Bank of Japan Summary of Opinions from the December Monetary Policy meeting. Full text.
-
One member said must
patiently maintain monetary easing -
One member said must confirm
sustainable, stable achievement of price target is foreseen in order
to end negative rate, YCC -
One member said must
scrutinise wage, price moves under YCC given strong upward pressure
on prices likely stabilised -
One member said even if next
spring’s wage hikes are considerably higher than expected, risk that
this will cause underlying inflation to significantly exceed 2% is
small
-
One member said we are not in
situation where we would fall behind the curve in raising rates, even
if we decided to wait after seeing wage talk outcomes next spring
I don’t want to read too much into all this ‘one member’ headline commentary. But, if I did then I’d be doubtful of any pivot from the Bank before April, perhaps even later.
USD/JPY is up a few ticks, circa 142.46 as I update, from142.35 or so just before the release.
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Bank of Japan Governor Ueda spoke earlier this week, on 25 December:
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From the day:
- Bank of Japan October 31 Statement – full text
- USD/JPY jumped back to 150 on the Bank of Japan statement
- Bank of Japan Monetary Policy Statement: Changes language around 1% 10year JGB cap
This article was written by Eamonn Sheridan at www.forexlive.com.
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