- Data published by the Bank of Japan this Tuesday showed that the Services Producer Price Index (PPI) rose 2.9% YoY in October as compared to 2.6% in the previous month.
- This comes after last week's stronger consumer inflation figures from Japan and BoJ Governor Kazuo Ueda's hawkish remarks and keeps the door open for a December rate hike.
- BoJ Governor Kazuo Ueda has stressed the bank's readiness to raise interest rates again if inflation becomes driven more by robust domestic demand and higher wages.
- Meanwhile, investors have been scaling back their bets for another 25-basis-points rate by the BoJ in December in the wake of increased domestic political uncertainty.
- US President-elect Donald Trump said that he will charge Mexico and Canada a 25% tariff on all products coming into the US and will charge China an additional 10% tariff.
- Concerns about the economic impact of increased duties temper investors' appetite for riskier assets and drive some haven flows towards the Japanese Yen on Tuesday.
- The yield on the benchmark 10-year US government bond fell by the most since early August on Monday in response to Scott Bessent's nomination as the US Treasury secretary.
- Chicago Fed President Austan Goolsbee said on Monday that barring some convincing evidence of overheating, he foresees the central bank continuing to lower rates.
- Separately, Minneapolis Fed President Neel Kashkari said that it is still appropriate to consider another interest-rate reduction at the December FOMC policy meeting.
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