Tuesday 12th September 2023

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How soon will Japan move from negative interest rates? Maybe sooner than we thought after Gov Ueda’s interview over the weekend. NAB’s Ken Crompton talks about the response in Japanese Bond Yields yesterday and overnight. That, combined with a stronger push in the CNY reference rate by the PBoC, pushed the US dollar lower and helped boost the Aussie dollar, to be one of the strongest currency performers. In Europe the EC lowered its growth forecasts, whilst the words from BoE speakers was sounding more hawkish. Today, the NAB business survey will be keenly watched, along with New Zealand’s Pre-Election Economic and Fiscal Update which, Ken says, could signal the need for more government borrowing.

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