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my countrys foreign trade grew by 17.6% in the first eight months.On September 8th, Japanese Finance Minister Satsuki Katayama stated that Japans exchange rate stance remains unchanged despite the yens significant strengthening to its highest level since February, and the government will continue its commitment to maintaining an orderly foreign exchange market. Close communication with US Treasury Secretary Bessenter will continue. Katayama stated at a briefing on Tuesday, "As I said at a press conference in Japan on August 3rd, and as Secretary Bessenter also stated in Washington, our policy has remained completely unchanged since the joint intervention by Japan and the US." The recent strengthening of the yen is partly driven by rising market expectations of a Bank of Japan interest rate hike. This rally has pushed the yen well above the 155 level, and the government has not undertaken any significant new intervention. In early trading on Tuesday, the yen traded around 153 against the dollar, significantly stronger than the level of around 160 a week earlier. Data released earlier on Tuesday provided support for a Bank of Japan interest rate hike: the annualized quarter-on-quarter GDP growth rate for the second quarter was revised upward to 1.4%, and July wage growth was the fastest in nearly 30 years.According to Yonhap News Agency, the International Atomic Energy Agency (IAEA) stated that South Korea has notified it of its intention to hold consultations on safeguard arrangements for nuclear-powered submarines.Vitol Group CEO: Russia imports 500,000 to 600,000 tons of gasoline per month during the summer.Vitol Group CEO: Global oil demand in 2026 will be 1.5 million barrels per day lower than in 2025.

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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