The BoJ has once again managed to move the needle without moving the market and there are few clues on the direction from here. Well played Ueda!
Something for your Espresso: The one on Houthis and Ueda
The Bank of Japan is not really warming up for action in January, which is the next meeting with an updated view on the “outlook for economic activity and prices”. Meanwhile, the Houthis are trying to distort global supply chains.
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Something for your Espresso: The gullible BoJ
Bank of Japan plans on openly discussing the YCC before changing it as core inflation measures continue to intensify. Meanwhile, the EUR shrugs off bad news as the Sintra conference commences.
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Something for your Espresso: So, the banking crisis wasn’t over after all?
First Republic Bank seems like a dead man walking, and the stress is all the sudden bank after banking reports show a decline in deposits – BOTH in Europe and in the US.
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Something for your Espresso: EUR-phoria – it’s going up, up, up, up, up!
Another strong IFO report from Germany on the surface of it, but is the European economy close to rolling over from a momentum perspective? Let’s have a look at the details.
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Something for your Espresso: Oh,oh, Ueda
Bank of Japan will meet later this week and Ueda provided some clarity on the prerequisites for a YCC hike earlier. Is a YCC-hike off the table near term? And could BoJ surprise with a deposit rate hike this week
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Something for your Espresso: Eberly, Kuroda-san and their ilk
Will Kuroda-san rock the boat on his last meeting in charge of the BoJ? And will Janice Eberly prove to be a dovish VP of the Fed? 3% inflation targets soon to be discussed.
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Something for your Espresso: Nothing Burger Ueda
We have been up early to watch the hearings in Japan, but very little new was brought to the table. Here are the take-aways from the hearings in Japan.
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Something for your Espresso: Will the cyclical rebound be confirmed?
Will the cyclical upswing be confirmed in European PMIs and German IFO numbers? Markets clearly lean that way, while bets are being removed on a more hawkish BoJ.
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5 things we watch – Fed policy, positive carry, oil markets, the USD, and implications of the newly appointed BoJ Governor
Midweek has arrived and that calls for a rundown of the five things we watch the closest. As is the custom every Wednesday, we will take you through these most important themes (and charts) in macro and summarize how we interpret them. Dig in!
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Something for your Espresso: Ueda- and inflation day!
Will the new BoJ governor rock the boat? Quotes from a source close to Amamiya would suggest as much, while we look forward to the US CPI report today.
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Good morning, America: Kazuo Ueda – who?
Is Kazuo Ueda another trial balloon from the Japanese government or is this a confirmation that politicians seek a break-up with the ultra-loose policy of Kuroda?
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