S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
DBS Group Research’s Philip Wee highlights that USD/JPY is again trading near 160, keeping markets wary of potential Japanese authorities’ intervention and a possible 25 bps rate hike by the Bank of Japan (BoJ) to 1% at its June meeting.
Governor Ueda’s recent rhetoric on the weak Japanese Yen (JPY) and low real rates supports gradual policy normalization over the coming weeks.
Yen under pressure as BoJ eyes hike
“USD/JPY is near 160 again, keeping markets alert for more currency interventions and a 25-bps hike to 1% by the Bank of Japan at its June 16 meeting.”
“BoJ Governor Kazuo Ueda’s keynote address on June 3 will provide the final policy cues before the rate announcement.”
“Ueda has become more vocal about the JPY’s depreciation driving up import costs, stressing that real interest rates remained historically low, two factors supporting more rate normalization.”
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