, 2022-09-22 03:33:00,
Japanese yen strengthens on reports of official announcing FX intervention
The Japanese yen strengthened more than 2% against the dollar after reports of officials announcing a direct intervention to defend its currency.
That comes after the yen weakened to 145-levels against the greenback after the Bank of Japan’s decision to hold its rates steady.
Japanese vice finance minister for international affairs Masato Kanda told reporters that officials have taken “decisive action” in the exchange market, Reuters reported.
Oil prices climb after Fed’s rate hikes, demand fears linger
Oil prices climbed following the Fed’s third consecutive rate hike.
Reuters also reported Chinese refiners are expecting the nation to release up to 15 million tonnes worth of oil products export quotas for the rest of the year, citing people with knowledge of the matter.
— Lee Ying Shan
Fed hike likely to keep Asian risk assets under pressure, JPMorgan says
Asian risk assets, especially export-oriented companies, will remain under pressure in the short term following the Fed’s rate hike, according to Tai Hui, chief APAC market strategist at JPMorgan Asset Management.
Tai added that a strong U.S. dollar is likely to persist, but tightening monetary policy in most Asian central banks — with the exception of China and Japan — should help limit the extent of Asian currency depreciation.
The U.S. dollar index, which tracks the greenback against a basket of its peers, strengthened sharply and last stood at 111.697.
— Abigail Ng
Bank of Japan holds steady, stands by yield curve control policy – yen weakens past 145
The Bank of Japan kept its interest rates on hold, according to an announcement posted on its website – meeting expectations forecasted by economists in a Reuters poll.
The Japanese yen weakened to 145 against the greenback shortly after the decision.
“Japan’s economy has picked up as the resumption of economic activity has progressed while public health has been protected from Covid-19, despite being affected by factors such as a rise in commodity prices,” the central bank said in the statement.
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