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As Governor Glenn Stevens kept interest rates untouched at 12-year highs of 7.25%, the Reserve Bank of Australia validated expectations today. Stevens pointed out that while the position for inflation remains concerning, current monetary policy stays proper given expectations that demand will moderate this year.
The Tankan Survey indicated big decline in sentiment among large Japanese companies, both manufacturing and otherwise. In the sequel, the release’s headline indices fell less than economists expected. The release indicates that while companies are damaged by rising energy prices and fading US demand, they wait for weather the storm better than is otherwise estimated. Further indication of cautious optimism, large companies showed that they would increase spending on capital expansion by 2.4% this year, an upside revision to expectations of 2%.
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Posted on Jul-01-2008
