The Bank of Japan stands as an outlier with its ultra-loose monetary policy as global central banks have been hiking rates to cope with burgeoning inflation.
, and indicated it expects one more hike by year's end. The yen has now weakened more than 11% against the greenback this year to date.
"So, it may give them cover to start hiking rates sooner than the market's expecting," Michele added.to broaden the permissible range for 10-year Japanese government bond yields of around plus and minus 0.5 percentage points from its 0% target to 1% in Governor Kazuo Ueda's first policy change since assuming office in April.
After that report, many economists brought forward their forecasts for policy tightening to sometime in the first half of 2024.
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