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Kishida's Unpopularity Increases Risk Of BOJ Shift And Yen Intervention
Prime Minister Fumio Kishida’s falling popularity adds to the risk that the Bank of Japan may surprise investors again with a policy shift that will make voters happier. Political distress has emerged as a potential leading indicator for action in monetary and currency affairs since late 2022 When Japan intervened to prop up the yen in October, it wasn’t just the currency that was falling — Kishida’s administration’s approval rating was also plumbing new lows. The government was drawing fire in opinion polls again in December, when the central bank unexpectedly raised the ceiling for yield-curve control. ... (full story)