The Deputy Governor of the Bank of Japan has signalled a cautious approach to the eventual normalisation of its ultra-loose monetary policy. Yen weakened as a result
He went on to clarify that even once the Bank adjusts the interest rate to zero or into positive territory, additional hikes may not be forthcoming. Since markets are already pricing in an exit from negative interest rates, the focus now shifts to the timing and magnitude of interest rate hikes. Uchida’s comments are followed closely as he has been known for providing key policy hints in the past.
The yen continues its broad decline from yesterday as can be seen by the constructed Japanese Yen Index below. The index is an equal-weighted average of four popular Yen pairs and helps provide an indication for the value of the yen.150 mark, and a notable pick up in economic data in the US adds to the recent upside potential, although, it must be noted that the dollar has eased this week.
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