BOJ to continue with ultra-loose monetary policy, expects inflation to slow
The Bank of Japan predicted inflation could slow this year, according to the central bank’s summary of opinions from its March meeting.
“The year-on-year rate of increase in the consumer price index (CPI) is likely to decelerate toward the middle of fiscal 2023 due to the effects of pushing down energy prices from the government’s economic measures,” the report said.
While the BOJ noted Japan’s economy has been “resilient on the whole,” it also expressed the need to carry on with its monetary easing policy.
“Until achievement of the price stability target of 2% sufficiently comes into sight, it is necessary for the Bank to continue with the current monetary easing, including yield curve control,” the report stated.
Japan’s CPI reading for February slowed from a 42-year high to 3.3%.
— Lee Ying Shan
Hong Kong regulators say Credit Suisse branches will open for business as usual
Hong Kong’s Monetary Authority and its Securities and Futures Commission announced Credit Suisse operations in the city will continue as usual, after the UBS takeover of the embattled bank over the weekend.
Credit Suisse’s operations in Hong Kong comprise a branch supervised by the HKMA and two licensed corporations supervised by the SFC.
The regulators said the “customers can continue to access their deposits with the branch and trading services provided by Credit Suisse for Hong Kong’s stock and derivatives markets.”
“The exposures of the local banking sector to Credit Suisse are insignificant,” regulators pointed out, adding that total assets of the Hong Kong branch amounted to about HK$100 billion (US$12.74 billion), representing less than 0.5% of its banking sector.
Shares of Hong Kong banks were down sharply on Monday morning, with HSBC shedding 4.37% and being one of the top losers on the HSI, while Standard Chartered lost 3.81%.
Credit Suisse takeover ‘not expected to have an impact…
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