ForexLive Asia-Pacific FX news wrap: Yen slides ...Middle East

Bank of Japan Governor Ueda on what would make him hike rates rapidlyThe weaker yen today - U.S./Japan tariff talks steering clear of FX concerns citedRBNZ's own preferred inflation model 2.9% for Q1 2025 (prior was 3.1% y/y in Q4 2024)Trump will meet with Italy's PM Meloni on Thursday, April 17China to announce expansion plan for its service sector at a briefing on Monday (April 21)Reserve Bank of New Zealand Assistant Governor Simone Robbers resignsBank of Japan Governor Ueda says can't tell right now how tariffs will impact pricesTrump says brought up military in discussions with Japan (Japan media report)BoJ's Nakagawa says if economic and inflation targets hit, will continue to raise ratesAustralia March 2025 unemployment rate 4.1% (vs. 4.2% expected) & Employment Change +32.2KChina: If United States continues to play tariff numbers game, China will pay no attentionPBOC sets USD/ CNY reference rate for today at 7.2085 (vs. estimate at 7.3083)Bank of Japan Governor Ueda says Japan's real interest rate remains very lowJapan PM Ishiba says talks with the US were constructiveThe Bank of Korea leaves its base rate unchanged at 2.75%, as widely expectedSingapore March NODX +5.4% y/y (expected +14.1%Japan economy minister Akazawa says agreed to hold a 2nd meeting with US this monthJapan March exports +3.9% y/y (expected +4.5%)Fed's Schmid says agricutural sector very nervous about tariffsDeutsche Bank ECB preview: Rate cut expected as downside risks buildMore than 70% of Japanese firms are considering price hikes this fiscal yearNew Zealand Q1 CPI +2.5% y/y (expected +2.3%) & +0.9% q/q (expected +0.7%)Here's a Deutsche Bank forecast for EUR/USD to 1.25 (admittedly it'll take a few years)Ford warns that vehicle prices could rise on models produced from May due to Trump tariffsTrump says he met with the Japanese delegation on tradeGoldman Sachs: Strong Asia session gold buying for 8 straight days; 4,500/oz a tail riskForexlive Americas FX news wrap 16 Apr: Fed Powell does not give in to easing hopesWhat United Airlines said about the strength of the US consumerPowell downplayed risk to Fed independence from Trump firings caseFinancial Times reports that Intel will need license to export AI chips to Chinese clientsUS stocks close lower but rally modestly into the closeTrade ideas thread - Thursday 17 April, insightful charts, technical analysis, ideas

Meanwhile, the yen weakened after Japan's Trade Minister Akazawa confirmed that foreign exchange policy was not discussed during the latest round of US-Japan trade talks. His remarks helped ease market fears that Japan’s currency practices would come under fresh scrutiny from the Trump administration. US officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, also participated in the meeting, with Trump reportedly reiterating that a deal with Japan remains a “top priority.” Trump weighed in with his concerns on militry costs. Japanese Prime Minister Ishiba struck a cautious tone in his news cnfernce addressing the talks, warning that negotiations ahead would not be easy.

Elsewhere in the region, New Zealand reported stronger-than-expected consumer price growth in Q1. Core and trimmed mean inflation measures, though, continued edging down to the Reserve Bank of New Zealand’s 2% target.

In Australia, the March jobs report delivered a partial rebound in employment following a soft February, though the gain fell short of expectations. February’s decline was revised lower. This data point shouldn't dissuade the RBA from a rate cut at its May 19-20 meeting.

This article was written by Eamonn Sheridan at www.forexlive.com.

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