USD/JPY pares intraday losses below 142.00 amid BoJ vs. Fed divergence, sluggish yields – by anilpanchal7 USDJPY YieldCurve BOJ Fed RiskAversion
commentary from a Bank of Japan Official, versus the hawkish bias of Federal Reserve Chairman JeromeThat said, Bank of Japan board member Asahi Noguchi said on Thursday the central bank must maintain an ultra-loose monetary policy to ensure wages, seen as key to driving inflation to its 2% target, continue to increase as a trend, reported Reuters.
It should be noted that the Bank of Japan Monetary Policy Meeting Minutes for April stated, “Japanese Prime Minister Fumio Kishida and BoJ Governor Kazuo Ueda agreed that at this point, there was no need to change the joint statement between government and BoJ.” The Minutes statement also said that one member flagged a tweak to the Yield Curve Control policy while some debated the risk of being too late in raising rates.
Hence, the policymakers’ defense of the ultra-easy monetary policy to bolster wages exerts downside pressure on the Japanese Yen , especially when the US Treasury bond yields grind higher.
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