Market Highlight 18.09.2026

Inflation in Japan slowed for the first time in 4 months, mainly reflecting the impact of Government subsidies. Data released on Friday morning showed that the consumer price index excluding fresh food rose by 1,7% in August from the same period last year, easing from 1,8% in July. The result is unlikely to change the Bank of Japan’s (BOJ) decision to raise interest rates by 0,25% to 1,25% on Friday afternoon, particularly as inflation expectations continue to rise and the U.S Central Bank has just raised interest rates earlier this week. In addition, input prices faced by Japanese businesses increased by 7,6% in August from a year earlier, driven by high energy prices, a weak JPY, and a tight labor market. The market is currently pricing in around a 90% probability that the BOJ will deliver another rate hike before the end of this year.

U.S equities rose on Thursday, supported by lower Treasury yields and a second consecutive day of declines in global oil prices. The S&P 500 closed 1,1% higher, recording its first gain of the week, while the Nasdaq 100 rose by 1,7%. Both indices posted their strongest trading day in more than 6 weeks, recovering from Wednesday’s sharp sell-off after the FED raised interest rates for the first time since 2023. Brent crude fell by 1,6% on Thursday to 104 USD/barrel, while the U.S 10-year Treasury yield declined to 4,94% after reaching a high of 5,02% on Wednesday following the Federal Reserve meeting.

nterbank USD/VND rose to 26.045 early yesterday, influenced by the USD Index’s sharp 0,73% increase following the FED’s interest-rate decision on Wednesday night. The market then corrected lower toward the end of the day to 26.010. The SBV continued to raise the central rate by a further VND 6, lifting the effective daily ceiling to 26.913.

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