Talks to avoid a U.S. fiscal crisis stalled on Wednesday as President Barack Obama accused opponents of holding a personal grudge
against him while the top Republican negotiator called the president
"irrational."
The Bank of Japan delivered its third dose of monetary stimulus in four months on Thursday in a prelude to more
aggressive action next year, as it faces intensifying pressure from the
country's next leader for stronger efforts to beat deflation.
The yen languished near 20-month lows against its U.S. peer on Thursday, but trading was choppy in thin conditions with yen bears possibly
suffering a case of cold feet as the Bank of Japan's policy decision loomed.
The Bank of Japan has already shown its readiness to
keep an ultra loose monetary policy but stressing its
resolve to ease "unlimitedly" would make a difference, a senior
Liberal Democratic Party (LDP) official said on Thursday.
Asian shares retreated from near 17-month highs on Thursday and commodities fell as negotiations to avert a U.S. fiscal crunch turned
to personal taunts, putting at risk a timely solution as well as the health of
the world's largest economy
U.S. stocks
sold off late in the day to close at session lows on Wednesday as talks to avert a year-end fiscal crisis turned sour, even
as investors still expect a deal.
Asia’s
benchmark equities index has risen about 14 percent this year as central
banks from the U.S., Europe, Japan and China took action to spur
economic growth
The gauge traded at 14.7 times average estimated earnings compared with 13.8 for the Standard & Poor’s 500 Index and 12.8 times
for the Stoxx Europe 600 Index, according to data compiled by Bloomberg
Australia’s government
said it’s unlikely to deliver a pledged budget surplus this fiscal
year as weaker growth and a strong local currency curb tax receipts, a setback
for Prime Minister Julia Gillard
before an election due in late-2013.
Oil fell from the highest level in two months in New York on speculation its four-day gain was exaggerated as budget negotiations faltered in the
U.S., threatening the economy of the world’s biggest crude user.
Australian stocks advanced on Thursday, building on highs not seen since July 2011. The S&P/ASX 200 index edged up 0.1%
to 4621.50, with most sectors trading higher.
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