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No limits at the BoJ

Emily Nicol
Chris Scicluna
  • Ahead of the coming week’s policy announcements from the Fed and ECB, the BoJ matched the Fed’s commitment to buy JGBs as necessary without limits, while also increasing its purchases of corporate bonds and commercial paper above expectations.

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Record fall in sales in March

Emily Nicol
Chris Scicluna
  • As policymakers in the major economies continued to bolster their economic support measures, a record decline in Japanese department store sales and UK retail sales illustrated the significant hit to domestic demand at the end of Q3.

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PMIs slump to extreme lows

Emily Nicol
Chris Scicluna

 

  • While the ECB’s announcement of another round collateral easing measures gave a boost to risk appetite overnight, the economic dataflow remained highly negative, with the flash Japanese April PMIs declining to record lows and signalling that activity had fallen off a cliff at the start of Q2. A similar outcome is likely in Europe and the US too.

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UK inflation starting to slide

Emily Nicol
Chris Scicluna
  • A record surge in Aussie retail sales in March won’t be sustained. But the drop in UK inflation reported this morning will be extended further over coming months.

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BoJ gives banks tentative thumbs-up

Emily Nicol
Chris Scicluna
  • While Asian financial markets were inevitably uneasy after the May-delivery price for WTI crude dropped into negative territory,  the BoJ Japan’s banks a tentative thumbs-up in its latest Financial System Report.

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