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AUD/JPY recovered from the previous session’s recent losses and was trading around 101.20 during early European trading on Monday. The upside in the AUD/JPY cross was attributed to the lower Japanese Yen (JPY) following the release of the Bank of Japan (BoJ) meeting minutes. Minutes from the Bank of Japan’s October meeting highlighted differences among policymakers over the timing of future interest rate hikes.
Some members of the Bank of Japan have expressed concerns about rising global economic uncertainty and market volatility, particularly concerns surrounding the depreciation of the yen. Still, the central bank hinted that it may raise its benchmark fiscal policy rate to 1% in the second half of fiscal 2025.
In Japan, Prime Minister Shigeru Ishiba’s cabinet resigned en masse at a special cabinet meeting of the Diet (parliament) on Monday morning. With the ruling coalition of the Liberal Democratic Party (LDP) and Komeito currently holding less than a majority in the House of Representatives, Monday’s vote is expected to pit Ishiba against Yoshihiko Noda, leader of the main opposition Constitutional Democratic Party. decisive victory in time.
The Australian dollar (AUD) is higher on concerns that Donald Trump is planning to impose tariffs on Chinese goods, although caution is generally seen as China is one of Australia’s largest trading partners, which may have a negative impact on the Australian market. Influence.
Further weighing on the Australian dollar were China’s latest stimulus measures, which fell short of investor expectations and dampened demand prospects from Australia’s largest trading partner. On Friday, China announced a 10 trillion yuan debt package aimed at easing financing pressure on local governments and supporting sluggish economic growth; however, the plan did not include direct economic stimulus measures.
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