Oil prices have continued to rise, as Brent crude futures hit a seven-year high. With a recovery in demand and some OPEC countries struggling to meet their demand has sent prices surging so far this year.
Major indexes across the Asia-Pacific region erased earlier gains as their momentum slowed. This follows a quiet day on Wall Street with US markets closed for Martin Luther King Day.
Japan’s central bank left its short interest rate target unchanged at -0.1%, in line with market expectations and advised it will purchase a necessary amount of government bonds. The central bank also raised its inflation expectations by 0.2%, as the Yen weakens against the majority of its peers.
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