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Thursday April 4, 2013 - 07:09:14 GMT
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| | Email Asian Market Update: BoJ launches VERY aggressive monetary easing under new Kuroda leadership with total monthly asset program rising from 3.8T to 7T - Source

***Economic Data*** - (JP) BANK OF JAPAN (BOJ) LEAVES TARGET RATE RANGE UNCHANGED BETWEEN 0.0-0.1%; TOTAL NEW MONTHLY SIZE OF ASSET PURCHASES 7.0T V 3.8T CURRENT; BRINGS FORWARD OPEN ENDED PURCHASES (cancels APP); EXTEND DURATION OF JGBS IT PURCHASES TO 40 YEARS >- (AU) AUSTRALIA FEB BUILDING APPROVALS M/M: 3.1% V 2.5%E; Y/Y: 12.8% V 14.3%E - (AU) AUSTRALIA FEB RETAIL SALES M/M: 1.3% V 0.3%E (biggest increase since Nov 2009) - (AU) AUSTRALIA MAR AIG PERFORMANCE OF SERVICE INDEX: 49.6 V 48.5 PRIOR (14th consecutive month of contraction) - (TH) THAILAND MAR CONSUMER CONFIDENCE ECONOMIC: 75.0 V 74.3 PRIOR ***Markets Snapshot (as of 05:00 GMT)*** - Nikkei225 % - S&P/ASX % - Kospi -1.4% - Shanghai Composite closed - Hang Seng closed - June S&P500 at - Jun gold -0.5% at $1,546/oz - May Crude Oil flat at $94.46/brl ***Observations/Insights*** - Lower than expected economic data out of the US set the tone for the opening of the Asian bourses. The Nikkei225 lost much of yesterday's gain in the morning session as investors anxiously awaited the results of the BoJ policy meeting. North Korea continued its aggressive tone, and continued to block the industrial complex for 2nd consecutive day. >- Markets were satisfied as the BoJ decided to launch a much more aggressive than feared easing program, promising new qualitative and quantitative measures. The total new monthly size of asset purchases was increased to 7T from 3.8T. The board adopted "monetary base control" by unanimous vote - intending to conduct money market operations so the monetary base will rise at annual pace of 60-70. BOJ also underscored its committment to a time horizon of 2 years to achieve 2% CPI target. As speculated, the BoJ also terminated the Asset Purchase Program, with the purchase of JGBs for money market operations to be absorbed into new program. Lastly, BOJ voted to temporarily suspend bank note rule, potentially sparking scrutiny into its intent of monetizing govt debt. USD/JPY is up sharply - rising about 150 pips toward 94.50 in the hour after the statement, EUR/JPY is up nearly 200pips above 121.20, and AUD/JPY up 140pips above 98.60. ***Currencies/Fixed Income/Commodities*** - (JP) Japan investors sold net 117.4B in Foreign Bonds last week vs sold net 490.5B prior week; Foreign Investors bought net 228.1B in Japan stocks last week vs sold net 267.6B in prior week - Credit Suisse analysts: Sees 2013 iron ore at $124/MT, 2014 at $100/MT - financial press - GLD: SPDR Gold Trust ETF daily holdings fall by 2.7 tons to 1,206.2 ton (lowest since 1,205.4 tons in Jul, 2011) - (AU) Australia Mar Port Hedland iron ore exports: 24.9M v 19.9M tons m/m ***Speakers/Political/In the Papers*** - (CN) According to a survey by Nikkei Inc/Nikkei QUICK, about 50% of analysts expect PBoC to start raising its base lending rate within the next 12 months - (CN) China may postpone Japan, South Korea meeting regarding island row - financial press - (KR) North Korea informs companies in Gaesong industrial zone to leave by Apr 10th -Yonhap - (KR) South Korea govt official: North Korea continues to block industrial complex for 2nd straight day - financial press - (KR) South Korea Defense Ministry official: Sees no unusual North Korea troop movement since earlier threat - financial press - (US) US Fed's Bullard (hawkish, FOMC voter): Prefers to see more data before considering tapering bond purchases - (US) Fed's Williams (dove, FOMC non-voter): Fed could begin reducing bond buying by the summer, could end bond buying in 2013 - (NZ) New Zealand real estate agency Barfoot & Thompson: Auckland Mar House Sales 1,430; Avg House Prices +6.9% (record high) - financial press - (NZ) RBNZ reviews non-bank deposit takers regime - financial press ***Equities*** - CPWR: Reports prelim Q4 $0.05-0.06 v $0.16e, R$237-241M v $281Me, FY12 $0.26-0.28 v $0.39e, R$942-946M v $983Me - LULU: Provides production update; Reaffirms Q1, FY13 guidance as revised on March 21; Chief Product Officer Sheree Waterson to resign, effective April 15th - BOQ.AU: Australia regulator ASIC orders BOQ to refund customers about A$12M after system errors - Hyundai 005380.KR, Kia 000270.KR: NHTSA says Hyundai recalls 1M vehicles and Kia Motors recalls 624K vehicles due to a faulty brake light switch - Mitsubishi Heavy 7011.JP: Awarded major nuclear facility construction deal in Turkey - Nikkei News - ABC-Mart 2670.JP: May report FY12/13 Op profit 30B, in line with latest guidance; Rev seen at 159B v 152B prior guidance - Nikkei News - Sumitomo Mitsui 8316.JP: May report FY12/13 Net 700B v 540B prior guidance - Nikkei News >- Mizuho 8411.JP: May report FY12/13 Net 500B v 500B prior guidance - Nikkei News - Mitsubishi UFJ 8306.JP: May report FY12/13 Net 800B v 981B y/y - Nikkei News -


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