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☆ Instant View: BOJ modifies bond yield control, re-defines long-term rate cap
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +10 min

But it's also likely the BOJ have their finger on the intervention button to cap any runaway rally on USD/JPY." Nevertheless, this is working in a way to increase the volatility of the global rates market. This means it will still have a certain distance until the BOJ exit from the negative rate policy." "A yield cap isn't a yield cap if you change it every time the market gets close." The Bank of Japan could lift the negative policy rate to zero over the coming year.

Persons: Kim Kyung, KYLE RODDA, MATT SIMPSON, JPY, it's, NOMURA, They've, TONY SYCAMORE, normalisation, TAKAYUKI MIYAJIMA, ROB CARNELL, they're, JEFF NG, TOM NASH, OMORI, SHOTARO KUGO, me, IZURU KATO, MARCEL THIELIANT, today's, FREDERIC NEUMANN, CHRISTOPHER WONG, BOJ's, Sherry Jacob, Phillips Organizations: National Printing Bureau, Bank of Japan, REUTERS, Bank of, Nikkei, SAXO, SONY, ING, UBS, CHIEF, DAIWA, OF, HSBC, Global, Thomson Locations: Tokyo, Japan, Bank of Japan, MELBOURNE, BRISBANE, SINGAPORE, TOKYO, U.S, SYDNEY, ASIA, PACIFIC, CHIEF JAPAN, stagflation, OF ASIA, YCC, HONG KONG

The BOJ’s YCC faces a reckoningThe surprise news left investors and analysts trying to parse Ueda's recent commentary. "There is probably a lack of clarity on Ueda's policy leanings at the moment, but at least it is clear that Amamiya (who is seen as a dove) is out. That removes one of the headwinds for the yen," said Christopher Wong, currency strategist at OCBC in Singapore. "The knee-jerk reaction in yen appreciation is more of a reaction to Amamiya being out of the race." I think the new team means that they will redesign the BOJ's monetary policy, not maintain the current policy," said Takayuki Miyajima, a senior economist at Sony Financial Group in Tokyo.

The trade deficit came in at 2 trillion yen ($14.8 billion) - the fourth month in a row it has hit that level or more. Exports grew 20%, in line with estimates and also hitting a record, led by U.S. demand for cars and mining machinery. "What caught my eye was continued weak exports to China," said Takayuki Miyajima, senior economist at Sony Financial Group. Japan has logged a cumulative trade deficit this year of 18.5 trillion yen, more than the record annual 12.8 trillion yen trade deficit for 2014. Exports to the United States rose 32.5%, EU-bound exports climbed 32% while exports to Asia (excluding China) grew 11.6%.

☆ Bank of Japan keeps ultra-low rates, dovish policy guidance
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +11 min

Sept 22 (Reuters) - The Bank of Japan maintained ultra-low interest rates and dovish policy guidance on Thursday, reassuring markets that it will continue to swim against a global tide of central banks tightening monetary policy to combat soaring inflation. "However, we believe that the BOJ will never allocate monetary policy for the FX rate adjustment and will stick to the YCC policy. "The most important thing is how the foreign-exchange rate reacts to that contrast in monetary policy between the U.S. and Japan. It also leaves the impression there will be no change in monetary policy during Kuroda's remaining term." He has said lesser about any merit of the weak yen recently out of consideration towards public sentiment against rising costs of living."

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