{"id":36313,"date":"2023-10-26T18:18:14","date_gmt":"2023-10-26T18:18:14","guid":{"rendered":"https:\/\/prosfunds.com\/news\/japan-policymakers-jawbone-markets-as-yen-falls-beyond-key-threshold\/"},"modified":"2023-10-26T18:18:15","modified_gmt":"2023-10-26T18:18:15","slug":"japan-policymakers-jawbone-markets-as-yen-falls-beyond-key-threshold","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36313","title":{"rendered":"Japan policymakers jawbone markets as yen falls beyond key threshold"},"content":{"rendered":"
\n

By Tetsushi Kajimoto and Leika Kihara<\/p>\n

TOKYO (Reuters) -Japanese policymakers maintained their warning to investors against selling the yen on Thursday in the wake of the currency’s renewed slide beyond 150 to the dollar, a level seen by traders as authorities’ threshold for intervention.<\/p>\n

“It’s important for currency rates to move stably reflecting fundamentals. Excess volatility is undesirable,” Deputy Chief Cabinet Secretary Hideki Murai told a regular news conference, when asked about the yen’s declines. He declined to comment on whether Japan will intervene in the currency market.<\/p>\n

Finance Minister Shunichi Suzuki also told reporters earlier on Thursday that authorities were watching markets “with a sense of urgency,” but did not make any comment about intervention.<\/p>\n

The Japanese yen weakened to a fresh one-year low of 150.50 per dollar on Thursday and was not far off the 151.94 it touched in October last year, which prompted Japan to intervene in the currency market.<\/p>\n

While a weak yen boosts exporters’ profits, it has recently become a headache for Japanese policymakers as it inflates the cost of raw material imports and households’ cost of living.<\/p>\n

The comments on Thursday used softer language than those typically used ahead of intervention.<\/p>\n

Authorities tend to escalate their warnings when currency intervention is imminent, saying they stand ready to take “decisive action” and that they won’t rule out any options.<\/p>\n

The yen’s falls, driven by the gap between U.S. and Japanese interest rates, will likely keep pressure on the Bank of Japan to tweak its policy of capping long-term yields around zero.<\/p>\n

Sources have told Reuters a hike to an existing yield cap set just three months ago is being discussed as a possibility in the run-up to next week’s policy meeting.<\/p>\n

Rising global yields and expectations of a near-term BOJ policy shift pushed up the benchmark 10-year Japanese government bond (JGB) yield to 0.885% on Thursday, hitting its highest since July 2013 and approaching the bank’s 1.0% cap.<\/p>\n

Japan’s core inflation hit 2.8% in September, exceeding the BOJ’s 2% target for the 18th straight month, heightening expectations the central bank will soon end negative short-term rates and its yield curve control (YCC) policy.<\/p>\n

BOJ Governor Kazuo Ueda has stressed the need to keep monetary policy ultra-loose until the current cost-driven price rises shift to a more durable, demand-driven inflation.<\/p>\n

With wages failing to rise enough to beat inflation, the government plans to compile a package of measures to cushion the blow to households from rising living costs that could include around $33 billion for payouts and income tax cuts.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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