MARKET DAILY

Market 01/23: Market no longer expects FED to cut rates in March 2024

Fed Richmond manufacturing index plunges to lowest level since Covid period. China considers $278 billion rescue package for stock market.

At the end of 2-day meeting, BoJ maintains short-term interest rate -0.1% and 10-year interest rate at 0%=, maintains yield curve control as reference.

Fiscal year inflation forecast (from April) down to 2.4% (from 2.8%). → Price increases may continue to exceed 2% target as has happened since April 2022.

JPY continues to weaken: USP/JPY hits 148.12, down -5% this year.

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