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April 9th - GeoQuant, a risk analytics firm affiliated with Fitch Ratings, stated that high fuel prices ahead of state elections are putting pressure on subsidy policies, posing rising fiscal and political risks to Malaysia. The government has already cut fuel subsidy quotas by one-third to control costs and maintain fiscal discipline. However, public concerns about fuel prices could intensify ahead of the elections. If fuel prices fall, a prudent policy response could support Prime Minister Anwar Ibrahim and potentially pave the way for early federal elections. However, if fuel prices remain high, it could force the government to implement more austerity measures, putting pressure on state elections and potentially postponing the federal elections scheduled for February 2028.Hong Kong-listed auto stocks continued their upward trend, with Geely Automobile (00175.HK) and Chery Automobile (09973.HK) rising by more than 4%, NIO-SW (09866.HK) rising by more than 3%, and Leapmotor (09863.HK) and others following suit.The SC crude oil futures contract fell 4.00% intraday, currently trading at 637.50 yuan per barrel.Former Honduran President Hernández: The U.S. Court of Appeals has overturned his guilty verdict and ordered the judge to drop the charges against him.On April 9th, economists at Mizuho Securities stated that while the upward pressure on oil prices caused by the Middle East conflict is significant, government subsidies are expected to largely offset its impact on Japans energy costs. Meanwhile, the impact on commodities (mainly food) will gradually emerge, with inflation in these categories projected to peak between spring and summer 2027, implying a lag of four to six quarters. They added, "As security in the Strait of Hormuz and full normalization of shipping are expected to take time, crude oil prices are likely to remain high in the short term."

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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