- Kuroda spoke saying BoJ has announced sufficient monetary easing, which triggered the Nikkei sell off. He also said Bank will continue to make efforts to end deflation, and that the Bank has no target for currency and stocks. He also said he wants to avoid volatility as much as possible and does not expect any spike in yield.. The mkt bounced off the lows after the BoJ conducted a second Rinban operation, lowering yields. JPY 1 month risk reversal turned negative for the second time this year and the first time sine BoJ’s QE announcement.
- German IFO rose to 105.7 in May vs 104.4 exp and prev
- US Durable Goods Orders rose 3.3% in April vs 1.5% exp and -5.7% prev. Core Capital Good Orders rose 1.2% MoM vs 0.5% exp and 0.2% prev.
- China is planning to shift gears so that the private sector and market forces play a larger role in its economy – NYT
- China/US officials strike accounting pact; the deal would give US auditors access to documents from Chinese accounting firms. WSJ
- Fri: German IFO, US Durable Goods Orders,
- Mon: US Memorial Day
- Tues: Swiss Trade Balance, French Consumer Confidence, US Consumer Confidence, Japan Retail Trade
- Wed: Spain Real Retail Sales, German unemployment, BoC, South Korea Business Survey, Australia Building Approvals, Private Capex expectations.