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Japanese MOF Comments, FOMC Decision In Focus

EMERGING MARKETS
  • The Japanese yen edged away from a year-to-date low Wednesday after Masato Kanda, Japan’s top currency official at the finance ministry, said authorities are ready to act if needed. “We’re on standby,” Kanda told reporters, echoing language he used a year ago on the day Japan made the first of three forays into the market. “But I can’t say what we’ll do, and when — we’ll make judgments overall, and we’re making judgments in a state of urgency.” (BBG)
  • The FOMC will leave rates unchanged for the 2nd consecutive meeting on Nov 1. While economic activity data has been strong and inflation progress has arguably stalled since the September meeting, the Committee will maintain a cautious approach as it assesses the impact of tighter financial conditions and the lagged effects of past tightening.
  • China’s central bank withdrew cash from the financial system, suggesting it views Tuesday’s abrupt surge in short-term borrowing costs as a one-off disruption. The People’s Bank of China drained a net 109 billion yuan ($14.9 billion) from money markets Wednesday by doling out a smaller amount of new short-term loans than was maturing. The withdrawal came even as funding conditions tightened sharply in recent days due to month-end demand, tax payments and large government bond sales.
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