The big picture
The world's major central banks are no longer moving in lockstep. Japan's government is set to issue a record ¥1.43trn budget request for FY2027, with debt service climbing to ¥365.8bn and public works spending over six times the previous level, pressuring the Bank of Japan to taper its bond purchases even as Governor Ueda signals a near-certain probability of a September rate hike. In contrast, the RBI held its repo rate at 5.25% despite inflation returning above target, while the National Bank of Kazakhstan cut its rate to a level below the previous double-digit figure as inflation fell to single digits. The BOJ's Ueda now weighs upside risks to prices more heavily, a shift from the balanced stance that defined the past year.
On the watchlist
- 2026-09-15: Bank of Japan policy decision — watch for a rate hike, with market pricing at 90% for September.
- 2026-09-30: Japan's FY2027 budget request finalization — watch for the total general account expenditure to confirm at ¥1.43trn.
- 2026-10-01: RBI's next MPC meeting — watch for any change in the repo rate from 5.25%.
- 2026-09-10: Turkey's August CPI release — watch for energy inflation to remain above ¥1.43trn.
- 2026-09-20: Kazakhstan's next rate decision — watch for a further cut from the current level if inflation continues to slow.
Top stories
3RBI holds rates as inflation returns above targetRates & Bonds
— RBI
4BOJ's Ueda signals gradual hikes with upside risksPDFRates & Bonds
Also today
Kazakhstan cuts rate as inflation hits single digitsRates & Bonds
— NBK
Bailey roots central bank independence in Montesquieu★ Barely reportedRates & Bonds
— BoE
In brief
Rates & Bonds 32 items
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More details... — National Bank of the Kyrgyz Republic
Houston Economic Indicators — Dallas Fed
Labour Force Survey, 2nd Quarter 2026 — Hellenic Statistical Authority (Greece)
The Consumer Price Index (CPI) showed a positive variation of 1.10% in August 2026 — Instituto Nacional de Estadística (Bolivia)
Panama Canal Presents FY2027 Budget Projects B/.3.608 million in Contributions to the National Treasury — Panama Canal Authority
Gross International Reserves Reach a Historic High — National Bank of Georgia
Filled jobs rise 0.7% in the June quarter — Australian Bureau of Statistics
Budget and Settlement: Approach to Budget Formulation for the 'Strong and Rich Japan' Investment Framework (PDF: 81KB) — Ministry of Finance (Japan)
Announcement of Support Measures for Small and Medium Enterprises and Small-Scale Business Operators in Response to Minimum Wage Increases — Ministry of Economy Trade and Industry (Japan)
Labour cost per hour worked in the private sector rose by 2.7% in April-June 2026 — Statistics Finland
Notice of weekly liquidity injection tender No. 36/H/2026 of 7 September 2026 — Central Bank of West African States (BCEAO)
MSB Issuance Notice(DC026-1208-0910) — Bank of Korea (BOK)
Government Bonds: Treasury Bills (Issue No. 1404) Auction Results — Ministry of Finance (Japan)
Government Bonds: Subscription Amounts for Retail Government Bonds (August 2026) — Ministry of Finance (Japan)
Successful Issuance of BDCB Islamic Bills 266th Series — Brunei Darussalam Central Bank
Housing rents up by an average of 4.4 percent — Statistics Netherlands (CBS)
Import Price Index, Q2 - 2026 — Institute of Statistics (Albania)
04.09.2026 Austrian retail trade increases turnover in July 2026 — Statistics Austria
Commodities & Energy 7 items
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Panama Canal Postpones Neopanamax Draft Adjustment — Panama Canal Authority
Changes in market prices of important means of production in circulation in late August 2026 — NBS China
President Trump Signs Executive Orders, Cementing Status As Most Pro-Rancher Administration in History — U.S. Department of Agriculture
Excel: Nominal and real indices from 1990 onwards (monthly and annual) — FAO Food Price Index
04.09.2026 Agricultural and forestry producer prices July 2026 (SB 1.1) — Statistics Austria
FX & Emerging Markets 7 items
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CMC registers Public Offering and approves Prospectus of Standard Bank de Angola, S.A. — Comissão do Mercado de Capitais (Angola)
Balance of Payments during July 2026 (preliminary) — Bank of Korea (BOK)
Monthly Foreign Trade Statistical Exports, June 2026 — Statistics Indonesia (BPS)
Business expectations increased in July and all sectors were in a zone of higher confidence — Central Bank of Ecuador
2026-09-04 Foreign Investment in August 2026 Press Release — Financial Supervisory Commission (Taiwan)
Regulation & Structure 17 items
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Notice: Country Graduation from the Developing Countries Trading Scheme: India — Department for Business and Trade (United Kingdom)
Securities Industry (Electronic Communications, Recordkeeping And Off-Channel Communications For The Securities Market) Guidelines, 2026 — Securities and Exchange Commission (Ghana)
Federal Rulemaking: Agencies Continue to Use Good Cause and Other Mechanisms to Forgo Public Comments — U.S. Government Accountability Office
Teeco Properties, LP — SEC
Geographic Targeting Order Imposing Recordkeeping and Reporting Requirements on Certain Money Services Businesses Along the Southwest Border — U.S. Federal Register (Financial Regulation)
Racial Nondiscrimination in Private Schools — U.S. Federal Register (Financial Regulation)
Transfer Agent Rules — U.S. Federal Register (Financial Regulation)
ESMA signs Memorandum of Understanding with the Securities and Exchange Board of India — European Securities and Markets Authority (ESMA)
In more detail... — National Bank of the Kyrgyz Republic
CVM technical area clarifies guidelines for public offering coordinators — Comissão de Valores Mobiliários (Brazil)
CVM debates asset tokenization in Brazil — Comissão de Valores Mobiliários (Brazil)
Second International Congress on Law and Technology Applied to Business at Austral University — Comisión Nacional de Valores (Argentina)
04.09.2026 Changes to criteria for assessing insurers as systemically important insurers approved — Central Bank of the Republic of Azerbaijan
Other market topics 1 item
No direct market impact 26 items
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National Innovation Survey in Enterprises — Instituto Nacional de Estadísticas (Chile)
Turnover Index in the Automotive Sector (2021=100.0), 2nd Quarter 2026 — Hellenic Statistical Authority (Greece)
Economic activity and social change in the UK, real-time indicators: 4 September 2026 — Office for National Statistics (United Kingdom)
BUILDING MATERIAL PRICE INDEX – September Quarter 2026 — Fiji Islands Bureau of Statistics
Weekly Sensitive Price Indicator (SPI) for the week ended on 03-09-2026 — Pakistan Bureau of Statistics
Industrial production started to grow in July — Statistics Estonia
CO2 emissions from road traffic fall for the first time since pandemic — Statistics Netherlands (CBS)
Tourism Satellite Account Indonesia 2023-2025 — Statistics Indonesia (BPS)
Export Commodity Analysis, 2021-2025, Agriculture, Forestry, and Fisheries Sector; Manufacturing Industry Sector; and Mining and Other Sectors — Statistics Indonesia (BPS)
Macroeconomic and Public Finance Statistics — Instituto Nacional de Estadísticas (Chile)
Budget and Accounts: Execution Status of Main Projects of the FY2024 Supplementary Budget under the Ministry of Finance — Ministry of Finance (Japan)
Conference opened in Tivat on the occasion of 25 years of CBCG: Montenegro gathered the top of European and international central banking — Central Bank of Montenegro
More bankruptcies, but fewer lost jobs in August — Statistics Denmark
In August 2026, 6,643 new passenger cars were registered for the first time — Statistics Finland
Main Directions for the Development of Statistical Activities of the Bank of Russia for 2026-2030 — CBR
Heads of EU national statistical institutes discussed simplification of European statistical legislation — National Statistical Institute (Bulgaria)
NewAge, Inc. — SEC
Mandatory payrolling of benefits in kind and expenses – interim guidance and legislation — HM Revenue & Customs (United Kingdom)
Payment fraud increases by 27% to reach €179 million in 2025, Central Bank of Ireland report finds — Central Bank of Ireland
Transparency data: COVID-19 loan guarantee schemes repayment data: June 2026 — Department for Business and Trade (United Kingdom)
Approval of applications for revision of revenue outlook for transmission and distribution services by eight general transmission and distribution utilities — Ministry of Economy Trade and Industry (Japan)