Brazil’s real steady in holiday – muted trading

Matthew Cowley – The Wall Street Journal, 11/16/2012

Brazil’s real opened stable on Friday morning, amid light trading volumes with many investors away due to holidays.

Global markets were also in something of a holding pattern as investors weighed up the feasibility of the radical monetary easing policy advocated by Japan’s main opposition leader, Shinzo Abe. After driving the dollar up on Thursday, there was a reevaluation underway on Friday.

Mr. Abe said Thursday that the Bank of Japan should employ “unlimited easing” to achieve a 2% to 3% inflation target. He also said the BOJ should look to cut the rate it pays on deposits from commercial banks that it holds, and raised the prospect of negative rates, effectively a fee, on such deposits.

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