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Market News AUD/JPY bulls applaud China-inspired optimism; Japan statistics are mixed near 89.50

AUD/JPY bulls applaud China-inspired optimism; Japan statistics are mixed near 89.50

AUD/JPY advances marginally towards the highest level in a week. Beginning in early January, China will no longer require inbound tourists to undergo quarantine. Japan's Unemployment Rate, Retail Trade, and Job/Applicants Ratio all improved in November. Fears of aggressive central bank policies diminish as the Christmas spirit strengthens the market's mood.

Alina Haynes

2022-12-27

295

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The AUD/JPY pair grinds higher around 89.50 as bulls profit from the cautious market optimism during the Christmas season. In doing so, despite the most recent decline, the cross-currency pair extends Friday's gains to post the greatest levels in a week.

However, the rise in the price could be attributed to the risk-on market sentiment, which was mostly driven by China, as well as diminishing expectations of hawkish steps by the Bank of Japan (BOJ).

As of January 8, China eliminated the COVID quarantine rule for incoming tourists. The news, coupled with geopolitical concerns originating from Russia and North Korea, contributed to the market's cautious optimism. S&P 500 Futures increase 0.60 percent intraday to 3,892, while US 10-year Treasury rates remain sluggish at approximately 3.74% as of press time.

Governor Haruhiko Kuroda and Prime Minister Fumio Kishida of the Bank of Japan (BOJ) and Prime Minister of Japan (PM) Fumio Kishida, respectively, attempted to dampen hawkish expectations after the central bank modified monetary policy last week. However, according to BOJ's Kuroda, the expansion of the yield band is not a precursor to an easy policy exit. In a similar vein, Japanese Prime Minister Kishida ruled out the possibility that the BOJ and government will amend the central bank statement.

In terms of the data, Japan's Unemployment Rate decreased to 3.5% in November as opposed to the 3.6% projected previously, while the Jobs / Applicants Ratio for the same month was 1.35 as opposed to the 1.35 market prediction. In addition, Retail Trade year-over-year growth slowed to 2.6% from 2.8% expected and 4.4% previously.

Moving forward, a light calendar ahead of Saturday's official China PMIs will combine with year-end market inactivity to limit AUD/JPY movement.