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April 1st - Emerging market assets rebounded sharply, boosted by signals of de-escalation from the US and Iran. The MSCI Emerging Markets Index rose over 3%, while a similar index measuring emerging market currencies also gained 0.7% – both on track for their first gains in five days. The willingness expressed by Trump and Iranian authorities to ease hostilities significantly boosted market sentiment. Michael Wan of MUFG Bank wrote in a report that despite persistently high oil prices, risk appetite and a “rebound in Asian currencies” have become apparent. He stated, “We remain cautious in our positioning because we remain skeptical about the path to a lasting peace agreement.”The Israeli military stated that its operations in Iran are ongoing and are quite extensive.On April 1, Wang Daoshu, Deputy Director of the State Taxation Administration, introduced at a press conference that since the beginning of this year, tax authorities across the country have collected taxes and fees in accordance with laws and regulations, with tax and fee revenue exceeding 8.4 trillion yuan in the first quarter; they have also deepened tax reforms, steadily promoted the smooth implementation of the Value-Added Tax Law and its implementing regulations, strengthened tax compliance management, and enhanced tax supervision in key areas.The CEO of the Malaysian Energy Commission stated that the natural gas supply for power generation is sufficient and does not originate from the Middle East.April 1st - The State Council Taiwan Affairs Office held a regular press conference on April 1st. A reporter asked about the remarks made by the US State Department spokesperson regarding Zheng Liwens visit to the mainland. Spokesperson Zhang Han stated that Taiwan is Chinas Taiwan, and the Taiwan issue is Chinas internal affair. We, the Chinese people on both sides of the Taiwan Strait, are one family, and cross-strait affairs should be discussed and handled jointly by compatriots on both sides. We have the full capability and wisdom to resolve our own affairs and safeguard and build our own homeland.

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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