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19.12.25 - 16:48
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Loss Of Credibility: Yen Craters, Yields Surge After BOJ Hikes Rates To Highest Since 1999 (ZeroHedge)
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Loss Of Credibility: Yen Craters, Yields Surge After BOJ Hikes Rates To Highest Since 1999
In the last central bank decision of 2025, the BOJ lifted its key rate to 0.75% from 0.50% in a widely anticipated and telegraphed move, taking borrowing costs to their highest level in three decades. It wasn't enough, however, and after an initial kneejerk move, the yen plunged while yields soared as the market concluded that what Ueda did was too little, too late, and the hike was too vague to press the hawkish case.
As such, the market doves are back in control, and forcing the BOJ to either double down and puts Japan's money where its mouth is, or lose control of either the currency or the bond market, or eventually, both.
In a recap of what the BOJ did, Bloomberg writes the following:
Ueda said risks tied to the impact of US tariffs appear to be easing and pointed to solid wage growth momentum next year year, a condition for more sustained inflation.
Both the BOJ statement and Ueda's remarks imp...
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19.12.25 - 14:57
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Futures Rise Ahead Of Record $7 Trillion Opex, Yen Tumbles After BOJ Rate Hike (ZeroHedge)
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Futures Rise Ahead Of Record $7 Trillion Opex, Yen Tumbles After BOJ Rate Hike
Stocks look set toclose out a choppy week on a steady note, building on Thursday's gains, spurred by cooler inflation that backs the case for lower borrowing costs. As of 8:00am, S&P 500 futures were 0.1% higher while Nasdaq 100 contracts were up 0.2% after the WSJ reported that OpenAI is set to raise $100BN in fresh capital (from sov wealth funds) removing near-term funding pressures across the AI sector. In premarket trading Oracle is up 6%, off session highs, with the rest of the Mag 7 complex mostly higher. In a risk-on set-up, bitcoin is also higher, while Treasuries are down. Gold is hovering near its highest ever, and a separate Goldman team reckons its record-setting rally still has legs, and could push the yellow metal above $5000. US economic calendar includes November existing home sales, December University of Michigan sentiment (10am), and Kansas City Fed services activity (11am). Fed's Williams is...
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