ForexLive Asia-Pacific FX news wrap: Small ranges only here in Asia
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<font color="#000000"><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">It
was a very subdued day across major FX markets here in Asia in the
wake of the Thanksgiving holiday in the US. Flows were barely
existent with many traders and investors happy to take an extended
long weekend break. Ranges were small only.</span></font></font></font></p>
<p><font color="#000000"><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">We
didn’t have any news of significance hitting although we did get
the latest update on inflation from Japan. The core consumer price
index (CPI excluding fresh food) rose from 2.8% y/y in September to
2.9% in October, its first acceleration in four months, but missing the
consensus estimate of 3.0%. At 2.9% this is the indicator's 19</span></font></font></font><font color="#000000"><sup><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">th</span></font></font></sup></font><font color="#000000"><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">
consecutive month above the Bank of Japan's 2% target. </span></font></font></font>
</p>
<p><font color="#000000"><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">Yes,
19 months. </span></font></font></font><font color="#000000"><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">And
yet still the Bank tells us inflation is transitory and they want to
see evidence of demand-pull factors to make inflation sustainable and
stable – i.e. wage gains at the next round of wages talks in
Springtime.</span></font></font></font></p>
<p><font color="#000000"><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">The
narrower measure of inflation (the core-core index that excludes
fresh food and fuel costs and is the closest to the US ‘core’
measure of inflation) rose 4.0% in the year to October. Its been above
4.0% for seven straight months).</span></font></font></font></p>
<p><font color="#000000"><font face="Calibri, sans-serif"><font size="3"><span lang="en-AU">The
Bank of Japan next meet on December 18 and 19. As I said, the Bank is
waiting on wage talks in Spring and thus there are basically zero
expectations of any significant pivot from the Bank at this December
meeting. </span></font></font></font>
</p><p><br></p><p><br></p><figure data-media-><img src="https://images.forexlive.com/images/usdyen%20wrap%20chart%2024%20November%202023_id_5078b74c-caf5-4db4-ad4e-f1ce966761bd_size900.jpg" alt="usdyen wrap chart 24 November 2023" width="1064" height="692" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/usdyen%20wrap%20chart%2024%20November%202023_id_5078b74c-caf5-4db4-ad4e-f1ce966761bd_size900.jpg" /></figure><p><br></p>
This article was written by Eamonn Sheridan at www.forexlive.com.
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