Is a BOJ Rate Cut on the Horizon?
The yen headed for its biggest gain in a month as traders scaled back expectations for fiscal stimulus and the intensity of the surge also set off declines in the U.S. dollar against major developed currencies. Japan’s currency strengthened against all of its 16 major peers after Japanese Finance Minister Taro Aso said Tuesday the government has yet to decide on the size of a fiscal stimulus package. The Nikkei newspaper reported on Tuesday that the plan would include 6 trillion yen ($57 billion) of new spending, although only about 2 trillion yen of that would be in a supplementary budget to be passed this year. BNP Paribas Senior Investment Strategist Daniel Morris discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."