2018Feb

FC: ASIAN CLOSING REPORT : MONDAY – 12TH – MARCH – 2018 March 12, 2018 at 05:49AM

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Asian cash equity markets gained on Monday (S&P/ASX +0.5 %, SHANGHAI COMPOSITE +0.6 %) following strong gains on Wall Street Friday. Japan’s Nikkei 225 (+1.7 %) outperformed the other major indices throughout the morning but pared some of its gains after NHK reported Japan’s Finance Ministry will admit to parliament that alterations were made to documents on a controversial state land deal. Following the headline, Japan’s Chief Cabinet Secretary Suga said Finance Minister Aso should take charge of investigation into land sale issue that is ongoing, while Kyodo, citing a government source, said the name of Japanese PM Abe’s wife was removed from related documents to controversial land sale. Usd/Jpy fell to session lows on the news as risk sentiment was partially dented. Data wise, Japan’s BSI large manufacturing rose 2.9% q/q in Q1, while all industry climbed 3.3% q/q. In other news, the PBoC set the yuan mid-point at 6.3333 against the Dollar and injected 50 Bln yuan via 7-day reverse repos and 40 Bln yuan via 28-day reverse repos.

Key Headlines:

* Japan BSI Large Data Q/Q (Q1)

Manufacturing +2.9%, previous +9.7%

All Industry +3.3%, previous +6.2%

* The PBoC set the yuan mid-point at 6.3333 against the Dollar

The PBoC injected 50 Bln yuan via 7-day reverse repos

The PBoC injected 40 Bln yuan via 28-day reverse repos

* NHK: Japanese Finance Ministry to admit document changes in Diet

Japan’s Finance Ministry will admit to the Diet on Monday that alterations were made to documents on a controversial state land deal.

* Japan Chief Cabinet Secretary Suga said Finance Minister Aso should take charge of investigation into land sale issue that is ongoing, adding they are to report on suspected cronyism case to parliament this afternoon.

* Kyodo, citing a government source, says name of Japanese PM Abe’s wife was removed from related documents to controversial land sale

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