xfinity's winter watchlist. watch now with xfinity on demand- your home for the best entertainment this holiday season. caroline: good morning and welcome to "on the move." this is the morning brief. japan's road ahead. the bank of japan still plans to ease monetary policy. hit inillion euro fourth-quarter earnings. egypt decides. the new central bank governor puts pressure on ministers. we get a break decision later today -- we get a rate decision later today.

it is the day before christmas! we have shortened trading hours . in germany, italy, denmark, and switzerland it is already closed. the u.s. stock markets closed at 1:00 p.m. eastern time and 6:00 p.m. u.k. time. that is what we are watching this morning. let's check on the opening european markets. checking in on commodities first, though. oil is up for four straight days. the euro-dollar is 3/10 of 1% higher. dollar-yen has the dollar strengthened. the pound is running against the dollar at 1.49. ofcking in on the rest

commodities for you. up to tenths of 1%. the cac 40 is down by 2/10 of 1%. we had pretty strong gains yesterday. the s&p 500 is up 1/10 of 1%. let's get to brent crude oil. 8/10 of 1%. this week, the u.s. might be lifting that ban on exports. copper is down today. that is as we saw japanese stocks trade lower. in asia, we saw a rallies in hong kong and australia. in the what is happening show today. first up, we look at the prospects for the world's third

largest economy. japan's central bank will continue to ease the rate decision. a stock you may never have heard of, but wish you had bought. we are naming the biggest winners and losers of 2015. egypt wrestles over the rate decision. now, the bank of japan has said it does not intend to expand the program. it has the means to do so if it wishes. the boj still has options in pursuit of its 2% inflation target. all.am not pessimistic at

the unorthodox policies are working. at the last meeting policy makers indicated they are ready to deal with any post fed lift off situations. i think they still have policies they can pursue. tokyo.e: let's go out to what else has been said today? >> he was talking about the unwavering commitment to meet the 2% inflation target in japan. the inflation target is not an end in itself. he wants to see corporations invest in the technologies here at home and raise wages as well. and therefore, get people to spend. the concern is with low oil aices that obviously, is bonus for people, but when those oil prices go higher, they feel the need to cut other spending.

that will hurt growth. the inflation target becomes a really important part of the message from both the abe administration and the bank of japan. caroline: the make of japan is releasing minutes from its november policy meetings. are there any surprises because they have been tweaking the policy? jodi: from the november minutes, not a lot. there was a change from the month for policy was unchanged. we did see a lot of discussion about wage increases. we are concerned that companies that have been doing very well are not investing in wages. the wage talks have begun with the labor unions. that is something that came strongly from those minutes that the bank of japan is watching. they want to see those wages go up.

thank you, jodi schneider. meanwhile, let's extend this talk about japan. let's drink in the global income strategist. lobalt's bring in the g income strategist. performing jpmorgan remarkably bullish regarding the yen. >> with the bank of japan, it is easing further. it is pushing on a string at this point. they have weakened the currency. it is there a cheap. to 120.ne from 75

we have boosted profits for japanese companies in the process. what is the point of spending yen increasingly if you are not passing it on in wage growth? bit.is the difficult it is the third or fourth, or fifth arrow. trying to get it to work better to have him bunnies higher more people -- to have companies hired more people. and to get it into paypackets. i don't think there is much point moving significantly further. yen could go to 110-130, that i don't think it could stay there. that will threaten the recovery in japan enough. it is like an elastic. pullit slams back, you again.

caroline: what is the structure for the reforms to work? >> there is progress. progress is slow. you think of the great japanese companies you grew up with in electronics. i think there are good bits. tourism is a good bit. lots of people are going to find japan is a very interesting country, not just snowboarders. it has slown. caroline: we might see many more chinese tourists going up to japan. that has been the theme in 2015. kit: look at what the exchange rate has done in the past 10 years. japan has become very cheap relative to china. from the kit juckes societe generale.

we will be talking about where the yen will be going. what about the stocks you should have held this year, but you didn't? we will name of the stocks you have not heard of that you wish you bought. ♪

no caroline: welcome back to "on the move."

the cac 40 is lower. nejra: the bank of japan has monetary policy easing. suga spoke days after they announced the target. >> there is no mistake. japan is moving in the right direction. wages and the labor market continue to show improvement. the stock market will follow the meaningful improvement of the economy. with the effort the government is making, i am not worried about the market. kuroda says the boj

has unwavering determination to reach the 2% target. we had the biggest loss since june in the number of barrels. a number of drilling rigs fell. we have a reduction of fourth-quarter earnings of 900 million euros. out 45% of profits and dividends. paribas.hbnp caroline: you have been finding out all the stocks we should have owned and perhaps should not have. what were the winners and losers? started off with asset classes. ejra: starting with asset classes. i have been looking at the merrill lynch and corporate. it performed better than the

country index of stocks this year. in europe, the stock 600 outperformed the bloomberg eurozone sobran bond index. if you put your money in bonds, you might have been in a good position by the end of this year. in terms of where you would have lost, commodities. 25% this year, going for a fifth straight annual loss and the worst year since 2008. that is your asset classes. the best-performing stock index is venezuela. they are up 277%. inflation is running at more than 100% in venezuela and if you are a foreign investor, you have little chance of getting your money back. ukraine is down 55%. interestingly, i looked at the europe stock 600 to see what the

best and worst performers were. you have probably not heard of the best stock. it is called fingerprint card and it is up over 1000%. for itsd as the demand products grew. there is one analyst that follows this stock. even the analyst does not recommend buying. the worst performer on the stock 600 was the anglo american. it went down 76%. miners have suffered this year because of the commodity route. swiss franc was the best performer out of 16 major currencies. the best performer in terms of return is cocoa. the worst performer is nickel.

cocoa mightam sure get a bit of a boost over christmas. societe generale is still here. give us your premonition. is latin america going to be feeling the pain? kit: i am not sure we finished the commodity downturn. generally, one of the problems is it is the number of countries where the currency has gone down as the price of its main export has gone down. the domestic currency revenues held up. commodities,ot here is one example. the demand for china is not coming back next year to the degree it was if we don't get supply taken out of the market. there is a recipe for at least one more nasty overshoot if we are not lucky.

watch out for the aussie dollar and some of these latin american currencies. kit: brazil might have fallen. brazil has the loss of politics an economyough and that has been ravaged, but it has fallen. the other side of the story is commodities. one of the things that will happen next year is unlike other commodities, oil demand is slowly increasing globally. we have this massive lake of oil that we hear stories about. where we going to put it? we have a shorter downside risk. the overall picture is, oil supplies is going to slow and fall as we squeeze out some of the show producers and demand is going to recover. the most a beaten up oil

sensitive currencies. the russian ruble. caroline: if you have the risk appetite. dollar andcanadian the norwegian krone. i much prefer canada. it is not a trade for the first of january. read stories about excess supply floating around at the moment, but the long-term picture has demand taking up and supply is being corrected. most of the big producers produce in dollars, not south african rand. have centralo, we bank policies. who will be easing next year? will we see china, will we see the ecb do more? kit: there is more of a

chance of the ecb doing more than japan. i think that is more to come from them. as a minimum, it anchors the euro-dollar rate and will get them down to parity. for the second half of the year. there are a lot of central banks of thinking inflation will go back up at the beginning of the gear. not where i am sitting. is it the monster in the room in terms of uncertainty. there is widespread acceptance that the series of small adjustments in the currency we have seen will continue and we will get a modest, control depreciation at the same time of fiscal easing to continue the

soft landing of the economy while it three balances. in other words, all very controlled because no government or central bank has been so much in control. cross your fingers. history is not full of examples of central banks who manage an orderly depreciation. it is messy. messy could be pretty serious. caroline: kit will be staying with us. up next, decision day in cairo. we have the new governor of the central bank in egypt. the currency crunch that threatens a fragile recovery. ♪

caroline: welcome back to "on the move." the ftse 100 is trading higher and the cac 40 is trading lower. the bank of japan governor has reiterated the determination to rise to 2%. that was kuroda. the yenst prepare for to go below 100.

and $44.9 3.4% million. ay falls byiger's p that margin. you.ine: thank let's talk egypt. the central bank is due to make a decision on interest rates. the egyptian commodity is facing a foreign exchange crunch and political uncertainty. what do we expect from this decision? the delay seems to have been significant. reporter: we expect a decision to start with a likely delay last week. there is uncertainty and division among economists. will this keep rates unchanged

or raise them in an attempt to boost confidence in the currency. what made the meeting interesting is it will be the first decision made by the new governor. he made an unusual unprecedented move. the central bank cannot the cheapest price without the full coordination and commitment from the government. that includes fiscal consolidation and structural reform. the form of this is a council that includes the prime minister and the governor. they have brought in outside experts as well. they met last week. the statement that comes out, if it is going to provide any guidance on the exchange rate or inflation going forward. caroline: thank you very much, alaa. this is an interesting one for

you. seen egypt looking to the value. will we see more currencies have to do this, particularly related to oil? asthe pressure will grow long as the oil price remains as it is. many countries are facing huge budget problems. you may get it out of the ground butix dollars-$10 a barrel, if you have budgeted your economy on the basis of $50-$70 a barrel you have a huge deficit. many barrels of oil does it take to pay so many people, that is the problem. it is a political decision. bedi arabia is where we will watching. that will be a big signal. caroline: i am loving your

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