Recap 11-28-12




  • Abe’s economic advisor commented that there was no need for the government to be able to impeach the central bank governor; instead, the governor should be made to appear in parliament or write an open letter to explain why a target hasn’t been met.
  • The BOJ posted a net loss of ~$2.83bn in the first half of the fiscal year as equity holdings declined in value. JPM points out that the data could call into question the ability of the BOJ to expand accommodation further.
  • Caterpillars President and CFO: “China’s economy has bottomed out, but there are still challenges ahead and it’s too early to conclude when the situation will really improve.”

Upcoming Data:

  • Wed: US New Home Sales
  • Thu: US Personal Consumption, Jobless Claims, Pending Home Sales, German Unemployment, EU Business Climate Survey
  • Fri: US Personal Income, Spending, Chicago MPI, Italy Unemployment