INSIDE ASIA: Yen Snaps 3-Day Fall as JGB Yields Rise Pre-Auction
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Yen snaps three-day drop against dollar amid broader decline in the greenback and decline in JGBs ahead of bond auction. Ringgit leads gains among other Asian currencies which were mostly mixed vs the dollar.
Alert: HALISTER1- Bank of Japan board member Yukitoshi Funo says the central bank will use all three easing types to achieve price target; adds vital for BOJ to proceed with monetary easing
- Finance Minister Aso says it may take more than three months to see negative rate effect
- JGBs fall across curve ahead of 10-, 20- and 30-yr JGB auction today; yields on 30-yr rises 4bps after falling 12.5bps yday
- Diet approves Makoto Sakurai as BOJ member to replace Sayuri Shirai
- China sets yuan reference rate rate higher for first time in three days
- Country to strengthen reform while facing challenges under “new normal”, President Xi said at a meeting Tuesday: Xinhua
- SAFE sent questionaires to some funds participating in QDII scheme to gauge demand for overseas investment products, Reuters reports
- U.S. Treasuries little changed, with yield on 10-year bonds at 1.948% in Asian trading
- Data today will show U.S. new home sales at 510,000 annualized pace in February after 494,000 rate in January, according to median estimate of economists in Bloomberg survey
- Baht set for fourth day of losses that would be longest stretch since Dec. 21
- Bank of Thailand will keep policy rate unchanged at 1.50% today, according to 19 of 20 economists surveyed by Bloomberg; one sees a 25bps cut
- Central bank may start investing 3%-4% of its FX reserves in overseas equities to diversify investment risk: Governor Veerathai
- Singapore’s dollar weakens on eve of annual budget; see preview here
- Data today will show core inflation gauge slowed to 0.3% from year earlier in February, first decline in three months and from 0.4% in January: Bloomberg survey
- USD/SGD may advance if output remains weak
- Ringgit gains for second day
- Malaysia economic task force has submitted report with recommendations for addressing areas such as financial markets, real estate, foreign workers and education: PM Najib
- Nation mandates JPMorgan, HSBC, Maybank and CIMB for global Islamic bond sale, people familiar with matter
- Peso halts five-day gain ahead of BSP rate decision and as trade deficit hit record in Jan.
- Philippines central bank will leave overnight borrowing rate unchanged at 4.00% today, according to all 14 economists in Bloomberg survey
- Imports rose 30.8% from year earlier in January, most since November 2010; median estimate was for 15.6% decline; trade balance swung to deficit of $2.6b from surplus of $600m, that’s largest deficit on record going back to 1980
- Taiwan’s dollar rises for second day
- Data today will show island’s industrial production dropped 5.30% from year earlier in February after 5.65% decline in January: Bloomberg survey
Source: BFW (Bloomberg First Word)
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8301 JP (Bank of Japan)
People
Yukitoshi Funo (Bank of Japan)
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