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Ringgit Rebounds as Bank of Japan Stimulus Boosts Risk Appetite

Malaysia’s ringgit advanced, reversing an earlier decline, after the Bank of Japan announced more stimulus to counter slowing growth, boosting demand for riskier assets.

The BOJ’s asset-purchase fund will be increased by 11 trillion yen ($138 billion) to 66 trillion yen, the central bank said in Tokyo today, hours after a report showed the biggest decline in Japanese industrial output since last year’s earthquake. Bank Negara Malaysia will consider inflation and the global economic outlook before its next review of interest rates on Nov. 8, Governor Zeti Akhtar Aziz told reporters in Kuala Lumpur today.

“It adds further stimulus into the whole global system and the immediate reaction is riskier currencies will get a further boost,” said Saktiandi Supaat, head of foreign-exchange research at Malayan Banking Bhd. in Singapore.

The ringgit gained 0.4 percent to 3.0512 per dollar as of 4:16 p.m. in Kuala Lumpur, according to data compiled by Bloomberg. It touched 3.0640 earlier, near the one-week low of 3.0687 reached on Oct. 24. One-month implied volatility, a measure of exchange-rate swings used to price options, fell 15 basis points, or 0.15 percentage point, to 5.80 percent.

Malaysia’s economic challenge is to cut its fiscal deficit, International Trade and Industry Minister Mustapa Mohamed told a conference in Singapore last week. The government aims to reduce the budget shortfall to 4 percent of gross domestic product next year from 4.5 percent in 2012, Prime Minister Najib Razak said in his annual budget speech to parliament on Sept. 28.

Government bonds were little changed. The yield on the 3.314 percent notes due October 2017 held at 3.24 percent, according to Bursa Malaysia.

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