It was a subdued session in Asia as traders looked ahead to Federal Reserve Chair Jerome Powell’s speech on Tuesday U.S. time. Major FX pairs traded in narrow ranges. Powell, who oversaw last week’s 25bp Fed rate cut, is expected to signal further easing before year-end.
Regional news and data were light. Japanese markets were closed for a holiday. Chinese equities dipped.
In Japan, the leadership race to succeed outgoing Prime Minister Shigeru Ishiba drew fresh comments from top contenders Sanae Takaichi and Shinjiro Koizumi.
Takaichi, known for her support of aggressive fiscal and monetary stimulus, said extra tax revenues should be used to ease the rising cost of living, adding that bond issuance may be needed if necessary. Koizumi, by contrast, stressed fiscal discipline, arguing that new spending should be funded by higher revenues and cuts to wasteful outlays. “Sound fiscal policy rests on solid economic growth,” he said.The Liberal Democratic Party will hold its leadership ballot on October 4.Asia-Pac stocks:
Japan (Nikkei 225) closed today
Hong Kong (Hang Seng) -0.9%
Shanghai Composite +0.5%
Australia (S&P/ASX 200) -1%
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