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14.06.2013 18:24

American focus: the yen continued to rise

The yen rose against the dollar after the publication of the minutes of the Bank of Japan. It should be noted that the members of the Board of the Bank of Japan's monetary policy saw signs that the Japanese economy is finally beginning to move in the direction of growth. On the issue of termination of deflation that has plagued Japan for more than 15 years, some of the board members have admitted that it may be difficult to reach a new target for CPI at 2 percent.

The minutes also state that the Japanese economy began to recover. The volume of exports had ceased to decline, as foreign economies are trying to get out of the deceleration phase, which continues from last year, and gradually coming to an end.

Recall that at its last meeting, the Bank of Japan left unchanged the interest rate level - at the level of 0-0,10 percent. He also agreed to carry out operations in the money market, which will help expand the monetary base in annual terms by about 60 - 70 trillion yen. In addition, the Bank of Japan said it would continue to buy Japanese government bonds, so that the amount of debt will increase by an annual rate of up to 50 trillion. yen. that corresponds to the plan. Purchases of government bonds, are expected to put downward pressure on interest rates across the yield curve.

Meanwhile, it is worth noting that one of the members of the committee said the bank should limit its mitigation measures to two years in order to avoid financial imbalances that may arise as a result of stimulation. In addition, members of the committee warned, however, that remains considerable uncertainty and downside risks to the economy - in particular, from abroad.

Euro fluctuates against the dollar amid mixed U.S. data. Thus, the producer price index rose in May by 0.5% m / m increase in forecasts only 0.1% m / m after a contraction of 0.7% m / m the previous month. The volume of industrial production for May showed zero change, but is expected to increase by 0.3% after falling 0.5% the month before. Consumer confidence in the University of Michigan in June amounted, according to preliminary data, 82.7 points, with forecasts of its increase to 84.9 points from 84.5 points in May values.

Earlier, the euro fell against the dollar after data on inflation and employment in the euro area. According to the report, annualized inflation rate, which is calculated in accordance with the harmonized index of consumer prices rose in May by 1.4%, compared with 1.2% in April, which was in line with preliminary estimates and forecasts of experts. We also recall that in March inflation rate was 1.7%. The data showed that at the head of the inflation stood increase in the cost of fruit, vegetables and electricity. Meanwhile, we note that the largest contribution to the decrease was recorded by the price of fuel for transport, telecommunications and health care. On a monthly basis, the harmonized index of consumer prices rose 0.1% in May, which was also in line with the preliminary estimates and forecasts of experts.

At the same time, according to Eurostat, in the 1st quarter of the number of employed people in the 17 countries of the euro zone dropped by 0.5% compared to the last quarter of 2012, which was the strongest quarterly decline since the 2nd quarter of 2009 . As a result of the decline in the number of employed decreased to 145.1 million, the figure is the lowest level of employment during the 4th quarter of 2005.

14.06.2013 17:34

European stocks close

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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