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Quotes from Danske Bank:
-In Japan, the manufacturing PMI for July, on the other hand, was a mild disappointment. The index dropped to 50.5 from 50.8 in June, below our expectation of an unchanged index in July.
-This does not change our overall view that the pace of expansion in the Japanese economy does not warrant further monetary easing from Bank of Japan.
-However, if further easing should be needed, Bank of Japan stands ready to step in. That was the message from governor Kuroda who spoke this morning and further said that the central bank is only half way in achieving its price target.
