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Bank of Japan kept interest rates at zero levels
Bank of Japan decided to keep the interest rates unchanged at zero levels between 0.0% and 0.10%, matching analysts’ expectations especially amid the current challenges that face the Japanese economy.
On the other hand, BOJ kept the credit lending program at 30 trillion yen, and kept the asset purchase program unchanged at 40 trillion yen, disappointing markets as officials intend to save such actions for the upcoming months if conditions get worse due to Europe’s debt crisis.
However pressures are increasing on policy makers after Fitch downgraded Japan’s sovereign debt on Tuesday due to the rising debt-to-GDP ratio, and pointed to the importance of raising taxes.
Japan must keep its pledge to start raising sales taxes by 2014 to control its public debt which is expected to exceed 220% ...
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BOJ’s rate decision
Bank of Japan decided to keep the interest rates unchanged at zero levels between 0.0% and 0.10%, matching analysts’ expectations especially amid the current challenges that face the Japanese economy.
On the other hand, BOJ kept the credit lending program at 30 trillion yen, and kept the asset purchase program unchanged at 40 trillion yen, disappointing markets as officials intend to save such actions for the upcoming months if conditions get worse due to Europe’s debt crisis.
Bank of Japan expects the nation’s economy to return to growth during the upcoming period even if in a slower pace, alongside the continued worries over Europe’s debt crisis; meanwhile, the bank sees that higher growth rates will control deflation.
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Brent slips 0.4 percent on potential Iran deal, economy concerns
(Reuters) - Brent crude slipped around 0.4 percent on Wednesday as a potential deal between Iran and the U.N. nuclear watchdog eased fears of oil supply disruptions, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand.
The U.N.'s International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on atom bombs in the oil-producing country, increasing the prospect of a resolution to a conflict over the issue.
Brent crude had dropped 46 cents to $107.95 a barrel by 0402 GMT and U.S. July crude had fallen 56 cents to $91.29, with economic concerns weighing as the World Bank cut its economic growth forecast for China, the world's second-largest oil consumer.
Nagging fears of a messy Greek ...
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Guessing game begins over next Treasury chief
(Reuters) - Wanted for the Treasury Department: a new boss who can fix trillion-dollar-plus budget deficits, overhaul the tax system and spur a reluctant Europe into fixing its debt crisis.
It's a tall order, especially when the new Treasury chief also must deal with a fractious Congress - and all for a salary lower than that paid to many junior Wall Street bankers.
Economists, investors and veterans of past administrations are appraising potential successors to Treasury Secretary Timothy Geithner, either in a new Obama administration, if President Barack Obama is re-elected, or under Mitt Romney.
Geithner has made it clear that he is leaving the post he has held since January 2009 even if Obama, a Democrat, beats Romney, the presumptive Republican presidential nominee, in the November ...
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Asian Market Update : 23/05/2012
Yen gains after BOJ stands pat; World Bank cuts China outlook, April lending looks weak; EUR falls on Papademos "grexit" mention
Economic Data
(JP) BANK OF JAPAN (BOJ) LEAVES TARGET RATE RANGE UNCHANGED BETWEEN 0.0% TO 0.10% (AS EXPECTED); Keeps economic assessment unchanged; Maintains asset purchase fund at ¥70T
(JP) JAPAN APR MERCHANDISE TRADE BALANCE TOTAL: -¥520B V -¥471BE; ADJUSTED: -¥480B V -¥617BE
(US) NORTH AMERICA SEMI EQUIPMENT INDUSTRY APR SALES BOOK TO BILL RATIO: 1.10 V 1.13 PRIOR (3RD CONSECUTIVE MONTH ABOVE PARITY, 1st decline in 7 months)
(AU) AUSTRALIA APR DEWR INTERNET SKILLED VACANCIES M/M: -0.8% V -0.5% PRIOR (4-month low)
(AU) AUSTRALIA MAR WESTPAC LEADING INDEX M/M: 0.4% V 0.0% PRIOR
(AU) AUSTRALIA MAR CONFERENCE BOARD LEADING INDEX M/M: +0.2% V 0.0% PRIOR
(SG) ...
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Euro tumbles on Greek exit fears
(Reuters) - The euro slumped 1 percent against the U.S. dollar on Tuesday, ahead of an informal meeting of European leaders, on growing fears of a Greek exit from the euro zone.
Dow Jones quoted former Greek prime minister Lucas Papademos as saying that Greeks had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone, a risk he said was unlikely to materialize but that was real.
He also told the news agency that some European states and institutions were considering contingency plans for any eventuality.
"Sentiment is heavily against the euro," said Joseph Trevisani, chief market strategist at Worldwide Markets, Woodcliff Lake in New Jersey. "Any negative comment from former or current Greek officials sends the euro plummeting. There were ...
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Gold down almost 1.5 percent as selling snowballs
(Reuters) - Gold traded near intraday lows on Tuesday afternoon with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit.
The pressure started on Monday after bullion failed to break through key resistance at $1,600 per ounce, sending prices below near-term technical support levels.
That selling snowballed on Tuesday afternoon in New York, sending prices below $1,570 an ounce as the euro weakened with investors betting Wednesday's meeting of European leaders would do little to tackle the region's debt crisis.
"The euro continued to sag. It's not going to make a decisive move until the EU summit," said James Steel, chief commodity analyst at HSBC.
Weaker oil prices on news of a potential deal between Iran and the U.N. nuclear ...
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Gold still down, weaker euro blamed
(Reuters) - Gold remained under pressure trading below a near-term technical support level on Tuesday due to a weaker euro, with investors betting against a meeting of European leaders this week doing much to tackle the region's debt crisis.
Platinum tracked gold lower, shrugging off news of a fresh production outage in South Africa.
The euro remained clear of last week's four-month lows but was stuck in negative territory against the dollar as worries about Greek politics and Spanish banking problems kept the currency under pressure.
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Forex-Euro slides ahead of summit; yen tumbles
(Reuters) - The euro fell against the dollar for the first time in three days on Tuesday as investors doubted whether an informal meeting of European leaders this week would yield much progress in tackling the region's debt crisis.
The weakness in Europe's common currency suggested an uncertain outlook despite a fall in Spanish and Italian government bond yields, and some analysts said stretched positioning and oversold signals could lead to a short squeeze and a higher euro.
While there have been hopes that Wednesday's summit may lead to agreement on measures to boost euro zone growth, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a ...
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