Eamonn is off today, so I’ll be filling in for him.
First of all, it’s still April 25th in much of the world, so I’m going to appreciate this meme.
For those of you in Asia, it is now April 26, which is a shame. But it’s also Bank of Japan decision day and we get the Tokyo CPI and the Australian PPI. So that’s some consolation.
As for the Bank of Japan, the big news in US trade was a report from Jiji that the BOJ would consider steps to reduce its purchases of government bonds. However, the report doesn’t say exactly when they would consider this, although it could be today.
There was some modest selling in USD/JPY in the report, but this helped to cap the pair at 155.74.
For the US dollar more generally, it has been a tumultuous situation, as it initially rose following indications of high inflation in the GDP report, then slowly reversed completely, in part due to the slowdown in growth.
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