Shares swung between gains and losses; Boral board rejects Seven takeover bid; KMD Brands blames weak consumer sentiment for declining sales; Reserve Bank cash rate decision this afternoon. Follow updates here.
Asian equities slipped before a Bank of Japan policy decision where authorities are likely to bring an end to the world’s last negative rates regime. A gauge tracking the region’s benchmarks declined, led by tech stocks in Hong Kong and South Korean equities, which both fell over 1%. In Japan, shares were mixed as BOJ watchers see a chance of authorities exiting sub-zero rates on Tuesday, with the nation expected to enact its first interest rate hike in 17 years.
Bank officials are also considering ending their buying of exchange-traded funds and real estate investment funds, according to people familiar with the matter. Traders betting on the BOJ outcome boosted their positions in yen futures to the highest since 2007. “First off, they’re going to engineer a dovish hike,” Yue Bamba, head of Japan active investments at BlackRock Inc., said on the BOJ on Bloomberg Television.
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