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Recent statements from Japan's monetary authorities indicate that there may be a renewed push to weaken the country's currency, following a period of three months of easing or "recharging". Despite the Bank of Japan maintaining its current monetary policy, the yen could still face increased pressure due to a more intense interest rate differential game. This game is expected to be even more aggressive than it was a year ago, as the yield spreads between Japan and the US have increased for both short and long-term yields. Japan now has an opportunity to devalue its currency in order to support its exporters, something it was unable to do during the previous decade of zero interest rates.
BoJ not changing policy, intensified interest rate differential game
Recent statements from Japan's monetary authorities indicate that there may be a renewed push to weaken the country's currency, following a period of three months of easing or "recharging". Despite the Bank of Japan maintaining its current monetary policy, the yen could still face increased pressure due to a more intense interest rate differential game. This game is expected to be even more aggressive than it was a year ago, as the yield spreads between Japan and the US have increased for both short and long-term yields. Japan now has an opportunity to devalue its currency in order to support its exporters, something it was unable to do during the previous decade of zero interest rates.
BoJ not changing policy, intensified interest rate differential game
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