. These figures are positive for Prime Minister Burnham, who pledged to improve the standard of living in “every postcode” when he took office in July. So far, British consumers have continued to spend despite the Iranian energy shock, thanks to sunny weather, a healthy savings buffer, and government cost-of-living announcements. However, this period of optimism is nearing its end. Bank of England officials voted on Thursday to keep interest rates unchanged at 3.75%, but hinted that rates could rise if the Middle East conflict continues. Employers are laying off workers, and a 25% rise in energy prices in January is expected, potentially pushing inflation above 4%.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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