Asia Market Movers: RBA's hawkish Harper hints herald hike

Tuesday, 02 Jun, 2026 Central Banks RBA's hawkish Harper hints herald hike Reserve Bank of Australia board member Ian Harper said stronger-than-expected domestic demand and the return of capacity constraints have reopened the output gap, prompting markets to price in policy Forex Tokyo and Washington closely monitoring forex markets together, finance minister confirms Japan's Finance Minister Katayama declined to comment on FX intervention, flagging oil market volatility and close coordination with Washington as Tokyo signals readiness to act. Summary: Source: Japa Learn more Central Banks PBOC is expected to set the USD/CNY reference rate at 6.7720 – Reuters estimate The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch News Japan eyes sales tax cut from 2027 but bond market (and yen!) risks loom large Japan is considering cutting its 8% food sales tax to 1% from April 2027 for two years, the Mainichi reported, with the timeline designed to support PM Takaichi ahead of municipal elections. Summary: Central Banks RBNZ risks crushing already weakened economy to contain oil-driven inflation Kiwibank warn Kiwibank now expects the RBNZ to begin hiking in July after a 3:3 split vote, warning the central bank risks overtightening into an economy still scarred by recession. Summary: The RBNZ held the OCR a Commodities Commerzbank lifts Brent to $90 on Hormuz closure, no return to pre-war prices Commerzbank (note from Friday) raised its Brent forecast to $90/bbl by end-September and $85 by year-end, up from $80 for both, citing Hormuz closure, inventory draws and a slow Gulf output recovery. Central Banks South Korea May 2026 inflation data higher than expected, keeps BoK on hike alert South Korea May 2026 CPI: +0.5% m/m expected +0.3%, prior +0.5% +3.1% y/y expected +3.0%, prior +2.6% Core CPI +2.5% y/y prior +2.2% Commodities Israel PM contradicts Trump, will continue operating against Hezbollah in Southern Lebanon Once again Trump's credibility gap is affirmed: claimed he had personally brokered a halt to hostilities between Israel and Hezbollah Israeli Prime Minister Benjamin Netanyahu response, No. Learn more Commodities Trump says Hormuz deal is "looking good" but his credibility gap keeps markets on edge Trump said he brokered a halt to Israel-Hezbollah fire and expects an Iran deal to reopen the Strait of Hormuz within a week, though markets remain deeply sceptical of his conflict timeline. Summary:

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