Daily News | Abe calls for a boost

Today’s most relevant economic news come from Japan, where prime minister Shinzo Abe called for some extra fiscal stimulus. The fact that the stimulus could reach 10 trillion JPY ($97.5 billion) helped Japan’s stock market. On top of that, the Bank of Japan is expected to provide additional easing to keep the yen weak, in order to make sure that stimulus spending can gain traction. Consequently, the dollar rose to a one-week high against the yen on Monday. It rose as much as 2.1 percent to a high of 102.66 JPY and this is USD’s biggest one-day gain since April.

Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York, described Abe’s move as a coordination between fiscal and monetary policy. Investors had been buying the yen through much of this year as the Bank of Japan didn’t intervene at all. Abe has promised to revive the economy with its hyper-monetary policy, a part of a collective program known as Abenomics. „It looked like part of what held the BOJ back several times earlier this year. It didn’t make sense to expand quantitative easing if there’s no coordination with fiscal policy, but now there is“, Anderson said.

Daily News | Make your move

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