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Stocks: Interest rates: Foreign exchange, the Nikkei average at the close fell, profit-taking sales after the "Trump trade" round also.

<15:35> Nikkei closes lower, profit-taking selling after the end of 'Trump Trade' wave.
In the Tokyo stock market, the Nikkei average closed down 422.06 yen from the previous trading day to 38,220.85 yen. Following the trend of the decline in the US stock market on the 15th of last week, a corner of the main stock pushed down the Nikkei average. Recently, there was a noticeable movement to sell bank stocks, which had been firm, and pharmaceutical stocks due to speculation about the personnel of the upcoming Trump administration. In the market, there was a view that profit-taking selling after the 'Trump trade' cycle continues today.
JGB futures slightly rebound, long-term interest rates unchanged, early BOJ rate hike expectations slightly recede
In the JGB futures, the December contract for the main limited month closed 3 sen higher than the previous trading day at 142.85 yen, rebounding for the first time in 5 trading days. The speculation of an early rate hike by the Bank of Japan has slightly receded, supporting the market. The yield on newly issued 10-year government bonds (long-term interest rates) remained unchanged at 1.070%.
Although there were moments in the early trading of JGB futures where they sank into the negative territory, from the middle onwards, there was a continued strong positive trend in the rising territory.
Katsutoshi Inadome, Senior Strategist at Sumitomo Mitsui Trust Asset Management, pointed out that there were expectations at the Financial and Economic Discussion held in Nagoya today, one month before the BOJ monetary policy decision meeting in December, that a 'campaign' to incorporate additional rate hikes into the market starting with Governor Ueda's remarks.
November 18, 2024, 3:25 PM GMT+9.
In the afternoon, the dollar/yen is trading at around 154 yen, slightly higher for the dollar and lower for the yen compared to the end of last week's New York market trading. Following Bank of Japan Governor Kazuo Ueda's speech in Nagoya, the rate temporarily rose to the mid-155 yen level in the morning. However, after the dollar buying spree subsided, the trading fluctuated between the mid to late 154 yen level.
At a financial and economic forum in Nagoya, Bank of Japan Governor Ueda mentioned that the timing of adjusting the degree of monetary easing will depend on the future economic, price, and financial conditions.
In the market, following the strengthening of the dollar and yen depreciation trend after Trump's victory in the U.S. presidential election, there were expectations that the Bank of Japan might raise interest rates further at the December monetary policy meeting to prevent yen depreciation (domestic securities analysts).
However, no new significant information was evident from the speech, leading to a reversal of yen strength after Governor Ueda's remarks, pushing the dollar higher to 155.14 yen.
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