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Asia's market spotlight on Friday falls on the Bank of Japan's policy announcement, as the cat-and-mouse game of when or if Tokyo intervenes in the currency market continues, and investors digest the latest U.S. mega tech earnings reports.The BOJ decision and guidance from Governor Kazuo Ueda top the regional calendar, which also includes Tokyo consumer price inflation for April, producer price inflation from Australia and industrial production from Singapore.
Risk appetite was dealt a heavy blow on Thursday by surprisingly high U.S. inflation and soft GDP growth numbers, and the leap in bond yields to new highs for the year will do little to improve the mood in Asia and across emerging markets. But the yen's slide to a fresh 34-year low against the dollar means Ueda will have to walk a delicate line in maintaining a steady, calibrated path to exiting ultra-easy policy while at the same time addressing the huge pressure bearing down on the currency.
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