{"id":64695,"date":"2023-07-28T17:21:05","date_gmt":"2023-07-28T07:21:05","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=64695"},"modified":"2025-11-11T15:40:46","modified_gmt":"2025-11-11T04:40:46","slug":"friday-28th-july-2023-asian-markets-witness-varied-trends-as-japan-adjusts-yield-curve-control-policy","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-28th-july-2023-asian-markets-witness-varied-trends-as-japan-adjusts-yield-curve-control-policy\/","title":{"rendered":"Friday 28th July 2023: Asian Markets Witness Varied Trends as Japan Adjusts Yield Curve Control Policy"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.47%, Shanghai Composite up 1.79%, Hang Seng up 1.21%, ASX down 0.70%<\/li>\n\n\n\n<li>Commodities : Gold at $1949.80 (+0.23%), Silver at $24.35 (-0.01%), Brent Oil at $83.55 (-0.31%), WTI Oil at $79.92 (-0.25%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.021, UK 10-year yield at 4.358, Germany 10-year yield at 2.524<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Advance GDP q\/q 2.4% vs 1.8% expected<\/li>\n\n\n\n<li>(USD) Unemployment Claims 221K vs 224K expected<\/li>\n\n\n\n<li>(USD) Pending Home Sales m\/m 0.3% vs -0.5% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>In the Asian market, Japan&#8217;s Nikkei 225 slid as much as 2.4% on Friday following the Bank of Japan&#8217;s adjustment to its yield curve control policy. As expected, the Bank of Japan maintained its benchmark policy rate at -0.1%, in line with economists&#8217; forecasts from a Reuters poll. The benchmark index concluded the day with a 0.4% decline, settling at 32,759.23, while the Topix experienced a smaller loss of 0.2%, closing at 2,290.61.<\/p>\n\n\n\n<p>Japan&#8217;s central bank clarified that it will allow 10-year government bond yields to fluctuate within the range of approximately plus and minus 0.5%. However, it introduced greater flexibility in its yield curve control, considering the upper and lower bounds as references rather than strict limits during its market operations.<\/p>\n\n\n\n<p>In Australia, the S&amp;P\/ASX 200 fell by 0.7% to close at 7,403.6 due to disappointing retail sales figures. Retail sales in June dropped by 0.8% year on year, falling short of expectations from a Reuters poll that had predicted sales to remain unchanged from the previous year.<\/p>\n\n\n\n<p>In other markets, South Korea&#8217;s Kospi closed higher by 0.17% at 2,608.32, and the Kosdaq surged by 3.39% to end at 913.74. Hong Kong&#8217;s Hang Seng index climbed 1.21%, while the Shanghai Composite and Shenzhen Component gained 1.79% and 1.56%, respectively. However, in the United States, all three major indexes experienced declines, with the Dow Jones Industrial Average losing 0.67%, snapping its 13-day winning streak. The Nasdaq Composite also shed 0.55%, and the S&amp;P 500 dropped 0.64% on the same day.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD GDP m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Core PCE Price Index m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Employment Cost Index q\/q<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD Revised UoM Consumer Sentiment<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: In the Asian market, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64695"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=64695"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64695\/revisions"}],"predecessor-version":[{"id":64699,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64695\/revisions\/64699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=64695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=64695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=64695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}