TOKYO - The Bank of Japan is facing fresh communication challenges as last week's decision to raise interest rates, coupled with U.S. recession fears, roils financial markets and cloud the outlook for further rate hikes.
"Given the latest market rout, Uchida is likely to offer a message aimed at soothing market jitters about the BOJ's rate hike path," said former BOJ board member Takahide Kiuchi. It was not clear when exactly the session will be held. Japan's government spokesperson could not be immediately contacted.
The Nikkei soared more than 8% to above 34,000 in the opening minutes of trading on Tuesday, rebounding sharply from the previous day's 12.4% plunge.Taiwan stocks jumped on Tuesday following a record plunge a day earlier, but shed some of the gains later in the morning amid lingering concerns over the outlook for the U.S. economy and tech companies. The main index jumped more than 4% in early trade to as high as 20,640.44 points, but quickly pared those gains to be up around 1.75% at 0230.
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