Daily Digest Market Movers: Japanese Yen bulls remain on the sidelines amid reduced bets for more BoJ rate hikes in 2024
- According to the government data released on Tuesday, real wages in Japan – the world's fourth-largest economy – fell 0.6% and household spending declined by 1.9% in August from the same month a year earlier.
- This, along with comments from Japan's Prime Minister Shigeru Ishiba, saying that the country is not in an environment for more rate increases, could derail the Bank of Japan's rate-hike plans in the coming months.
- Israeli forces made new incursions in the south of Lebanon on Tuesday, raising the risk of a full-blown war in the Middle East, though the fears eased after Iran-backed Hezbollah left the door open for a negotiated ceasefire.
- Japan's Finance Minister Katsunobu Kato said earlier this week that the government would monitor how rapid currency moves could potentially impact the economy and would take action if necessary.
- The Reuters Tankan monthly poll showed on Wednesday that Japanese manufacturers turned more confident about business conditions in October and the sentiment index rose from 4 in September to 7 this month.
- The survey, however, indicated that Japanese manufacturers remained wary about the pace of China's economic recovery and the service sector's mood eased, reflecting patchy economic conditions in Japan.
- The US Dollar extends its consolidative price move near a seven-week top amid diminishing odds for a more aggressive policy easing by the Federal Reserve and does little to influence the USD/JPY pair.
- Traders now look forward to the release of September FOMC meeting minutes for some impetus, ahead of the US Consumer Price Index and the Producer Price Index on Thursday and Friday, respectively.
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