Markets in the Asia-Pacific are set to trade mixed after Wall Street ended its four-day losing streak as global bonds rose after the Bank of Japan adjusted its yield curve control tolerance.
The Tokyo Tower, left, and commercial and residential buildings in Minato district of Tokyo, Japan, on Saturday, Oct. 1, 2022. Photographer: Akio Kon/Bloomberg via Getty ImagesMarkets in the Asia-Pacific are set to trade mixed after Wall Street ended its four-day losing streak as global bonds rose after theThe Nikkei futures contract in Chicago was at 26,440 while its counterpart in Osaka was at 26,320 – lower than thein Australia rose 1.
"It was definitely a surprise. I don't think there was anyone out there who expected it," said Ben Jeffrey, rate strategist at BMO. The Japanese central bank moved sooner-than-expected to tighten policy. The BOJ changed its yield curve policy to allow the yield on the 10-year Japanese government bond to move 50 basis poins either side of its zero target rate, up from 25 basis points.
"Inflation may well have peaked on a headline basis but input costs still remain elevated and companies will be looking to at least hold if not take further pricing in some cases," analyst Edward Lewis said in a note Tuesday. "That may become more challenging as levels of elasticity are beginning to normalize with U.S. retailers starting to push back against pricing, in line with where European peers have been all year.
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