On the other hand, it is now believed that the Bank of Japan will hold interest rates, in effect, at zero for a prolonged period because of strong political pressure.
More Quotes from Ryohei Muramatsu:
The scale of victory was a surprise and that had a positive impact on Japanese stocks. There will be a bigger pull to buy Japanese assets over foreign bonds and stocks.Ryohei Muramatsu
As the European Central Bank is turning more hawkish on its rate outlook, capital inflows into euro-denominated assets are expected to grow stronger.
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The yen and Asian currencies will appreciate. China week has finally begun. It will be a major focus.
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Although his comments helped the market shift back to widespread interest rate differentials and buy back the dollar, the US unit is not likely to maintain its upsurge much longer.
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While the US Federal Reserve Board is exploring ways to exit from the interest rate-hiking cycle, investors are gaining strong confidence in the strength of Japan's economic fundamentals.
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There has been quite strong resistance around 118.20 yen and as the dollar failed to clear that line, it faced selling pressure.
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