The trading gallery of the RHB Investment Bank Bhd. headquarters in Kuala Lumpur, Malaysia on November 21 2022. Picture: Samsul Said/Bloomberg
Japan’s Nikkei fell 0.4% and the yen, which surged 2.7% against the dollar overnight, kept going and rose about 0.2% further to 128.65/$. It is up 6% in little more than three weeks since the Bank of Japan stunned markets by widening the band around its 10-year bond yield target. “The market is expecting at the next meeting that they will increase the band for the 10-year again,” said Naka Matsuzawa, chief Japan macro strategist at Nomura, referring to the central bank’s upcoming meeting running January 17-18.
“No change in policy this month would be a setback for the yen,” said Rabobank forex strategist Jane Foley. “However, we would look to buy the yen against the dollar on dips on anticipation of another move ... in the spring.” The dollar slipped broadly, US treasuries rallied and assets seen as risky, such as stocks and cryptocurrencies, rose.
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