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BusinessAFP NewsBank of Japan leaves key interest rate unchanged
The Bank of Japan left interest rates unchanged on Friday, but governor Kazuo Ueda said further hikes remain on the cards if the economy grows as predicted.BoJ boss Ueda told reporters that "the economy is recovering moderately, although there are some signs of weakness", adding that the bank would continue to raise interest rates if the economy grows in line with its outlook.
BusinessAFP NewsAsian markets track Wall Street record to extend global rally
Asian markets rose Friday to build on the latest global rally after a jumbo US interest rate cut this week, while the yen reversed earlier gains after the Bank of Japan decided against another hike.The yen strengthened to 141.74 per dollar after the BoJ announcement, but later reversed to hit 143.77 in afternoon Asian trade.
BusinessReutersIndian firms use currency swaps to lower borrowing costs as Fed rate cuts kickoff
Indian firms are opting for cross-currency swaps to convert part of their rupee debt into dollars in an attempt to trim borrowing costs as U.S. interest rates decline, six bankers told Reuters. The Federal Reserve began easing with a larger-than-expected 50 basis point rate cut on Wednesday and is projected to reduce borrowing costs by a total of 200 bps over the next 15 months, as per the central bank's forecast. Two Indian conglomerates, a local unit of a global investment firm, and a renewable energy company recently used cross-currency swaps to convert rupee liabilities into dollars, a banker at a foreign bank said.