Published at 03:18 (GMT) 22 Oct
Channel News Asia: GIC has acquired the office component of Pacific Century Place Marunouchi in Tokyo, Singapore's sovereign wealth fund announced in a press release on Tuesday (Oct 21).
While GIC did not announce the cost, Reuters had earlier quoted sources as saying that the office tower was valued in the region of ¥170bn (S$2bn).
On FX, some focus on the above purchase by Singapore's SWF. Good to watch for any SGD/JPY downside pressure, USD/SGD demand and USD/JPY sales from Sing, Sovereign names., USD/JPY at 106.88-92, range of 106.87 to 107.12 so far in holiday thinned markets. With Singapore and Malaysia away. Offers at 107.00-10 now, bids at 106.50-60, stops below.
SGD/JPY levels at 84.08/10, resistance at 84.50/85.00 now. Down from the 17-year highs of 86.20-25 seen in Sept. As USD/JPY down from 6-year highs 110.08-09. FX rates seen favourable for Sing M+A on Japanese assets, given recent highs. SGD/JPY could dip toward 83.50 given recent pressure on USD/JPY, Cross/JPY, debate on weak JPY.
USD/SGD at 1.2709-11, range of 1.2708 to 1.2721, quiet as Sing markets closed. Offers at 1.2730-50, bids at 1.2680-90.WL
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