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Bank of Japan Firm on "No Change"

Bank of Japan Firm on

The dollar rose above 111 yen Tuesday, from 110.92 yen Monday in NY.

The European Commission said consumer confidence in the 19 euro zone countries in January rose to 1.3 points from 0.5 point in December, well above the market consensus of a rise to 0.6.

The yen slipped on Tuesday after comments from the Bank of Japan chief quelled speculation the central bank would follow other central banks in scaling back monetary stimulus, while the dollar recovered losses after the USA government's shutdown ended.

The bank will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent. This gauge was at 0.3 percent in November.

The yen's rise after the Bank of Japan kept policy unchanged reinforces Bloomberg Economics' view that Kuroda's main task Tuesday is to damp expectations for near-term tightening.

Latin American currencies weakened on concerns over potential USA protectionism.

The British pound GBP= pushed above the $1.40 mark, extending a rally in which growing optimism about the United Kingdom economy and protracted dollar weakness have trumped worries about the terms of Britain's exit from the European Union.

It is benefiting from both upbeat United Kingdom domestic data and hopes of a favorable post-Brexit deal with the EU.

"Sterling is benefiting from the broad dollar weakness story and the recent data has been mildly supportive", said Thomas Flury, head of FX strategies, UBS Wealth Management, Chief Investment Office. Japan's Nikkei was 0.45 percent higher.

"Inflation expectations are moving sideways recently", the BOJ said in a quarterly report, offering a more optimistic view than three months ago when it said they were moving on a weak note.

That helped the Japanese currency reverse its earlier gains to ¥110.55 per dollar, which put it within sight of last week's four-month low of ¥110.19, after the central bank maintained its policy and its economic and price projections.

The upshot is that the economist expects BoJ to leave both its policy rate as well as its 10-year yield target unchanged at least until the dust has settled from next year's sales tax hike.

Oil prices rose on Tuesday, lifted by healthy economic growth as well as supply restraint by a group of exporters around OPEC and Russian Federation.

Australian stocks climbed 0.7 percent and South Korea's KOSPI added 0.5 percent.

Lifted by a wavering dollar, USA crude oil futures rose 0.45 percent to $63.85 per barrel.

While it was a widely telegraphed move created to stop virtual coins from being used for money laundering and other crimes, the step also underscored authorities' intent to close down avenues for spurious speculation.

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