The Bank of Japan's interest-rate decision, which moves the yen and the money the world borrowed in it.
Next release: Oct 30, 2026 Asia/Tokyo
The reads below are for when the Bank of Japan sounds more hawkish than expected. Expect the opposite when the Bank of Japan sounds more dovish than expected.
Sectors
TechnologyUsually hurtsInvestors who borrowed cheap yen to buy US tech stocks sell them first when Japan raises rates.
Communication ServicesUsually hurtsGrowth-priced names are the first thing yen borrowers sell.
Consumer CyclicalUsually hurtsA jump in the yen forces investors who borrowed it cheaply to sell what they bought with it, US stocks included.
Financial ServicesUsually hurtsA jump in the yen forces investors who borrowed it cheaply to sell what they bought with it, US stocks included.
IndustrialsUsually hurtsA stronger yen makes Japanese rivals dearer, which helps a little; the sell-off usually wins.
Basic MaterialsLittle effectLittle direct link.
Consumer DefensiveLittle effectLittle direct link.
EnergyLittle effectLittle direct link.
HealthcareLittle effectLittle direct link.
Real EstateLittle effectLittle direct link.
UtilitiesLittle effectLittle direct link.
Where each sector’s relative strength sits this week is on the rotation board.
Industries that behave differently from their sector