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Tuesday January 22, 2013 - 06:56:52 GMT
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| | Email Asian Market Update: BOJ announces 2% inflation target and open ended asset purchase program starting in 2014, USD/JPY sold on the news below 89 - Source

***Economic Data*** - (JP) BANK OF JAPAN (BOJ) LEAVES TARGET RATE RANGE UNCHANGED BETWEEN 0.0-0.1%, AS EXPECTED; INTRODUCES OPEN-ENDED ASSET PURCHASES; SETS 2% INFLATION TARGET IN JOINT STATEMENT - (JP) JAPAN DEC SUPERMARKET SALES Y/Y-1.5% V -2.6% PRIOR - (JP) JAPAN NOV ALL INDUSTRY ACTIVITY INDEX M/M: -0.3% V -0.5%E - (JP) JAPAN NOV FINAL LEADING INDEX CI: 92.1 V 91.9 PRELIM; COINCIDENT INDEX CI: 90.2 V 90.1 PRELIM - (TW) TAIWAN DEC UNEMPLOYMENT RATE: 4.2% V 4.3%E ***Markets Snapshot (as of 05:00 GMT)*** - Nikkei225 -0.6% - S&P/ASX flat - Kospi +0.3% - Shanghai Composite flat - Hang Seng +0.2% - Mar S&P500 -0.2% at 1,481 - Feb gold +0.2% at $1,693/oz - Mar Crude Oil +0.2% at $96.10/brl ***Notes/Observations*** - A historic policy decision from the Bank of Japan yielding to pressure from the new PM Abe cabinet was at the forefront of market focus and largely delivered a heavy dose of policy easing in line with expectations. BOJ left target rate unchanged at 0.0-0.1%, set a 2% inflation target in a joint statement to be achieved "at the earliest possible time", and also introduced an open-ended asset purchase program a-la Federal Reserve. USD/JPY initially spiked above the 90 handle but quickly reversed direction to test below 89 as traders observed several key caveats in the BOJ statement: 1) the 2% inflation target was not unanimous, with 2 members voting against the change; 2) the open ended program in the monthly purchase amount of 13T would not begin until 2014 when the current 101T program is set to expire; 3) the 13T in purchases is skewed heavily in favor of short-term T-Bills; 4) board member Miyao was the only voter in favor of a more drastic measure in support of "virtually zero interest rate policy until 2% y/y CPI is in sight"; 5) BOJ outlook section forecasted y/y change in CPI to turn negative in the short term vs prior expectation of remaining flat. Moreover, BOJ lowered its FY12 GDP target to 1.0% from 1.5% and raised FY13 GDP to 2.3% from 1.4%. FY14 was expected to slow to +0.8% from 0.5% prior target. BOJ also did not unveil plans to step up purchases of foreign bonds, as has been speculated by some of the more dovish economists. ***Currencies/Fixed Income/Commodities*** - (AU) Australia port of Hedland said to preparing to halt operations due to approaching cyclone - (CN) China Iron and Steel Association (CISA): 2013 global steel consumption to rise 3.2%; China demand to increase by 3.1% - Chinese press > - (JP) Former MoF official Sakakibara ('Mr Yen'): USD/JPY may turn around and return to 85 - CNBC interview - (JP) According to data from Japan Securities Dealers Association, foreigners were net sellers of Japan govts bonds (JGBs) in Dec for the first time in 9 months - Nikkei News - (PT) S&P affirms Portugal sovereign ratings at BB; Outlook remains Negative ***Speakers/Political/In the Papers*** - (CN) Dagong Global Credit Rating: Evaluating debt-paying capacity of local govts - China Daily >- (CN) China to set 2013 new yuan loan target at CNY9T vs CNY8T target in 2012 - Chinese press - (CN) According to a survey of over 100 economists conducted by China Securities Research & Design Center, 2013 China GDP seen at 7.8% and CPI at around 2.8% - China Daily - (CN) China Securities Regulatory Commission (CSRC) Chairman Guo: Will reduce administrative interventions in stock market - Chinese press - (CN) According to Credit Suisse Chinese Whispers Property Sentiment Index, China property market investors sentiment in Dec rose to record high 75 from 65 in Nov - Korean press - (KR) South Korea Financial Supervisory Service (FSS): Korean Banks target 1.9% growth in 2013 household lending - financial press - (KR) South Korea Fin Min Bahk: Markets are stabilizing as uncertainty in export market eases - financial press - (JP) Leader of Japan's coalition New Komeito party Yamaguchi: To visit China and propose that military planes from both countries do not fly over the disputed Senkaku islands - SCMP - (AU) Survey of economists see Australia Q4 CPI at 0.5% q/q and underlying CPI at 0.7% q/q; Does not justify another RBA easing - Australian press - (IE) Ireland Fin Min Noonan: To request maturity extension for EFSF, EFSM with Portugal; sees cost savings in the billions - financial press - (EU) ESM's Regling: EFSF board to formally approve aid for Greece in a week; Spain second disbursement to be much lower than initially expected - financial press ***Equities*** - RIO: Launched a review into its Mozambique coal business - AFR - BHP: Some analysts expect tomorrow's Q2 quarterly production to show flat output of iron ore - SMH - MAH.AU: Awarded A$1.8B 5-yr services contract from Fortescue - financial press - Samsung Electronics 005930.KR: Follow-up: Galaxy S4 to be launched in US in March - Korean press - Hyundai Motor 005380.KR: US financial press profiles Hyundai underperforming in the local markets due to South Korea's free trade deals and growth of foreign brands - FRNM.SG: OUE will not match Thai billionaire's offer of S$9.55/shr - Itochu 8001.JP: May report 9-month net profit around 200B, -8% y/y; May maintain FY12/13 280B net income forecast - Japanese press - Denso 6902.JP: To invest about $1B in North America R&D and production through FY15 - Nikkei News -


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