Big from Japan
The Bank of Japan gave a pre-Christmas surprise. NAB’s Ray Attrill explains what they did and how markets responded in this last Morning Call of the year. And why its been a bad year for risk parity strategies.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 21st December 2022
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The Bank of Japan has broadened the tolerance for its yield control curve target. NAB’s Ray Attrill says it surprised markets because Governor Kuroda had previously stated they wouldn’t be doing that. So, why the change and why has it had such an impact on global bond and currency markets? The Australian dollar fell against a US dollar which was itself falling, in part because of the RBA minutes yesterday. We look at what was discussed. And in New Zealand, business confidence hit an all-time low (well since the survey started in the eighties). Also, in this last edition of 2022 Ray explains why this was a bad year for risk parity strategies.
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