The APAC market on January 9, 2026, is characterized by mixed but cautiously optimistic sentiment. Equity futures show sideways drift with no clear direction, while the mid-term trend for global equities remains bullish. Geopolitical developments, especially related to Venezuela, and a busy economic calendar are influencing price movements across asset classes.
The Japanese yen has been notably weak today, experiencing significant declines against major currencies, while the Australian dollar, British pound, and U.S. dollar show strong intraday momentum. Copper has surged approximately 10% over the past two days, marking it as a standout commodity, while oil prices continue to rise. Gold, conversely, is under pressure and losing ground in the current session.
The Japanese yen is the weakest currency in the APAC region today. Key economic data from Japan shows a 2.3% year-on-year decline in the Tokyo Consumer Price Index (CPI), below expectations, and a 2.6% month-on-month drop in industrial production, indicating economic softness. Retail sales rose slightly by 1% year-on-year, but the services PMI fell to 51.6, signaling a slowdown in the services sector.
The US dollar has strengthened against the yen for four consecutive sessions, reaching 157.46, near the Japanese government's intervention zone (157-160). The Bank of Japan (BoJ) is monitoring the situation closely, with potential intervention to stabilize the yen if volatility persists.
Household spending in Japan surged by 6.2% in November, intensifying speculation about BoJ rate hikes. However, wage growth remains weak at 0.5% year-on-year, raising concerns about the sustainability of consumer spending. The BoJ Governor has indicated possible further rate hikes if economic conditions warrant.
Technical indicators for USD/JPY show moderate positive momentum with RSI around 60, but the outlook remains cautious due to mixed economic signals and potential BoJ interventions capping gains near 158.
The yield gap between Japanese government bonds and US Treasuries has narrowed, with 10-year JGB yields at about 2.088% and US 10-year Treasury yields at 4.175%, suggesting shifts in carry trade dynamics.
Several key APAC instruments show varied technical signals as of January 9, 2026:
These mixed signals suggest selective opportunities in APAC equities and commodities, with a need for cautious positioning.
Copper has been the standout commodity in the APAC region, surging about 10% over the past two days, driven by strong demand and supply considerations. Oil prices continue their upward trend, supported by geopolitical developments, though recent news from Venezuela has introduced some supply concerns.
Gold is under pressure, losing ground amid stronger risk appetite and rising yields in other asset classes.
Equity indices in the APAC region show mixed performance with futures drifting sideways. The DAX index in Europe had a strong performance recently, while U.S. indices have been sluggish, indicating some divergence. The overall mid-term trend for global equities remains bullish, supported by institutional demand and positive seasonal factors.
The APAC market on January 9, 2026, is navigating a complex environment with mixed economic data, geopolitical influences, and varied technical signals across instruments. The Japanese yen's weakness and potential BoJ interventions are key factors to watch. Commodities like copper and oil are showing strength, while gold faces headwinds. Equity markets remain cautiously optimistic with a bullish mid-term outlook.