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The Bank of Japan is leaning toward raising its benchmark interest rate by a quarter point this month in response to upward price risks, while leaving open the possibility of accelerating the pace of hikes thereafter, according to people familiar with the matter. Bloomberg's Skylar Montgomery Koning has more.
The Nikkei 225 Index continued its strong downward spiral, reaching its lowest level since August 5 this year, and 11.80% from its highest point this year. This retreat happened as the US-Iran tensions and Japan's bond yields continued the bull run.
The recent coordinated effort by U.S. and Japanese monetary authorities to prop up the sagging yen understandably rattled global markets. While critics claim that the positive effects of the US/Japan “salvation” effort were short-lived, Japanese equities aren't worse for wear.
The overnight index swaps market is pricing in nearly a 90% chance of a rate increase at the upcoming Bank of Japan meeting.
Japanese stocks declined, with chip stocks leading falls.
Japan's consumer inflation picked up last month as the effects of higher oil prices caused by the Middle East conflict broadened.
Franklin FTSE Japan ETF (NYSEARCA:FLJP - Get Free Report) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 162,514 shares, a decline of 35.4% from the July 15th total of 251,574 shares. Based on an average daily volume of 847,260 shares, the days-to-cover
The Nikkei 225 Index jumped sharply this week, reaching its highest level since July 6, and 15% above its lowest level this month. This rebound was driven by the ongoing technology stock gains as investors bought the recent dip.