Asia-Pacific markets mixed as Japan stocks see second day of losses

Indonesia to ban bauxite exports starting June 2023 India’s central bank chief warns that the next financial crisis will come from private cryptocurrencies By Business Standard, Das said he stands firm that cryptocurrencies should be prohibited, adding that it has no underlying value and poses risks for macroeconomic and financial stability. Bitcoin was last higher by about 0.24% at $16,840, according to Coin Metrics. Ether rose 14% to $1,211.77. — Charmaine JacobJapan’s 2-year yield briefly tops zero for first time since 2015The yield on 2-year Japanese government bonds briefly rose above zero for the first time since 2015 in Wednesday morning trade. The note gained 2.7 basis points to stand just below the flatline.Japan’s 2-year yield rises above zero for the first time since 2015The yield on the 10-year JGB jumped more than 3 basis points to stand at 0.451%, also reaching 2015 highs , while the yield on the 30-year JGB inched up 2 basis points to trade at 1.6%. Yields move inversely to price, and a basis point is equal to 0.01%.— Jihye LeeHKEX launches New York office in boost to expand international reachHong Kong’s stock exchange operator launched its New York office in a bid to expand its international reach and grow its global client base. The new office of the Hong Kong Exchanges and Clearing Limited (HKEX) will be promoting its connectivity with mainland China’s markets and its liquid primary and secondary cash markets, it said. “At HKEX, we are fully focused on supporting the growth ambitions of our customers around the globe,” said HKEX CEO Nicolas Aguzin. es and risk managers across the region, connecting capital with opportunities and East with West,” he added. About 41% of Hong Kong’s cash equities market trading turnover are attributed to international investors. HKEX currently has offices in Beijing, Shanghai and Singapore. — Lee Ying ShanBank stocks in Tokyo rise again as wider index fallsJapanese yen at strongest in more than four monthsThe Japanese yen strengthened further overnight, after the Bank of Japan announced to widen its yield curve control band.The currency strengthened by more than 5% against the Australian dollar and the New Zealand dollar – while it strengthened past 3% against the US dollar.The yen strengthened after the Bank of Japan announced to expand its yield curve control band CNBC Pro: Fund manager says a recession is ‘imminent’ — and names cheap stocks to play itMarket watchers are increasingly worried about a looming recession and fund manager Steven Glass is no exception. His picks include a Big Tech name that he said is “extremely cheap” with “huge margin potential.” Pro subscribers can read more here. — Zavier OngStocks hold onto gains, snap 4-day loss streak Stocks eked out a gain Tuesday, snapping a four-day streak of losses. The Dow Jones Industrial Average rose 92.47 points, or 0.28%, to close at 32,850.01. The S&P 500 gained 0.11% to 3,821.73, while the Nasdaq Composite ticked up 0.01% to close at 10,547.11. —Carmen ReinickeBank of Japan is more hawkish sooner-than-expected, signals The Bank of Japan’s surprise policy shift sent interest rates rising globally, as investors reacted to more evidence central bankers around the world will continue to pressure interest rates higher. “It was definitely a surprise. I don’t think there was anyone out there who expected it,” said Ben Jeffrey, rate strategist at BMO. The Japanese central bank moved sooner than expected to tighten policy. The BOJ changed its yield curve policy to allow the yield on the 10-year Japanese government bond to move 50 basis points either side of its zero target rate, up from 25 basis points.The announcement drove higher rates around the world, as yields on Japanese government bonds (JGBs) rose to 7-year highs. Rates move opposite yield. The US 10-year jumped o 3.68%. “They were definitely the last one standing in terms of being dovish, and now they’re still dovish but less so,” said Jeffrey. “It’s obviously bearish JGBs and fixed income globally, but in the longer term it should help the yen which will make Treasurys more attractive to Japanese investors next year.”–Patti DommExpect a more challenging environment ahead, says Atlantic EquitiesAtlantic Equities analysts are anticipating a more challenging backdrop for the global consumer in 2023. “Inflation may well have peaked on a headline basis but input costs still remain elevated and companies will be looking to at least hold if not take further pricing in some cases,” analyst Edward Lewis said. in a noteTuesday. “That may become more challenging as levels of elasticity are beginning to normalize with US retailers starting to push back against pricing, in line with where European peers have been all year.” , citing “category momentum, ongoing investment and strong execution supporting elevated growth.”—Tanaya MacheelStock market has shed $11.7 trillion so far this yearIt’s been a rough year for stocks, which are currently in a bear market and down year to date. From the market’s yearly high on January 3 to this morning, US stocks have shed $11.7 trillion in market cap, according to data from Bespoke Group. “The max drawdown was $13.6 trillion at the low on 9/30, so we’ve seen market cap increase by just under $2 trillion since then,” analysts wrote Tuesday. “In dollar terms, this drawdown has been more extreme than any investors have ever experienced. That’s pretty deflationary if you ask us!” Of the $11.7 trillion, more than $5 trillion in losses come from just five companies – Apple, Microsoft, Amazon, Alphabet, Meta and Tesla. —Carmen Reinicke

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