Yen Rises After BoJ's Takata Remark
28 Fevereiro 2024 - 10:23PM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Thursday, after the Bank of Japan board member
Hajime Takata hinted that the bank must consider overhauling its
ultra-loose monetary policy, including the possibility of an exit
from negative interest rates and bond yield control.
In a speech held today, the BoJ Bank of Japan board member
Hajime Takata said that the bank should consider the possibility of
an exit from yield curve control, negative interest rates and add
measures to keep expanding its monetary base until inflation
exceeds 2 percent.
"It's necessary to consider taking a nimble and flexible
response, including on how to exit, or shift gear from the current
extremely accommodative monetary policy," Takata added.
Meanwhile, investors continue to be cautious ahead of the
release of key U.S. inflation data later in the day. Some investors
also looked to cash in on the recent strength in the markets.
The inflation data is likely to have a notable impact on the
outlook for interest rates, as U.S. Fed officials have said they
need greater confidence that inflation is slowing before cutting
rates.
In economic news, industrial production in Japan was down a
seasonally adjusted 7.5 percent on month in January, the Ministry
of Economy, Trade and Industry or METI, said on Thursday. That
missed forecasts for a decline of 6.7 percent following the 1.4
percent increase in December. On a yearly basis, industrial
production sank 1.5 percent after shedding 0.7 percent in the
previous month.
The METI also said the total value of retail sales in Japan was
up 2.3 percent on year in January - coming in at 13.141 trillion
yen. That beat forecasts for an increase of 2.0 percent following
the upwardly revised 2.4 percent gain in December. On a seasonally
adjusted monthly basis, retail sales rose 0.8 percent after sinking
2.6 percent a month earlier.
Wednesday, the yen showed mixed trading against its major
rivals. While the yen rose against the euro and the pound, it fell
against the U.S. dollar and the Swiss franc.
In the Asian trading today, the yen rose to 8-day highs of
162.22 against the euro and 189.65 against the pound, from
yesterday's closing quotes of 163.29 and 190.76, respectively. If
the yen extends its uptrend, it is may find resistance around
159.00 against the euro and 187.00 against the pound.
Against the U.S. dollar and the Swiss franc, the yen advanced to
a 9-day high of 149.71 and a 3-day high of 170.46 from Wednesday's
closing quotes of 150.67 and 171.43, respectively. The yen may test
resistance around 148.00 against the greenback and 169.00 against
the franc.
Against the Australia and the New Zealand dollars, the yen
climbed to 2-week highs of 97.50 and 91.40 from yesterday's closing
quotes of 97.89 and 91.86, respectively. The next possible upside
target for the yen is seen around 95.00 against the aussie and
89.00 against the kiwi.
The yen rose to a 3-week high of 110.31 against the Canadian
dollar from Wednesday's closing of 110.96. On the upside, 108.00 is
seen as the next resistance level for the yen.
Looking ahead, Germany retail sales and unemployment data for
January are due to be released in the pre-European session on
Thursday.
In the European session, Germany unemployment data for February
and U.K. mortgage approvals data for January are slated for
release.
In the New York session, Germany flash consumer and harmonized
prices for February, Canada GDP data for the fourth quarter, U.S.
core PCE index for January, weekly jobless claims data, personal
income and spending data for January, U.S. Chicago PMI for
February, pending home sales data for January and U.S. Kansas Fed
manufacturing index for February are set to be published.
At 10:50 am ET, Federal Reserve Bank of Atlanta President
Raphael Bostic will deliver a speech on the economic outlook,
monetary policy and the state of the banking industry before the
2024 Banking Outlook Conference hosted by the Federal Reserve Bank
of Atlanta, in Atlanta, U.S. Ten minutes later, Federal Reserve
Bank of Chicago President Austan Goolsbee will speak virtually on
"Monetary Policy at an Unusual Time" before webinar event hosted by
the Princeton University Bendheim Center for Finance.
At 1:15 pm ET, Federal Reserve Bank of Cleveland President
Loretta Mester will deliver a speech on "Financial
Stability/Regulation" before the Columbia University/Bank Policy
Institute 2024 Bank Regulation Research Conference, in New York,
U.S.
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