Yen falls as BOJ head kills rumors on end of stimulus

Yen falls as BOJ head kills rumors on end of stimulus

Yen falls as BOJ head kills rumors on end of stimulus

The dollar eased against the yen on the tweaks to the inflation outlook, traders said.

The economic calendar has a couple important releases overnight with the closely watched German ZEW survey the main one before we get to the broader EZ wide consumer confidence print, followed by more US Treasury auctions.

"These comments are likely to be perceived as Yen-negative (USD-JPY has rallied to above 111.10) but, as we discussed yesterday, we still think this would provide only a temporary relief to USD-JPY, given ongoing bearish dollar sentiment and still stretched yen shorts".

Indicative of continued deflationary pressure here in Japan, Keidanren called for pay hikes not just through scaled increases, but also through bonuses and other incentives in a bid to stimulate consumption and to "contribute to Japan's full exit from deflation" and further expansion of a virtuous cycle in the country's economy.

U.S. President Donald Trump slapped steep import tariffs on washing machines and solar panels on Monday, putting a cloud over global trade at a time when its revival has fueled hopes for a stronger world economy.

The British pound GBP= pushed above the $1.40 mark, extending a rally in which growing optimism about the United Kingdom economy and protracted dollar weakness have trumped worries about the terms of Britain's exit from the European Union.

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Earlier this month, Japan's most powerful business lobby, known here as Keidanren, urged its member companies to implement a 3 percent pay hike, as part of its overall guidelines for 2018 spring wage negotiations, which kicked off this week. Hong Kong's Hang Sang .HSI scaled a record high, Singapore .STI reached a 10-year top and Japan's Nikkei .N225 rose to a 26-year peak.

The upshot is that the economist expects BoJ to leave both its policy rate as well as its 10-year yield target unchanged at least until the dust has settled from next year's sales tax hike.

"Inflation expectations have moved sideways recently", the BOJ said in the report, offering a more optimistic view than three months ago when it said they were on a weak note.

That helped the Japanese currency reverse its earlier gains to ¥110.55 per dollar, which put it within sight of last week's four-month low of ¥110.19, after the central bank maintained its policy and its economic and price projections.

US crude oil futures CLc1 rose 0.6 percent to $63.94 per barrel and Brent gained 0.56 percent to $69.42 per barrel LCOc1.

Australian stocks climbed 0.7 percent and South Korea's KOSPI added 0.5 percent. Spot gold XAU= tacked on 0.2 percent to $1,336.70 per ounce.

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