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Japan: BoJ said that global markets are making very unstable movements

(Tue, 10 Mar 2020). Bank of Japan governor Kuroda has said that global markets are making very unstable movements.

 

Key notes
Will continue to watch impact of coronavirus outbreak on japan's economy, prices, particularly via market moves.
Ready to take appropriate action as needed without hesitation.
Coronavirus outbreak already affecting japan's economy via plunge in inbound tourism, fall in department store sales.
Must be mindful of risk impact of coronavirus outbreak on Japan's economy could become big.
BoJ bought cumulative 2.0442 trillion yen worth of ETFs since October last year.
The market value of BoJ's ETF holdings will fall below book value when nikkei average falls below 19,000.


FX implications
USD/JPY has firmed in Asia and penetrated the 103 handle, scoring a session high of 103.67 on the day so far.

 

 

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