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Dollar rally slows on concern Trump's firing of FBI comey would delay Tax Reforms


Dollar rally lost some momentum as markets are concerned that US President Donald Trump's firing of FBI Director James Comey could delay his tax reform. In a controversial move, Trump abruptly fired Comey who oversaw an FBI investigation into Trump's tie with Russia during last year's election campaign. Trump's tax reform was originally targeted at approval by the Congress by August. It was already delayed after the healthcare act failure. Markets are concerned that there will be more distraction to Trump ahead and further slow down the progress on tax reforms.



BoJ might release calculations on impact of stimulus exit

BoJ Governor Haruhiko Kuroda said yesterday that BoJ might release the details of the study of stimulus withdrawal and the impact on its balance sheet. And he emphasized that "it is very important to explain in easy-to-understand terms how monetary policy could affect the BOJ's financial health". Regarding monetary policies, Kuroda said that he's "not thinking about changing the policy mix right now". And "the amount of our bond purchases may vary depending on financial market conditions at the time. But this has no implications for monetary policy going forward." Regarding the economy, Kuroda said that "while global economic growth is gaining momentum, various uncertainties remain".


In the summary of opinions of BoJ meeting, board members believed that current massive policy accommodations are warranted because of downside risks from overseas. Nonetheless, as export and production outlook improved, it was appropriate to raise economic assessment.


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