BOJ's Tamura said inflation at 2% and called for rate hikes toward 2% neutral. Australia added 40,300 jobs but quality mixed. Dollar edged lower. Micron earnings lifted Asian tech.
Alpha Score of 49 reflects weak overall profile with strong momentum, weak value, weak quality. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
Bank of Japan board member Naoki Tamura delivered the session's most aggressive policy signal. He said underlying inflation has already reached 2% and called for rate hikes at intervals of a few months toward a neutral rate of around 2%. He warned the board should not hesitate to accelerate or move in larger increments if upside price risks intensify. The remarks reinforce the hawkish read from the June Summary of Opinions released Wednesday.
The yen was little changed. Traders said Tamura's comments validated the longer-term direction but did not shift near-term rate expectations; the next hike is expected at the earliest in September. The dollar edged marginally lower, with the DXY flat near 104.20. Major FX pairs were subdued.
Australia's May labour force print came in above the consensus headline with 40,300 jobs added. The unemployment rate ticked back to 4.4% from 4.1%. April was revised sharply to a loss of 40,700. Most of May's gain was part-time, and hours worked fell 1.1%. Household spending provided a hawkish offset, beating expectations with a 1.3% monthly gain and 5.5% annual growth across all nine categories, as detailed in Australia employment rebounds in May, jobless rate dips. The Reserve Bank of Australia is expected to hold rates at the August meeting. AUD was flat.
Iran's IRGC Navy rejected the Hormuz Strait transit framework proposed under Omani and IMO auspices, calling the route a serious safety risk. The language carries an implicit threat to commercial shipping, though the dominant market dynamic remains the steady increase in vessel traffic successfully transiting the strait. Crude oil futures posted a modest pop but gave back most of the gain. Oil traders said the rejection is a reminder of the risk premium but not a catalyst for sustained supply disruption.
Japanese and South Korean equities climbed, led by technology names after Micron's record earnings and guidance reignited conviction in the AI trade. The Nikkei rose 1.2% and the Kospi gained 1.1%.
Outside markets, a 7.1 magnitude earthquake, followed by a 7.5 sixty seconds later, struck north-central Venezuela, causing devastating damage across Caracas. A state of emergency is in effect, and the main airport and rail services have been suspended. The human toll continues to emerge.
Speaker Johnson meets President Trump at the White House at 2pm Eastern Thursday. The agenda includes debt ceiling negotiations and fiscal year 2025 appropriations.
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