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Bank of Japan, China PBoC Headlines Dominate Overnight Newsflow

EMERGING MARKETS
  • JAPAN: The Bank of Japan board on Tuesday decided to keep its yield curve control and negative interest rate policy as a virtuous cycle between wages and prices has not strengthened sufficiently to achieve the bank’s 2% target. “If the virtuous cycle strengthens and if the BOJ can be confident of the 2% price target, the Bank will examine whether it is appropriate for the BOJ to continue with easy policy, including the negative interest rate policy,” Governor Ueda told reporters.
  • CHINA: MNI (Beijing) - The People’s Bank of China could reduce its policy rates as soon as late Q1 or early Q2 should the economy continue to struggle, however, its recent injection of 7-day repo has lowered the likelihood of a reserve requirement ratio cut before Chinese New Year, economists and analysts told MNI.
  • GLOBAL: The US and UK launched more airstrikes against the Houthis in Yemen on Monday, the latest salvo in an effort to stop the Iran-backed group’s attacks on ships in the Red Sea. Monday night’s moves marked the eighth round of allied attacks on the Houthis since the first on Jan. 12.
  • EL Niño: Sea surface temperatures in the central tropical Pacific have peaked and are now declining, according to a climate update from Australia’s Bureau of Meteorology. A return to neutral El Niño–Southern Oscillation (ENSO) levels is expected in the southern hemisphere autumn 2024. - BBG
BulletEM BulletEmerging Market NewsHomepageBank of Japan (BOJ) Market News
BulletEM BulletEmerging Market NewsHomepageBank of Japan (BOJ) Market News

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