“Rapid yen weakening in a short period of time as seen recently is undesirable,” Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Wednesday.
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It was inappropriate to describe households’ acceptance of price hikes.
Withdrawing my remark about household’ acceptance of price hikes.
Cost-push inflation is bad price hikes which won’t last long.
Important for FX to move stably reflecting fundamentals.
Various macroeconomic models show weak yen is positive.
Yen weakening is positive to economy as long as moves are stable.
FX policy is not BOJ’s authority but of course that of government, MOF.
USD/JPY is holding the higher ground above 133.00 amid firmer Treasury yields and the US dollar. BOJ’s verbal intervention has little to no impact on the yen.
The pair is currently trading at 133.12, up 0.39% on the day.