“We actually think that the recession and the corporate earnings season that we are just at the start of … are going to weigh on the markets,” Close Brothers Asset Management Chief Investment Officer Robert Alster said.
The BOJ has pursued super-easy policy settings for decades in an attempt to generate inflation and growth, but there are doubts it can keep that up, and traders have been selling Japanese government bonds and buying yen to bet on a shift. Speculators did, however, give some respite to the BOJ in the bond market. After four days of huge BOJ spending to reel 10-year yields back inside the target band of 0.5 percent either side of zero, the yield held at 0.41 percent on Thursday.European Central Bank president Christine Lagarde is due to speak at 1030 GMT at the World Economic Forum in Davos, and minutes from last month’s ECB meeting are due later in the day.
On Wednesday, the S&P 500 had lost 1.6 percent after data showed U.S. manufacturing output had slumped last month and retail sales had fallen by the most in a year.
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