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FX Market Commentary: Dan Deming, 7/6/23
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post at 5:22pm: BOJ'S UCHIDA: JAPAN IS SEEING SIGNS OF CHANGE IN CORPORATE WAGE, PRICE-SETTING BEHAVIOUR - NIKKEI BOJ'S UCHIDA: RISK OF MISSING CHANCE TO HIT 2% INFLATION WITH PREMATURE POLICY SHIFT IS BIGGER THAN BEING TOO LATE IN TIGHTENING MONETARY POLICY -NIKKEI post at 5:24pm: BOJ'S UCHIDA: THERE IS HUGE DISTANCE TO ENDING NEGATIVE RATE, A DECISION THAT WOULD BE TANTAMOUNT TO A 0.1% RATE HIKE -NIKKEI post at 5:25pm: BOJ'S UCHIDA: RAPID, ONE-SIDED YEN DECLINES ARE UNDESIRABLE, FX MUST MOVE STABLY REFLECTING ECONOMIC FUNDAMENTALS - NIKKEIBOJ deputy chief urges 'balanced decision' on yield curve control Japan should take a balanced approach on adjusting interest rates, Bank of Japan Deputy Gov. Shinichi Uchida told Nikkei in his first interview with the media since taking office in March. Under yield curve control (YCC), the BOJ aims to keep yields on 10-year Japanese government bonds within 50 basis points on either side of 0%. Uchida said he was "very aware" of yield curve control's effect on market functions. "We want to make a balanced decision" on tweaking this policy, he said, "with an eye on monetary interventions and market functions, and on how well we can maintain monetary easing." "We will continue YCC" for the time being, he said. Uchida has long been involved with policy planning at the BOJ. He played a central role in designing the quantitative and qualitative easing policy introduced under former Gov. Haruhiko Kuroda in 2013. Uchida denied that the BOJ was looking to exit quantitative and qualitative easing at this time. "I think there is more risk to scaling back on easing too hastily and failing to meet the 2% inflation target than to tightening too slowly and seeing inflation remain above 2%," he said. Both the BOJ and the government target a sustained 2% inflation rate.
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- Posted: Jul 6, 2023 5:39pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,625
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