The market put more weight on the rise in the US ISM manufacturing survey than the downward revision to the manufacturing PMI and the unexpected back-to-back decline in construction spending. US rates shot up and...
With the market nearly ruling out a 50 bp hike by the Federal Reserve on February 1, the interest rate adjustment appears to have largely run its course. This may be helping to ease the...
Russia’s decision to cut gas supplies to Poland and Bulgaria and the sharp sell-off in US equities yesterday casts a pall over the markets today. But not the dollar. The euro punched through $1.06 for...
The Japanese yen has been sold following the adjustments to policy and outlook by the BOJ that will allow the unconventional policies continue for an “extended period of time.” Cross rate pressure and month-end demand...
In the BoJ September Tankan Survey, we see continued improvements in the business condition DIs. Large manufacturers’ DI improved markedly from 17 in June to 22 in September. Small businesses also saw improvements. DIs for...
In the April 26-27 policy meeting, the Bank of Japan (BoJ) made minor adjustments to its growth and inflation outlook, but there were no changes in its generally cautious view. The BoJ sees inflation gradually...
According to the BoJ March Tankan Survey, the business conditions of Japanese companies improved in the first quarter of 2017. The improvements seem larger for manufacturers than for non-manufacturers. Large manufacturers saw their business condition...
Under Kuroda’s leadership the BOJ has surprised the market a number of times, most recently with the move to negative rates at the end of January. It is not that such a move, which has...
BoJ surprised the market by taking an easing action on January 29. It was a bold move, introducing a negative central bank policy rate for the first time in Japan’s history. From February onward, the...
September BoJ Tankan survey delivered a few positive surprises for the economy. Non-manufacturers’ business condition DI improved by 2 points and the capital expenditure plan for large corporations for the fiscal year 2015 was revised...
