Investing.com - Most Asian stocks traded lower Tuesday as the Bank of Japan kicked off a two-day policy meeting.
In Asian trading Tuesday, Japan’s Nikkei 225 inched up 0.04% as BoJ started its meeting from which traders are not expecting much in the way of surprise announcements.
USD/JPY rebounded Tuesday after comments from Japanese Economy Minister Akira Amari. In comments made Monday, Amari said the rapidly depreciating yen could harm the world’s third-largest economy and that it is the responsibility of the government there to prevent that from happening.
The Bank of Japan has enacted massive monetary easing measures to steer the country away from deflationary decline and more towards growth, with the yen plunging to lows against the dollar not seen since 2008.
Hong Kong’s Hang Seng fell 0.30% while the Shanghai Composite inched up 0.03%. Chinese stocks were mixed after the country and India agreed to enhance cooperation regarding their shared border. In other China news, the U.S. scheduled a U.S./China summit for next month in California.
Australia’s S&P/ASX 200 fell 0.50% even after the Reserve Bank of Australia said the Australian dollar is still overvalued relative to historical standards. A weaker Aussie could be a boon to the nation’s exporters, but it could take several months for the impact of RBA’s latest rate cut to bear fruit.
New Zealand’s NZSE 50 inched lower by 0.04% as NZD/USD continues to labor near eight-and-a-half-month lows. New Zealand recently predicted a fiscal 2015 budget surplus of NZD75 million, implying it will return to a surplus a year ahead of rival Australia.
South Korea’s Kospi fell 0.14% while Singapore’s Straits Times Index declined 0.47%. S&P 500 futures nudged down by 0.03% a day after the benchmark U.S. index settled lower by 0.07%.
In Asian trading Tuesday, Japan’s Nikkei 225 inched up 0.04% as BoJ started its meeting from which traders are not expecting much in the way of surprise announcements.
USD/JPY rebounded Tuesday after comments from Japanese Economy Minister Akira Amari. In comments made Monday, Amari said the rapidly depreciating yen could harm the world’s third-largest economy and that it is the responsibility of the government there to prevent that from happening.
The Bank of Japan has enacted massive monetary easing measures to steer the country away from deflationary decline and more towards growth, with the yen plunging to lows against the dollar not seen since 2008.
Hong Kong’s Hang Seng fell 0.30% while the Shanghai Composite inched up 0.03%. Chinese stocks were mixed after the country and India agreed to enhance cooperation regarding their shared border. In other China news, the U.S. scheduled a U.S./China summit for next month in California.
Australia’s S&P/ASX 200 fell 0.50% even after the Reserve Bank of Australia said the Australian dollar is still overvalued relative to historical standards. A weaker Aussie could be a boon to the nation’s exporters, but it could take several months for the impact of RBA’s latest rate cut to bear fruit.
New Zealand’s NZSE 50 inched lower by 0.04% as NZD/USD continues to labor near eight-and-a-half-month lows. New Zealand recently predicted a fiscal 2015 budget surplus of NZD75 million, implying it will return to a surplus a year ahead of rival Australia.
South Korea’s Kospi fell 0.14% while Singapore’s Straits Times Index declined 0.47%. S&P 500 futures nudged down by 0.03% a day after the benchmark U.S. index settled lower by 0.07%.