Asian shares firmed on Monday as optimism about China's reopening offset concerns the Bank of Japan (BOJ) might temper its super-sized stimulus policy at a pivotal meeting this week, while a holiday in U.S. markets made for thin trading.
still added 0.9%, with hopes for a speedy Chinese reopening giving it a gain of 4.2% last week.extended their rally with a rise of 2.0%, while the yuan reached its highest since July.
World leaders, policy makers and top corporate chiefs will be attending the World Economic Forum in Davos, and there are a host of central bankers speaking, including no fewer than nine members of the U.S. Federal Reserve. "There is still some possibility that market pressure will force the BOJ to further adjust or exit the YCC," JPMorgan analysts said in a note. "We can't ignore this possibility, but at this stage we do not consider it a main scenario."
The euro also lost 1.5% on the yen last week, but was aided by gains on a broadly softer dollar, which saw it reach a fresh nine-month peak of $1.0872 on Monday.The dollar has been undermined by falling U.S. bond yields as market wagers the Federal Reserve can be less aggressive in raising rates given inflation has clearly turned the corner.
Alan Ruskin, global head of G10 FX Strategy at Deutsche Securities, said the loosening of global supply bottlenecks in recent months was proving to be a disinflationary shock, which increases the chance of a soft landing for the U.S. economy. The drop in yields and the dollar has benefited gold, which jumped 2.9% last week and was trading at the highest since April at $1,927 an ounce .
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