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UOB economists Enrico Tanuwidjaja and Vincentius Ming Shen highlight that Bank Indonesia is prioritizing Rupiah stability over rate moves, keeping the policy rate unchanged while tightening FX regulations.

BNY’s EMEA Macro Strategist Geoff Yu observes that EM APAC remains the best-held equity region globally despite sharp swings and sector-specific risks such as semiconductors’ helium exposure.

USD/JPY posted solid gains of nearly 0.40% on Wednesday after the Federal Reserve (Fed) kept interest rates steady, hinting at just one rate cut in 2026. At the time of writing, the pair trades at around 159.60, remaining volatile.

The Bank of Japan (BoJ) is expected to leave its benchmark interest rate unchanged at 0.75% at the end of its monetary policy meeting on Thursday, adopting a cautious stance as the Iran war-related spike in energy prices adds uncertainty to the economic and inflation outlook.

MUFG’s Senior Currency Analyst Michael Wan argues that Vietnam faces a stagflationary shock if Strait of Hormuz disruptions persist, with higher Oil and energy costs hitting growth and lifting inflation.

Here is what you need to know for Thursday, March 19:

The Federal Reserve (Fed) left its policy rate unchanged at 3.50% to 3.75%, but the overall message from both the statement and Chair Jerome Powell’s press conference leans firmly towards patience rather than any imminent pivot to easing.

At the post-meeting press conference, Fed Chair Jerome Powell explained why policymakers decided to keep interest rates unchanged following the March meeting and took questions from reporters on the decision.

HSBC’s China macro team reviews January–February 2026 data and the latest National People’s Congress outcomes, highlighting a GDP growth target of 4.5–5.0% for 2026.

USD/JPY posted solid gains of nearly 0.40% on Wednesday after the Federal Reserve (Fed) kept interest rates steady, hinting at just one rate cut in 2026. At the time of writing, the pair trades at around 159.60, remaining volatile.