​EBC Markets Briefing | Yen gains from market rout; Bitcoin breached $100,000

The safe-haven Japanese yen and dollar garnered demand on Wednesday following aggressive risky assets selloff. Trump said he would not be extorted by Democrats, leaving government to reopen government.

A growing number of policymakers at the BOJ believed that conditions were falling into place for interest rates to rise, with two members in favour of an immediate increase, the September's meeting minutes showed.

The minutes highlight a growing momentum within the board towards resuming rate hikes as concerns recede that higher US tariffs could derail Japan's fragile economy.

PM Takaichi said on Tuesday the country has yet to achieve sustainable inflation accompanied by wage gains, signalling her preference for the central bank to go slow in raising interest rates.

Burt core inflation in Tokyo accelerated in October and stayed above the 2% target, data showed on Friday, suggesting companies were slow in passing through rising labour costs.

The country's factory sector faced its fourth month of output declines and rapidly shrinking demand, but manufactures still see hope for recovery on the horizon.

The yen slumped after moving close to the resistance at downward tendline, but the short-term outlook remains slightly positive. A push above 153 per dollar is more likely than not.

Asset recap

As of market close on 4 November, among EBC products, Berkshire Hathaway shares led gains. Buffett's company reported a sharp rebound in operating profit, while its cash pile swelled to a new high with no buybacks.

After a months-long rally driven by investor optimism and strong policy backing, Intel's stock has stumbled, testing the market's confidence in its ambitious turnaround plan.

Bitcoin dropped below $100,000 for the first time in months. The weakness extends declines that began after what is now called the crypto market's Black Friday in the middle of last month.

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