Bank of Japan Holds Rates, But Adjusts YCC Stance; Asia Markets Display Mixed Reactions
%20(1).jpg "Bank of Japan Holds Rates, But Adjusts YCC Stance; Asia Markets Display Mixed Reactions") |
| Bank of Japan Holds Rates, But Adjusts YCC Stance; Asia Markets Display Mixed Reactions (Image Source: cnbc.com) |
Japan's Nikkei 225 experienced a decline of up to 2.4% on Friday as the Bank of Japan made adjustments to its yield curve control policy.
Despite this, the benchmark index managed to end the day with a 0.4% decrease, settling at 32,759.23, while the Topix observed a smaller loss of 0.2%, closing at 2,290.61.
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Meeting the expectations of economists polled by Reuters, the BOJ maintained its benchmark policy rate at -0.1%.
In line with its decision, Japan's central bank announced that it will allow 10-year government bond yields to fluctuate within a range of approximately plus and minus 0.5%.
The BOJ further stated that it would exercise yield curve control with increased flexibility, considering the upper and lower bounds of the range as references rather than rigid limits during its market operations.
In Australia, the S&P/ASX 200 experienced a 0.7% decline, settling at 7,403.6, after the country's retail sales unexpectedly dropped by 0.8% year on year in June.
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This figure was notably lower than what was anticipated in a Reuters poll, which had predicted retail sales to remain unchanged from the previous year.
%20(1).jpg "Bank of Japan Holds Rates, But Adjusts YCC Stance; Asia Markets Display Mixed Reactions") |
| Image Source: cnbc.com |
Conversely, South Korea's markets displayed positive performance, with the Kospi edging up by 0.17% to conclude at 2,608.32, and the Kosdaq registering a significant rise of 3.39%, reaching a closing value of 913.74.
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Meanwhile, in Hong Kong, the Hang Seng index surged by 1.43% during its final hour of trade, indicating a strong finish for the trading session.
Additionally, the Shanghai Composite also saw a considerable uptick of 1.84%, reaching its highest level since May 22, while the Shenzhen Component gained 1.62%, concluding at 11,100.4.
During the previous night in the United States, there was a decline across all three major indexes, resulting in the Dow Jones Industrial Average losing 0.67% and breaking its impressive 13-day winning streak.
Had the Dow managed to secure a 14th consecutive day of gains, it would have equaled a historical record dating all the way back to 1897.
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Simultaneously, the Nasdaq Composite experienced a dip of 0.55%, and the S&P 500 also dropped by 0.64%.
The information in this report was contributed by CNBC's Sarah Min and Samantha Subin, who played a significant role in its coverage.
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