From Marc Chandler at Bannockburn Global Forex:
Overview: The Bank of Japan softened its 1.0% cap on the 10-year, while lifting its core CPI forecast this fiscal year and next. This disappointed many who anticipated a bolder move to exit the extraordinary monetary policy. The yen was sold in disappointment and the dollar has returned to the JPY150.75 area. The eurozone contracted by 0.1% in Q3, while October CPI came in below expectations at 2.9%. The greenback is softer against most of the other G10 currencies. The Chinese yuan is softer but in an exceptionally narrow range following the softer than expected PMI. Most other emerging market currencies are firmer.
Japanese equities rose, but most of the large bourses in the region traded heavier. European stocks are extending yesterday's gains. The Stoxx 600 has practically recouped last week's 0.95% decline. US index futures are narrowly mixed. European and US bonds are rallying. Ten-year yields are mostly off 4-5 bp in Europe, though 10-year Gilts yields are down seven basis points. So is the 10-year US Treasury yield, putting it near 4.82%. Gold is recovering from a dip below $1991 to knock on $2000. December WTI is stabilizing after yesterday's nearly 3.8% slide, the largest drop since October 4....
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