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The Bank of Japan yesterday announced its latest stimulus package by increasing its asset-buying plan from the previous rate of ¥60 trillion-¥70 trillion to ¥80 trillion (Bt23.35 trillion) per year, due to weak growth and low inflation.

The BOJ’s stimulus move was widely expected, but the timing surprised the market since it came so soon after the US Federal Reserve’s decision to terminate its quantitative-easing (QE) policy on Thursday.

The Stock Exchange of Thailand Index, meanwhile, rose 18.81 or 1.2 per cent to close at 1584.16 points yesterday, with a trading value of Bt47.565 billion.

Kulaya Tantitemit, executive director of the Macroeconomic Policy Bureau at the Fiscal Policy Office, said on Thursday that the US Fed’s decision to end its QE programme would cause global funds to flow back to the US, which would contribute to a weaker baht from the strengthening of the US dollar.

However, Japan’s QE programme will bring back cash flow, and these factors will contribute to volatility in global fund flow next year, said Kulaya.

 

Bid to boost savings by Bangkokians

The Stock Exchange of Thailand (SET) has joined hands with the Bangkok Metropolitan Administration (BMA) and nine commercial banks to organise the “Bangkok Savings & Investment Fest 2014” project, encouraging Bangkokians to map out financial planning through savings and investment. 

The SET and partners will promote financial literacy and lay solid financial-planning ground, paving the way for an enhanced economy in coping with an ageing society efficiently in the coming years. 

SET and nine leading banks are collaborating to provide savings education and investment know-how to residents and working people in downtown Bangkok, covering Pratunam, Rama I, Ratchaprasong, Asoke and Silom. The BMA and its 17 family savings management centres will initiate services and activities involving the savings concept during the month. 

 

Indonesian named CEO of Credit Suisse

Credit Suisse has announced the appointment of Helman Sitohang as CEO Asia-Pacific, based in Singapore, a role that will be in addition to his existing position as head of the Investment Bank for Asia Pacific. Sitohang has been instrumental in the success Credit Suisse has achieved in Asia-Pacific, particularly in the Investment Bank and in Southeast Asia, said the Swiss bank.