Bank of Japan keeps stimulus intact, cuts inflation outlook

BoJ is set to raise its growth forecast this week

The S&P/NZX 50 index dropped 60.31 points or 0.78 percent to 7,672.44, led down by Fletcher Building after it issued a profit warning and announced the departure of chief executive Mark Adamson.

-Germany's DAX index declined less than 0.1 percent.

Bank of Japan (BOJ) kept monetary policy unchanged and extended the timeline for achieving its 2% inflation target on Thursday. But core consumer prices in May rose just 0.4 percent from a year earlier, well below the BOJ's 2 percent target.

While the Nasdaq inched up 4.96 points or 0.1 percent to 6,390.00, the Dow dipped 28.97 points or 0.1 percent to 21,611.78 and the S&P 500 edged down 0.38 points or less than a tenth of a percent to 2,473.45. The dollar dropped, and bonds advanced.

Such efforts will raise labor productivity and could weigh on inflation, though the downward pressure exerted on prices will be temporary as Japan's potential growth heightens, it said.

The euro's jump hit stocks in the region, which erased a gain before fluctuating, and the greenback, which pared an advance as it continued to recover from Tuesday's lowest close in 11 months.

Quarterly earnings will continue to be the main focus for USA markets with analysts estimating an 8.7 percent rise in second-quarter earnings and a 4.6 percent increase in revenue for the S&P 500 companies from a year earlier, according to Thomson Reuters I/B/E/S.

With second-quarter reporting season in full swing, Qualcomm shares fell 5.1 percent after the chipmaker's forecast missed estimates. The benchmark S&P/ASX 200 index rose 29.40 points or 0.51 percent to 5,761.50 while the broader All Ordinaries index ended up 26.30 points or 0.46 percent at 5,805.70.




Currency markets were hemmed in tight ranges in early trades, with the dollar edging higher from a 10-month low tested earlier this week.

The US dollar was down 0.2 per cent against the yen after touching 111.56 yen, its weakest level against the Japanese currency since June 27.

Bucking the trend, gold miner Newcrest Mining is advancing nearly 2 percent and Evolution Mining is rising more than 1 percent after gold prices edged higher overnight.

-Gold rose 0.2 percent to $1,243.61 an ounce.

Taiwanese shares were little changed and Singapore's Straits Times index was losing 0.8 percent, while India's Sensex and Malaysia's KLSE Composite index were down around 0.1 percent each.

The Polish zloty has been one of the world's top performing currencies this year following a pick up in the country's growth, but it has faced pressure this week on the possibility of European Union action against Warsaw over a controversial judicial shake-up.

-Australia's S&P/ASX 200 index gained 0.5 percent and Japan's Topix Index rose 0.7 percent to close at its highest in almost two years.

Related news:

Hot News

isis-killer-beheading-video-story-top PvP Comes 'Ghost Recon: Wildlands' This Fall
Jul 22, 2017 - 00:58
The class-based tactical multiplayer mode will launch as a free update in the fall, with a beta period coming later this summer. To what is probably the shock of many, it turns out that Ghost Recon Wildlands' PVP mode is not actually vaporware.

isis-killer-beheading-video-story-top Pakistan says Indian attack in Kashmir kills 3
Jul 22, 2017 - 00:56
Foreign ministry spokesman Nafees Zakaria said Indian security forces resorted to firing in Baroh and Tandar sectors on Tuesday. Over 240 ceasefire violations by Pakistan along the LoC have been recorded this year.

isis-killer-beheading-video-story-top Lyft is following Uber into self-driving cars
Jul 22, 2017 - 00:54
The system, once completed, will allow Lyft and its partners to deploy and manage autonomous cars as they ferry customers around. That's a big deal, because (depending on Lyft's progress) it could mean we'll get our hands on autonomous cars a little sooner.

isis-killer-beheading-video-story-top OJ Simpson's parole hearing
Jul 21, 2017 - 01:02
OJ Simpson was arrested for the murder of his ex-wife Nicole Brown and her friend Ron Goldman on 17th June 1994. Simpson is incarcerated of Lovelock Correctional Center (100 miles southwest of Carson City).

isis-killer-beheading-video-story-top Beijing calls on USA to ease trade rules
Jul 21, 2017 - 01:00
Steel exports from China to the USA have decreased sharply due to anti-dumping duties imposed by Washington. Personally, I think the main reason is that the asking price from the American side was too high.

isis-killer-beheading-video-story-top After Exxon Fine for Sanctions Violations, Calls for Rex Tillerson to Resign
Jul 21, 2017 - 00:59
On a trip to Kiev earlier this month, he said the sanctions would not be lifted until Russian Federation met its obligations. Tillerson recused himself from actions by the State Department related to ExxonMobil after he took office in February.

isis-killer-beheading-video-story-top Hindu Nationalism Risks Pushing India Into War: China State-Run Media
Jul 21, 2017 - 00:55
In an answer to a query on what China's demands are, she said Beijing wants Indian troops to be withdrawn first. Youfa said the Chinese side is waiting for the Indians to make the "sensitive choice".

isis-killer-beheading-video-story-top Yemen civilian death toll in Saudi-led airstrike reaches 20
Jul 21, 2017 - 00:53
Yemen's internationally recognised government confirmed that around 20 people were killed in the al-Atera village. Yemeni officials said several women and children were among the casualties.

isis-killer-beheading-video-story-top Palestinians Call for a Day of Rage in Jerusalem
Jul 21, 2017 - 00:53
But this week, the Waqf was boycotting the Temple Mount over Israel's decision to reinstall metal detectors at its entrances. Israel has defended the move, claiming they are no different from security measures at other holy sites around the world.

isis-killer-beheading-video-story-top Trump's voter fraud group holds first public meeting
Jul 20, 2017 - 01:02
Wyoming Secretary of State Ed Murray was among the Republican officials who rebuffed the commission's request. But Trump has repeatedly undermined their findings by voicing skepticism about Russia's role.

The Switch's Phone-Enabled Voice Chat Is As Ridiculous As Expected
Jul 20, 2017 - 01:01
The full version of Nintendo's paid online service for the Switch , originally due later this year, was recently bumped to 2018 . With the upcoming release of Splatton 2, Nintendo has made the Nintendo Switch Online App available for iOS and Android devices.

isis-killer-beheading-video-story-top Relx PLC (LON:REL) Rating Reiterated by Citigroup Inc
Jul 20, 2017 - 00:59
Goldman Sachs now has a GBX 970.00 target price on the 26.79 billion GBP market cap company or 20.46% upside potential. After $0.43 actual EPS reported by Hays plc for the previous quarter, Wall Street now forecasts 6.98% EPS growth.

isis-killer-beheading-video-story-top Hot Mic: Netanyahu Slams EU's Behavior Toward Israel as 'Crazy'
Jul 20, 2017 - 00:59
Netanyahu specifically asked the V4 to help persuade the rest of the European Union to stop undermining his nation. Israel had "a big problem" with US policies, but now "it's different", he said.

isis-killer-beheading-video-story-top Croatia's annual inflation slows in June
Jul 20, 2017 - 00:59
Petrol prices rolled back by 1.1p over the period to 115.3p per litre, while diesel also declined by 1.4p to 117.3p. The drop in inflation is also likely to kill off talk of the Bank of England raising interest rates any time soon.

isis-killer-beheading-video-story-top Mercedes-Benz Pickup Unveiled at Long Last
Jul 20, 2017 - 00:58
A 165hp petrol engine completes the line-up, and in 2018 the new pickup will be available with a 258hp V6 petrol option. Although the X-Class will be sold in many world markets, for now, there are currently no plans to bring it to America.