Global Markets: Wall Street Rates on the Rise, Japanese Yen Fluctuates, and the Future of Online Gambling
Yesterday, Wall Street saw mostly rising rates, while rates in Asia were fluctuating on Wednesday. Mainland China, Hong Kong, and India experienced meager declines, whereas rates in Japan were rising. The yen rate remained just below the important 160 yen per dollar mark, with expectations that the Japanese authorities would intervene if it weakens further. The yen remained stable against other major currencies on Wednesday.
According to Bloomberg, a third of economists believe that the Bank of Japan will raise the key interest rate at the July meeting, signaling future monetary policy tightening. Despite a rate cut in March, the Bank of Japan’s policy remains ultra-loose on a global scale. Australia reported higher than expected inflation figures on Wednesday, with consumer prices rising four percent year-on-year in May.
The Australian dollar and bond market rates reacted to concerns about accelerating inflation, strengthening against major currencies and leading to an anticipation of tighter monetary policy by the Australian central bank. European stock exchanges are expected to open higher, with Euro Stoxx 50 futures up half a percent.
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