A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.
Just as the dollar's rally appeared to be accelerating and worries over Asian currency weakness deepening, BOJ governor Kazuo Ueda indicated aUeda's comments ignited the Japanese Government Bond and currency markets -scored its biggest rise in two months and the 10-year JGB yield leaped to its highest in almost 10 years, scaling 0.70% for the first time since January 2014.
They now expect the central bank's 'yield curve control' policy to end in October, compared with April 2024, and for the negative interest rate policy to end in January 2024, versus December 2024. Investors bearish on Asian currencies, partly on the view that continued weakness in the Chinese yuan will spur a domino effect of competitiverose against the dollar
Of course, the BOJ may stick to the cautious long game it has been playing for years, and the hawkish flurry of repricing Japanese assets and Asian currencies will quickly dissipate. But for now, there is much more two-way risk in the market and investors are taking Ueda's words at face value.and industrial production data, and Australian business and consumer sentiment figures to digest on Tuesday.
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