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End of regular policy meeting today , Bank of Japan ( BOJ ) is committed to maintain the asset purchase program at 60-70 trillion yen per year ( equivalent to about 700 billion dollars ) . BOJ Governor Kuroda said Japan's inflation is currently at 1% and loose monetary policy will continue to be maintained until inflation reaches 2 % target . According to Hideo Kumano , an economist at Dai- ichi Life Research Institute and a former BOJ official , the yen slid after cuts announced quantitative easing program by the Fed will support the sales tax increase Japan 's government in April next year . |
However, the BOJ also said the impact of the consumption tax increase policy , the Japanese economy is expected to continue to recover at a moderate level and growth rate can be decreased after the tax increase was applied policy month of 4/2014 .
TOWARDS ESTABLISHING THE EUROPEAN UNION BANK
European leaders began a summit meeting lasts two days from yesterday (19 /12) for signing the coalition agreement the bank. It is expected that this will be a unique monitoring system for banks in the euro area and can provide financial support if needed .
Union Bank is considered necessary to restore the confidence of investors in the eurozone after that weak banks caused by the impact of the financial crisis .
WORLD GOLD PRICES DOWN THE LEAST 3 YEARS OF RELIGIOUS
Gold prices fell more than 30 USD in session yesterday and is now near its lowest level in the last 3 years shall be established in June . Experts said that this sharp decline is the result of gold from selling activities of investors after Fed QE3 announced cuts of $ 85 billion to $ 75 billion per month today 18/12 .
The gold price is currently facing pressure from all sides . Fed QE3 means cutting the amount of money pumped into the market was not as big as before , and this is a big disadvantage factor for gold . In addition, low inflation , a stronger dollar , the economic recovery and the stock market to the point that other factors caused investors no longer want to hold gold .
Today, the largest gold trust fund SPDR Gold Trust the world with a net sale of 3.9 tonnes of gold , while reducing the volume of 808.7 tons of gold holdings . From the beginning of next week now , this fund have been net sellers , with total sales up to 18.9 tonnes of gold .
Some experts said that , on the technical aspects of this sharp decline of gold is opening up opportunities for a rally . However , most analysts believe that gold prices will not have a positive outlook in the short term . With the key support level of 1.200 USD / ounce , the gold price fell further risk .
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