Reply To: Traders Market Weekly: Embrace the Chaos in 2023


Hong Kong’s November CPI 1.8% yr/yr (expected 1.9%; last 1.8%)
New Zealand’s December ANZ Business Confidence -70.2 (last -57.1)
Equities in Japan underperformed and the yen surged after the Bank of Japan modified its yield curve control policy, announcing that the 10-yr yield will be allowed to rise to 0.50%, up from the old cap of 0.25%. On a related note, Japan’s Finance Minister Suzuki said that a decision has not been made to revise the joint mission statement with the Bank of Japan.
The People’s Bank of China made no changed to its one- and five-year loan prime rates, but China Securities Journal still speculated that the rates could be cut, along with the reserve requirement ratio.
The latest policy Minutes from the Reserve Bank of Australia showed a desire to be consistent and an acknowledgement that there has been no clear impetus for a 50-bps rate hike or a pause in tightening.