Asian stocks waver, yen wobbles ahead of BOJ’s policy decision

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Traders brace for a potential inflation forecast lift and bond yield tweaks from Japanese policymakers.

Investors’ focus this week will mainly be on the major central bank meetings, including the US Federal Reserve and Bank of England.

The BOJ sets a target of around 0% for the 10-year yield under YCC. Under criticism that its heavy defence of the cap is causing market distortions and an unwelcome yen fall, it raised its de-facto ceiling for the yield to 1.0% from 0.5% in July.

Third-quarter earnings season has reached its halfway point, with 251 companies in the S&P 500 having reported. Of those, 78% have beaten Wall Street estimates, according to LSEG. The Fed’s meeting comes after a slew of data showed the US economy remains resilient and comments from Fed Chair Jerome Powell will be scrutinised to gauge how long the interest rates are likely to stay elevated.

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