Investors waited nervously to see if the Bank of Japan will defend its super-sized stimulus policy at a pivotal meeting this week.
A man walks under an electronic screen showing Japan's Nikkei share price index inside a conference hall in Tokyo, Japan June 14, 2022. REUTERS/Issei Kato/File PhotoBOJ capitulation could lift yen, hurt world bondsSYDNEY, Jan 16 - Asian shares started cautiously on Monday as investors waited nervously to see if the Bank of Japan will defend its super-sized stimulus policy at a pivotal meeting this week, while a holiday in U.S. markets made for thin trading.
World leaders, policy makers and top corporate chiefs will be attending the World Economic Forum in Davos and there are a host of central bankers speaking, including no less than nine members of the U.S. Federal Reserve. "There is still some possibility that market pressure will force the BOJ to further adjust or exit the YCC," said analysts at JPMorgan in a note. "We can't ignore this possibility, but at this stage we do not consider it a main scenario."
The euro also lost 1.5% on the yen last week, but was aided by gains on a broadly softer dollar which saw it stand at $1.0826 on Monday and just off a nine-month peak. Yields on 10-year Treasuries are down at 3.51% having fallen 6 basis points last week to come close to its December trough, and major chart target, of 3.402%.
"A soft-landing also reduces the tail risk of much higher U.S. rates, and this reduced risk premia helps global risk appetite."
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