The US Federal Reserve has downplayed the possibility of a rate hike as its next policy move. Its focus is on how long it should maintain the current target range for the fed funds rate, and the next move is still likely to be a cut. In Asia, Chinese policymakers have signalled more policy easing to prop up the ailing property market. The market still expects the Bank of Japan (BoJ) to raise interest rates, but uncertainty about Japan’s growth and inflation outlook and the yen’s weakness have constrained expectations of how far the BoJ could go.

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