Mixed performances across Asian indices; Japanese Yen remains a talking point
City Index November 2, 2011 7:04 PM
<p>Weakness across the Asian region continues although performance across individual indices was mixed today. The MSCI Asia Pacific Index was 1.1% in late Tokyo trading, […]</p>
Weakness across the Asian region continues although performance across individual indices was mixed today. The MSCI Asia Pacific Index was 1.1% in late Tokyo trading, extending its three day loss of more than 5%.
Some traders are starting to contemplate Chinese inflation to continue easing over the next few months, giving Premier Wen Jiabao more room to relax tightening economic policies.
The Japanese Yen remains the key currency talking point across the region. A Bank of Japan board member today warned that the yen may strengthen further, two days after the government intervened to protect exporters. The comments came from Sayuri Shirai in a speech in Kofu – central Japan. The USD/JPY has been giving away some of its recent gains, last trading just above 78.08.
In Australian corporate news, earnings results continue. We wrote about Australia’s Westpac Bank result this morning. ANZ Bank will follow tomorrow.
Staying with financials, Nomura Holdings – Japan’s largest brokerage firm said it will continue to examine job cuts as it struggles to contain its cost base in the current environment. The company posted a 46.1 billion yen loss in the September quarter, wider than the 35 billion yen average expected by the market.