TOKYO, April 25 — The yen’s slide to fresh 34-year lows is likely to force Bank of Japan Governor Kazuo Ueda to walk a delicate line in guiding monetary policy this week as he...
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Ueda has ruled out the chance of aggressive rate hikes due to Japan’s fragile economy, which has in part fed expectations of low-for-longer rates and emboldened yen bears. The yen fell below 155 to the dollar on Thursday, a level seen as authorities’ line in the sand that heightens the chance of currency intervention.The dollar rose as high as ¥155.37 on Wednesday, its strongest since mid-1990, before falling back in choppy trading. It was last at 155.29 in Asia on Thursday.
“But he may repeat his recent commentary that the BOJ would respond if yen moves have a big impact on the economy and prices. If that keeps markets guessing the timing of a rate hike could be pushed forward, it would be effective jawboning.”Some analysts point to the risk of a repeat of September 2022, when Japan intervened to prop up the yen after it plunged on former BOJ Governor Haruhiko Kuroda’s post-meeting remarks stressing the bank’s resolve to maintain ultra-loose policy.
Japan’s ruling party is not yet in active discussion on what yen levels would be deemed worth intervening in the market, though the currency’s slide towards 160 to the dollar could prod policymakers to act, party executive, Takao Ochi, told Reuters.
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