ICYMI, from the Bank of Japan on Thursday:
BOJ governor Ueda comments on phrasing of needing time to scrutinise market risksBOJ governor Ueda: Uncertainties surrounding Japan’s economy, prices remain highBOJ governor Ueda: Will pay attention to upside risks to prices from weak yenBOJ governor Ueda: It is possible that unforeseen negative effects could emerge with more rate hikesBank of Japan leaves rates unchanged, as widely expected
A snippet now via UBS on what they gleaned from the Bank of Japan yesterday.
Analysts there say Ueda hinted at market volatility being the main blockage to further rate hikes (‘policy normalisation’ in central bank gobbledegook speak) at present. UBS also note that the buyers that they had seen pivoted to selling during Ueda’s press conference. They attribute some of this to trimming positions taken on Monday after the weekend election.
USD/JPY update:
This article was written by Eamonn Sheridan at www.forexlive.com.
