Reuters-Asia stocks skid on weak China data yen dives as BOJ tweaks yield control
October 31, 2023 4 min 651 words
这则报道揭示了亚洲股市的不稳定，主要原因是中国的制造业数据表现疲软，同时，日元兑美元汇率下跌，因为日本央行修改了其债券收益控制政策。中国的制造业活动陷入10月份的收缩，这引发了市场的担忧，特别是在之前看到中国经济出现初步复苏的迹象后。日本央行的政策调整对于市场产生了负面影响，日元贬值，这表明市场对央行政策的不确定性。对于投资者而言，这意味着他们需要更小心谨慎地进行交易。 报道还提到，美联储和英国央行也将召开会议，市场将密切关注它们的决策，尤其是关于利率政策的调整。美国经济仍然表现坚挺，因此，投资者将密切关注美联储主席杰罗姆·鲍威尔的讲话，以了解利率可能会保持升高状态多久。 总的来说，这则报道突显了全球金融市场的不确定性和敏感性，各国央行的政策调整对市场产生了深远影响，而中国制造业数据的疲软表明，全球经济复苏依然脆弱。投资者和观察者需要保持警惕，随时准备应对市场波动。
Asian equities slipped on Tuesday, hovering close to a near one-year low, as manufacturing activity data from China disappointed while the yen weakened past 150 per dollar after the Bank of Japan tweaked its bond yield control policy.
The yen fell 0.7% against the dollar to touch a session low of 150.12 after the central bank maintained its target for the 10-year government bond yield around 0% set under its yield curve control (YCC) but redefined 1.0% as a loose "upper bound" rather than a rigid cap.
Under criticism that its heavy defence of the cap is causing market distortions and an unwelcome yen fall, BOJ had raised its de-facto ceiling for the yield to 1.0% from 0.5% in July.
Saxo market strategist Charu Chanana said the new reference range suggests the BOJ will allow yields to rise above 1%, while still trying to keep the changes to policy very subdued.
"Speculation of an eventual removal of YCC will continue to build ... last week proved that dollar/yen at 150 is not a line in the sand, and this could bring a test of 152," Chanana said.
The 10-year JGB had yet to trade following the announcement. The yield jumped 6.5 basis points earlier in the day to 0.955%, its highest since May 2013.
A report from the Nikkei newspaper on Monday that said BOJ is considering adjusting its yield curve control policy helped push the yen to a two-week peak of 148.81 per dollar but the fragile currency gave up all its gains after the BOJ decision.
The central bank, which maintained its ultra-loose monetary policy, also removed a pledge to defend the 1% level with offers to buy unlimited amount of bonds.
"(The) BOJ will buy some bonds around that (1%) level but not unlimited and they’ve shown their hand," said Tom Nash, portfolio manager at UBS Asset Management in Sydney.
"Through all the linguistic contortions, the fact is that they are dismantling YCC. A yield cap isn’t a yield cap if you change it every time the market gets close."
Stocks in Asia fell, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) 0.86% lower, hovering close to the one-year low it touched last week.
The Shanghai Composite Index (.SSEC) was 0.38% lower, while Hong Kong's Hang Seng Index (.HSI) fell 1.77% after China's manufacturing activity unexpectedly returned to contraction in October, an official factory survey showed on Tuesday.
The data cast a cloud over recent indicators that showed a nascent recovery in the world's second-largest economy.
Investor focus this week will mainly be on the major central bank meetings, with the U.S. Federal Reserve and Bank of England also due to meet along with BOJ.
On Tuesday, the Federal Open Markets Committee (FOMC) will convene for a two-day monetary policy meeting, which is expected to culminate in a decision to let the Fed funds target rate stand at 5.25%-5.50%.
A slew of recent data showed the U.S. economy remains resilient and comments from Fed Chair Jerome Powell will be scrutinized to gauge how long interest rates are likely to stay elevated.
The Treasury Department said on Monday it expects to borrow $76 billion less this quarter than anticipated in the third quarter on expectations of higher revenue receipts.
The yield on 10-year Treasury notes was flat at 4.875%.
The dollar index , which measures U.S. currency against six rivals, rose 0.226%. Sterling was last trading at $1.2145, down 0.18% on the day, while the euro was down 0.2% at $1.0594.
U.S. crude rose 0.36% to $82.61 per barrel and Brent was at $87.81, up 0.41% on the day.
Gold prices were flat after slipping below the $2,000/ounce milestone in the last session. Spot gold eased 0.2% to $1,991.39.