INSIDE ASIA: Won Gains; Policy Is Having Intended Effects: BOJ
(Bloomberg) -- Indonesia’s rupiah and South Korea’s won lead most Asian currencies higher as Bloomberg Dollar Index drops; sovereign bonds rise in Australia while interest rate swaps curve flattens in Singapore.
- Yen advances against dollar
- BOJ is using package of measures for easing, not only increasing monetary base, Governor Kuroda says; will continue easing until Japan achieves price target
- Government said to eye March 8 for sending TPP deal and related legislation to Diet for deliberation in April
- Yuan weakens after reference rate lowered by most since Jan. 7
- China to focus on boosting growth quality and efficiency in 2016-2020, Xinhua reports, citing government statement after Politburo meeting; country isn’t exporting recession: Xinhua commentary
- U.S. Treasuries gain, with yield on 10-year bonds down 3 bps to 1.728% in Asian trading; data today will show U.S. consumer confidence index at 97.2 in February from 98.1 in January, according to median estimate in Bloomberg survey
- Singapore’s dollar drops; data today will show island’s CPI declined 0.6% from year earlier in January, matching February’s drop, according to median estimate in Bloomberg survey
- Rupiah rises to highest in a week; Indonesia aims to lower banking industry lending rates to single digits to boost economic growth: Jakarta Post, citing Coordinating Minister for Economic Affairs Nasution
- Ringgit gains for second day; Malaysia auditor general’s report on 1MDB has been called off until further notice, Malay Mail Online reports; employees provident fund expected to have 4b ringgit ($955m) shortfall this year, Edge reports, citing CEO Ridzuan; foreign reserves rose to $95.6b as of Feb. 15 from $95.5b on Jan. 29
- Baht little changed after yesterday’s public holiday; PM Prayuth to consider up to 85b baht loans ($2.4b) for agricultural sector
- Peso drops; Philippines has policy space to respond to external and domestic risks, central bank governor Tetangco says; government allows import of 170,000 metric tons of sugar to stabilize supply and prices: Business Mirror, citing agency head
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