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Ringgit Trades Near One-Week High on Japan Stimulus Speculation

Malaysia’s ringgit traded near a one-week high on speculation Japan will step up monetary easing, spurring demand for emerging-market assets.

Japan’s Liberal Democratic Party reclaimed power in an election yesterday and its leader, Shinzo Abe, has called for unlimited asset-purchases by the Bank of Japan to revive economic growth. Malaysia’s government bonds fell before a Dec. 19 report that is forecast to show inflation accelerated to 1.4 percent in November from 1.3 percent in October, according to the median estimate in a Bloomberg survey.

“People are expecting the LDP to be more aggressive with the monetary policy and that’s positive for capital markets,” said Lam Chee Mun, a fund manager at TA Investment Management Bhd. in Kuala Lumpur. “The Malaysian currency will likely trade in a tight range for the rest of the week.”

The ringgit was at 3.0575 percent as of 4:33 p.m. in Kuala Lumpur, compared with 3.0573 on Dec. 14, according to data compiled by Bloomberg. It touched 3.0500 earlier, approaching a one-week high of 3.0417 on Dec. 13. One-month implied volatility, a measure of exchange-rate swings used to price options, held at 4.19 percent.

The yield on the 3.418 percent bonds maturing in August 2022 was little changed at 3.52 percent, according to Bursa Malaysia.

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