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Friday December 28, 2012 - 06:21:34 GMT
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| | Email Asian Market Update: USD/JPY hits 28-month highs above 86.60 as Japan CPI and Manuf PMI data disappoint again - Source

- (JP) JAPAN NOV NATIONAL CPI Y/Y: -0.2% V -0.2%E; NATIONAL CPI EX-FRESH FOOD: -0.1% V -0.1%E >- (JP) JAPAN DEC TOKYO CPI Y/Y: -0.6% V -0.6%E; TOKYO CPI EX-FRESH FOOD: -0.6% V -0.5%E (biggest decline in 5 months) - (JP) JAPAN DEC MARKIT/JMMA MANUFACTURING PMI: 45.0 V 46.5 PRIOR (lowest reading since Apr 2009) - (JP) JAPAN NOV JOBLESS RATE: 4.1% V 4.2%E (14-month low); JOB-TO-APPLICANT RATIO: 0.80 V 0.80E - (JP) JAPAN NOV OVERALL HOUSEHOLD SPENDING Y/Y: 0.2% V 0.7%E (3-month high) - (JP) JAPAN NOV RETAIL TRADE M/M: 0.0% V 0.4%E; Y/Y: 1.3% V 1.1%E (3-month high); LARGE RETAILERS' SALES: +0.9% V -0.4%E - (JP) JAPAN NOV PRELIMINARY INDUSTRIAL PRODUCTION M/M: -1.7% V -0.5%E; Y/Y: -5.8% V -4.6%E - (JP) JAPAN NOV LABOR CASH EARNINGS Y/Y: -1.1% V -0.4%E (biggest decline in 4 months) - (JP) Japan investors bought net 428.2B in Foreign Bonds last week vs bought net 918.0B prior week; Foreign Investors bought net 764.9B in Japan stocks last week vs bought net 389.6B in prior week - (KR) SOUTH KOREA NOV INDUSTRIAL PRODUCTION M/M: 2.3% V 0.8%E; Y/Y: 2.9% V 0.8%E - (KR) SOUTH KOREA NOV CURRENT ACCOUNT: $6.9B V $5.8B PRIOR; GOODS BALANCE: $6.8B V $5.2B PRIOR - (KR) SOUTH KOREA NOV CYCLICAL LEADING INDEX CHANGE Y/Y: +0.3% V -0.3% PRIOR - (PH) PHILIPPINES OCT TRADE BALANCE: -$832M V -$483M PRIOR; TOTAL IMPORTS: 4.3% V 3.6% PRIOR; TOTAL MONTHLY IMPORTS: $5.2B V $5.3B PRIOR ***Markets Snapshot (as of 05:00 GMT)*** - Nikkei225 +0.6% - S&P/ASX +0.5% - Kospi +0.3% - Shanghai Composite +0.3% - Hang Seng +0.1% - Mar S&P500 +0.1% at 1,412 - Feb gold -0.1% at $1,662/oz - Feb Crude Oil +0.5% at $91.29/brl ***Notes/Observations*** - Asian equity markets traded in modestly positive territory, tracking late-session reversal in US indices on optimism over 11th hour fiscal cliff resolution. Dow Industrials erased a loss of about 150 points and SP500 bounced some 15 handles above 1,420 after reports that the GOP caucus has summoned back lawmakers to resume legislative session at 18:30ET on Sunday. Earlier negative sentiment was widely attributed to comments from Senate Majority Leader Reid warning the US will go over the fiscal cliff and tax rates will go up starting Jan 1 because the House is operating under the "dictatorship" of the Speaker. Note that in that momentum-changing conference call, speaker Boehner also said that the Feb/March timeframe, when the debt ceiling expires, is the true deadline for a fiscal deal, potentially setting up a "no-resolution" disappointment for Sunday evening. - Japanese yen remained under pressure after a set of downbeat economic data from Tokyo. Dec Manufacturing PMI failed to impress despite the election of perceivably more pro-business LDP party, falling to 44-month low levels. Inflation data from Tokyo (December) as well as nationwide (November) remained in the red, prompting speculation of a more aggressive policy response from the BOJ starting with its January meeting. USD/JPY hit its multi-month highs within minutes after the CPI release, while several firms lowered their forecasts for the yen in 2013. - In China, the minister of commerce noted trade growth for 2012 would undershoot targets. Separately, a MOFCOM researcher forecasted 2013 export growth to exceed 2012, but not by a large margin. AUD/USD has continued to consolidate its losses last week, contained in the $1.0340-90 range. ***Currencies/Fixed Income/Commodities*** - USD/JPY: Nomura raises forecast to 90 from 85 by end of June 2013 - financial press - USD/JPY: JPMorgan raises 2013-end target to 87 from 79 target - financial press - USD/JPY: Extending gains above 86.60 following continued negative inflation data out of Japan - (US) API PETROLEUM INVENTORIES CRUDE: -1.17M V -1.5ME (Second consecutive draw); GASOLINE: +2.41M V +500KE; DISTILLATE: +2.95M V +500KE; UTILIZATION: 91.6% V 91.6% W/W - (US) Weekly Fed Balance Sheet Assets Week ending Dec 26th: $2.889T v $2.902T prior; M1: -$44.5B v +$8.2B prior; M2: +$36.3B v +$54.8B prior - (BR) Brazil Central Bank revising reserve requirement on demand deposits to release up to BRL15B for new lending - financial press ***Speakers/Political/In the Papers*** - (CN) China Commerce Min Deming: Sees trade growth in 2012 at 6% v 10% official target - Chinese press >- (CN) China Finance Ministry: China financial system is facing higher risks due to rising bank loans; Lending to property and local govts is a particular concern - Shanghai Daily (update) - (CN) China Commerce Ministry (MOFCOM) researcher Liu Jianying: China exports for 2013 will rise y/y but will not see large improvements - financial press - (CN) China may announce new measures to boost consumption - financial press - (CN) China Q4 Beige Book compiled by CBB International sees stronger manufacturing and real estate sectors - Chinese press (update) - USD/JPY: (JP) Japan Chamber of Commerce and Industry Chairman Okamura: Desirable exchange rate for USD/JPY is 85-90 - Nikkei News - (JP) BoJ Gov Shirakawa held talks with Fin Min Aso; did not discuss monetary policy - financial press - (JP) Japan Fin Min Aso: Rising Tokyo stocks likely reflect hopes for the PM Abe's planned econ measures. - (JP) Japan Industry Min Motegi: Impossible to abandon nuclear fuel cycle policy anytime soon - Yomiuri News - (JP) Approval rating for Japan new PM Abe's cabinet starts at 62%, below 71% starting level his cabinet saw the last time he became PM in 2006 - Nikkei News polls - (KR) Bank of Korea official: Current account expected to dwindle in Dec - financial press - (KR) South Korea International Trade Association (KITA): Exporters sentiment expected to remain downbeat in early 2013 - Korean press - (KR) According to South Korea's Financial Supervisory Service (FSS), monthly loan delinquency ratio for Korea's 18 local banks in Nov fell 0.08pts to 1.30% - Korean press ***Equities*** - Fujitsu 6702.JP: Pres: Likely to miss FY12/13 PC sales target of 7M units due to weak demand from Europe - financial press (update) - Sharp 6753.JP: To unveil 80in LCD TVs in Middle East and Africa markets - Nikkei News - 6753.JP: First-round payments for new investment from Qualcomm have been completed - Nikkei News (update) - 6753.JP: Apple said to be evaluating possibility of using Sharp's IGZO displays in iPad, iPad mini and iPhone products in 2013 - DigiTimes (update) - Nikon 7731.JP: Precision equipment unit expected to report op profit of more than 16B in FY13/14, up over 50% y/y expectations - Nikkei News - Dic Corp 4631.JP: May report 9-mont op profit around 28B, +4% y/y; Rev seen at 530B, - 6% y/y - Nikkei News - IHI 7013.JP: To start construction of vessels used in shipments of natural resouces through investment of 30% stake in Brazil's Atlantico Sul Shipyard - Nikkei News - LEI.AU: Awarded A$1.2B in contracts for Ichthys project - filing - NXY: CNOOC official: Expects Nexen deal to be closed in Q1 at the earliest - financial press - Lenovo 992.HK: Chairman Yang said to have reduced stake in company to around 9.0% from 9.3% prior- financial press - AUO: Said to have obtained OGS touch panel orders from Sony - DigiTimes (update) - Source 


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