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Market Daily Report: Bursa Malaysia Ends Higher, Extends Gains On Improving Sentiment After US Tariff Update

KUALA LUMPUR, Feb 23 (Bernama) -- Bursa Malaysia ended the first trading day of the week higher, maintaining its momentum from last week amid improving investor sentiment following the latest United States tariff announcements. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.15 points, or 0.29 per cent, to 1,757.98, compared with Friday’s close of 1,752.83. The benchmark index had opened 4.14 points higher at 1,756.97, and moved between 1,752.48 and 1,760.03 throughout the trading session. The broader market was positive, with gainers outpacing losers 584 to 520, while 537 counters remained unchanged. A total of 1,139 counters remained untraded and 24 were suspended. Turnover widened to 2.47 billion units worth RM2.65 billion compared to 2.03 billion units worth RM2.20 billion last Friday.
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BOJ Could Hike in March If Yen Slides Again, Says Former Policymaker

Quick Summary

  • Bank of Japan may raise rates as early as March if the yen weakens further

  • Weak currency has become a political headache due to rising import costs

  • Markets already price a ~70% chance of a hike by April

  • Policy rate could rise to 1.75% by 2027, according to former board member

What’s Happening

The Bank of Japan could move sooner than expected on interest rates if the yen resumes its slide, according to former board member Makoto Sakurai.

Japan’s next policy meeting is scheduled for March 18–19, around the same time Prime Minister Sanae Takaichi is expected to meet US President Donald Trump in Washington.

Why the Yen Matters

  • The yen has fallen about 8% since Takaichi took office in October

  • It hit an 18-month low of 159.45 per dollar in January

  • Currently trading around 155 per dollar, still significantly weaker than last year

A weak yen:

  • Pushes up imported fuel and food costs

  • Adds to household inflation pressures

  • Creates political strain ahead of US-Japan talks

Sakurai noted that currency intervention offers only temporary relief, and that a rate hike would be a more effective tool to stabilise the yen.

Policy Outlook

  • Current policy rate: 0.75% (30-year high after hikes in 2024)

  • Inflation has remained above the 2% target for nearly four years

  • Majority of economists expect rates to reach 1% by end-June

Sakurai suggested:

  • The BOJ could hike twice in 2026 and twice in 2027

  • Policy rate may eventually rise to 1.75%, considered a neutral level

However, faster hikes risk stressing regional banks and small businesses, potentially triggering bankruptcies.

Market Implications

  • Markets see roughly a 70% probability of a hike by April

  • A March move would signal greater urgency tied to currency weakness

  • Higher Japanese rates could:

    • Support the yen

    • Lift JGB yields

    • Pressure global carry trades

Bottom Line

The yen is now driving BOJ timing more than inflation alone.
If currency weakness intensifies ahead of the US-Japan summit, the BOJ may choose to act early — even if April would normally make more policy sense.

For markets, that means FX volatility could dictate monetary policy speed, not just domestic economic data.

Key Takeaways

  • Yen weakness raises odds of a March rate hike

  • BOJ may gradually lift rates toward 1.75% neutral level

  • Faster tightening carries financial stability risks

  • Currency moves are now central to Japan’s policy decisions

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