Australian shares are expected to surge even after US stocks suffered and the Bank of Japan caught markets off guard. US Treasuries slumped. The $A was down.
Australian shares are set to open higher even after US stocks suffered and the Bank of Japan caught markets off guard. US Treasuries slumped.The local currency was down 0.7 per cent to 66.55 US cents.US stocks oscillated between gains and losses in a volatile session, with technology shares still under pressure after last week’s hawkish central bank turn. Treasuries slumped, with the global bond market digesting the Bank of Japan’s sudden increase in its yield trading band.
Until now, the BoJ has been an outlier among central banks, most of which have rapidly tightened policy. The Japanese monetary authority adjusted its yield curve control program to allow 10-year borrowing costs to rise to about 0.5 per cent, versus the previous 0.25 per cent upper limit, bucking forecasts for no change at its policy meeting.
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