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The yen has a yield problem the BOJ can't easily fix
As the yen plumbs three-decade lows and pressure grows on Japan to intervene or make monetary policy changes, traders figure there is not much Tokyo can do to reverse the currency's slide while interest rates and momentum are heavily skewed against it. The Bank of Japan (BOJ) sets policy on Friday with almost no expectation of a rate rise. It has no currency mandate but a weakened yen, which is at a 34-year trough on the dollar and record low levels in real terms, affects inflation because it raises import prices. Politicians have been describing its slide as excessive and BOJ Governor Kazuo Ueda has hinted at future ... (full story)