Reuters-Stocks in Asia slide on weak China data yen dives as BOJ tweaks yield control
October 31, 2023 4 min 750 words
这篇报道涵盖了亚洲股市的下滑以及日本央行对债券收益控制政策的微调，以及中国的经济数据。首先，中国制造业活动再次陷入萎缩，引发了对世界第二大经济体的担忧，这对亚洲股市产生了负面影响，MSCI亚太股指已下跌4％，并且在连续第三个月下跌。中国经济数据的疲软表现对亚洲市场产生了负面影响，特别是对中国本土股市造成了不小的冲击。 其次，日本央行（BOJ）对其债券收益控制政策进行了微调，取消了以前对10年期国债利率1%的强烈维护承诺。这一举措被解读为BOJ逐渐取消争议较大的债券收益控制政策的一小步。这一政策的微调导致日元对美元汇率下跌，但市场对此表示失望，认为BOJ可能会在未来逐渐放松对债券收益的控制。 最后，亚洲市场也受到了即将召开的美联储和英国央行会议的关注。投资者将密切关注美联储主席杰罗姆·鲍威尔的讲话，以评估利率可能会保持高位多久。此外，原油价格在中东冲突引发供应担忧的背景下有所上涨。 总的来说，这篇报道反映了亚洲市场的不稳定性，尤其是在中国经济数据疲软的情况下。日本央行的政策微调也表明全球央行正在逐渐调整其货币政策，以适应当前的经济环境。
Asian equities slid on Tuesday as disappointing activity data from China revived some worries over the world's second-largest economy, while the yen weakened past 150 per dollar after the Bank of Japan tweaked its bond yield control policy.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.86% lower, hovering close to the one-year low it touched last week. The index is down 4% in October and on course for third straight month in the red.
The yen fell 0.8% against the dollar to touch a session low of 150.25 after the central bank said the 1% ceiling on benchmark 10-year yields would be an upper bound rather than a rigid cap. It maintained the 0% target for the yield under its yield curve control (YCC) policy.
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.
Analysts viewed the move by the central bank on Tuesday as a small step towards dismantling the long-running and controversial YCC policy.
"The BOJ apparently feared that sticking to 1% would force the Bank to purchase a large amount of government bonds and further weaken the yen," said Hirofumi Suzuki, chief FX strategist at Sumitomo Mitsui Banking Corporation.
"As a result, the YCC framework seems to have become more of a dead letter."
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.
Nicholas Chia, macro strategist at Standard Chartered, said most of the "good news" were already in the price, after the Nikkei report.
"The immediate price action in dollar/yen suggests that markets were disappointed by the tweak and the absence of a new ceiling - gives the impression the BOJ will massage the run up in yields going forward."
The yield on 10-year JGB eased a bit following the announcement but remained at decade-high levels.
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.
Data on Tuesday showed that manufacturing activity unexpectedly returned to contraction in October, casting a cloud over recent indicators that showed a nascent recovery in China.
The Shanghai Composite Index (.SSEC) fell 0.37% lower, while Hong Kong's Hang Seng Index (.HSI) sank 1.85% after the data.
Nomura analysts said it was still too early to call the bottom, noting that they expect economic conditions to remain poor or even deteriorate further in coming months.
Futures indicated stocks in Europe were set for a subdued open, with the Eurostoxx 50 futures down 0.15%, German DAX futures down 0.05% and FTSE futures 0.08% lower ahead of inflation data for euro zone.
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.
Later 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 up 0.9 basis points at 4.886%.
The dollar index , which measures U.S. currency against six rivals, rose 0.16%. Sterling was last at $1.2147, down 0.17% on the day, while the euro was down 0.08% at $1.0605.
In commodities, oil prices rose in Asian trade after a drop of more than 3% in the previous session, as worries over supply stirred by conflict in the Middle East blunted a dismal showing of China data.
U.S. crude rose 0.68% to $82.87 per barrel and Brent was at $88.10, up 0.74% on the day.
Spot gold eased 0.2% to $1,991.39 after slipping below the $2,000/ounce milestone in the previous session.