MARKET CURRENTS

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EWJ, NKY

2:50 AM Asian stocks are heavily down, and Japan is the big loser of the bunch, sinking 2% on BOJ inaction, a widening trade deficit and the never-ending eurozone drama. Hong Kong -1.3%. China -0.6%. India -0.9%. Comment!
2:48 AM The Bank of Japan keeps its monetary policy unchanged, leaving rates in the 0-0.1% band and holding asset purchases steady at a total of ¥70T ($880B). Analysts expect an increase in asset purchases to come soon, either during a meeting next month ahead of Greek elections, or in July, when the bank gives its updated inflation forecast. Comment!
2:38 AM Japan's trade deficit widened to ¥520.3B ($6.5B) in April from a shortfall of ¥84.5B in March, as exports rose a less-than-expected 7.9%. Finmin Jun Azumi calls for the Bank of Japan to "take appropriate steps in a timely manner;" analysts believe BOJ may boost asset purchases in the coming months. Comment!

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