The BOJ sets a target of around 0 per cent 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 per cent from 0.5 per cent in July.
“That said, the way foreign currency markets are behaving suggests any move today on YCC may only cap but not reverse the yen weakness,” Chia said. Overnight, all three major US stock indexes closed up more than 1 per cent, with interest rate sensitive megacap stocks providing the most upside muscle. Today, the Federal Open Markets Committee will convene for a two-day monetary policy meeting, which is expected to culminate in a decision to let the Fed funds target rate stand at 5.25 per cent-5.50 per cent.
“While the Federal Reserve may not make any rate adjustments this week, the possibility of a rate hike in the following meeting is certainly on the table.”
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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