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(CEP News) - The Reserve Bank of Australia will set its target interest rate next week, marking the key economic event in the Asia-Pacific region. In Japan, markets will be listening to see if Bank of Japan board member Atsushi Mizuno hints at any future quantitative easing action when he speaks on Wednesday.
The Reserve Bank of Australia is expected to cut its target rate by a sharp 100 basis points to 3.25% on Tuesday (Monday night EST). The bank delivered 300 basis points in cuts during the last months of 2008. "Driven primarily by the raft of very poor global, and especially Asian data in recent weeks, we expect the RBA to deliver another bold 100bp cut next week and wouldn't rule out a 125bp cut," said Su-Lin Ong, economist with RBC Capital Markets. Last week, the Reserve Bank of New Zealand cut rates by 150 basis points against expectations for a 100 basis point cut. Later in the week, Australia's retail sales report is expected to reveal anemic 0.3% growth for December. In Japan, Bank of Japan board member Atsushi Mizuno will speak in Gifu City in south-central Japan. With the target rate at a low of 0.10%, the BOJ is now being watched closely for introductions of further quantitative easing measures. At its meeting last week, the BOJ announced intentions to buy Japanese government bonds, commercial paper and floated the idea of also buying corporate bonds. The central bank said "uncertainty is high" regarding the outlook for the economy. Record-breaking drops in both production and exports for December were recently revealed. All times in EDT. Sunday 16:45 NZ Labor Cost Private Sector Q/Q 4Q Exp: +0.9% Prior: +1.1% 16:45 NZ Private Wages ex Overtime Q/Q 4Q Exp: +0.8% Prior: +1.2% 16:45 NZ Average Hourly Earnings Q/Q 4Q Exp: +0.5% Prior: +1.1% 17:30 AU AiG Performance of Mfg Index January Prior: +33.7 18:30 AU TD Securities Inflation M/M January Prior: -0.2% 18:30 AU HIA New Home Sales M/M December 18:30 AU TD Securities Inflation Y/Y January Prior: +2.2% February 01-05 JP Official Reserve Assets January Prior: +$1030.6B 19:30 AU House Price Index Q/Q 4Q Exp: -1.0% Prior: -1.8% 19:30 AU House Price Index Y/Y 4Q Exp: -2.4% Prior: +2.8% February 01-05 CN Wholesale Prices Y/Y December Prior: -0.4% February 01-05 CN Leading Index December Prior: +96.76 February 01-05 CN Purchasing Price Index Y/Y December Prior: +4.7% February 01-05 CN Coincident Index December Prior: +97.67 21:30 CN CLSA Manufacturing PMI January Prior: +41.2 Monday 00:00 JP Vehicle Sales Y/Y January Prior: -22.3% 00:30 AU RBA Commodity Index SDR Y/Y% January Prior: +34.4% 18:50 JP Monetary Base Y/Y January Prior: +1.8% 19:30 AU Trade Balance December Exp: +1050M Prior: +1448M 20:30 JP Labor Cash Earnings Y/Y December Exp: -1.5% Prior: -1.9% Revised: -0.7% 22:30 AU RBA Interest Rate Decision Exp: +3.25% Prior: +4.25% Tuesday 16:45 NZ Visitor Arrivals December Prior: +0.8% 17:30 AU AiG Performance of Service Index January Prior: +39.3 19:30 AU Retail Sales Trend M/M December Exp: +0.3% Prior: +0.1% 19:30 AU Retail Sales M/M (SA) December Exp: +1.0% Prior: +0.4% 19:30 AU Building Approvals M/M December Exp: +2.0% Prior: -12.8% 19:30 AU Building Approvals Y/Y December Exp: -29.7% Prior: -34.7% 20:00 CN PMI Manufacturing January Prior: +41.2 21:00 NZ ANZ Commodity Price January Prior: -7.4% Wednesday 16:45 NZ Unemployment Rate 4Q Exp: +4.6% Prior: +4.2% 16:45 NZ Participation Rate Q/Q 4Q Exp: +68.4% Prior: +68.7% 16:45 NZ Employment Change Q/Q 4Q Exp: -0.7% Prior: +0.1% 16:45 NZ Employment Change Y/Y 4Q Exp: -0.7% Prior: +1.0% 18:50 JP Foreign Buying Japan Bonds 30-Jan Prior: -¥92.5B 18:50 JP Foreign Buying Japan Stocks 30-Jan Prior: -¥376.3B 18:50 JP Japan Buying Foreign Stocks 30-Jan Prior: +¥90.7B 18:50 JP Japan Buying Foreign Bonds 30-Jan Prior: +¥54.2B 20:30 JP BOJ Board Member Atsushi Mizuno to Speak in Gifu City Thursday 17:30 AU AiG Perf of Construction Index January Prior: +32 19:30 AU Reserve Bank Quarterly Monetary Policy Statement 00:00 JP Leading Index CI December Preliminary Exp: +79 Prior: +81.3 00:00 JP Coincident Index CI December Preliminary Exp: +92.3 Prior: +94.9 00:30 AU Foreign Reserves January Prior: +47.5B Friday No data releases scheduled By Megan Ainscow,
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, edited by Stephen Huebl,
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