Japanese Finance Minister Katayama continues to refrain from commenting on intervention data and said PM Takaichi talked about FX benefits as a general fact, and didn't specifically emphasise merits in a weak yen
The statement from Finance Minister Katayama indicates a cautious stance regarding foreign exchange intervention, which may signal that the government is not currently favoring aggressive measures to support the yen.
PBoC is expected to set USD/CNY mid-point at 6.9598 (prev. 6.9695)
[MARKET UPDATE] Asia-Pac stocks rebounded from the prior day's sell-off as the region takes impetus from the positive handover from Wall St, where markets rallied after a strong ISM Manufacturing report
Japanese Finance Minister Katayama continues to refrain from commenting on intervention data and said PM Takaichi talked about FX benefits as a general fact, and didn't specifically emphasise merits in a weak yen
Japanese Monetary Base YoY Y/Y -9.5% (Prev. -9.8%)
PRE-MARKET JAPANESE AND SOUTH KOREAN STOCKS NEWS: Mizuho Financial Group (8411 JT) 9-month (JPY) profit attributable rose 19.2% Y/Y to 1.02tln, Co. increased share buyback to up to JPY 300bln from JPY 200bln
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This could lead to ongoing pressure on the JPY if market participants interpret the lack of intervention as a tolerance for yen weakness, potentially affecting commodities priced in yen, like gold. Watch for potential shifts in sentiment around the yen as any future commentary could impact both currency markets and broader asset classes.
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