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BOJ’s Uchida: Too early to discuss exit from monetary stimulus
“Financial market stability is the most important factor to consider when it comes to exit,” mentioned Bank of Japan’s (BOJ) executive director Shinichi Uchida early Thursday.
The Senior BOJ Official also mentioned that a rate hike before balance sheet adjustment possible in an exit.
Earlier in the day, BOJ Governor Haruhiko Kuroda also defended the Japanese central bank’s easy-money policy while stating, “(It is) Important to continue monetary easing to support economy.”
Additionally, Deputy Governor Hiroshi Nakaso mentioned that the central banks must remove emergency support measures once financial crises are over to avoid causing moral hazard in the market. “Investors have come to assume that central banks will always come to the rescue when financial markets destabilise because of the massive monetary support deployed during the COVID-19 crisis,” stated BOJ’s Nakaso in a seminar hosted by the University of Tokyo and International Monetary Fund.
USDJPY prints two-day uptrend
Given the dovish comments from the BOJ officials, as well as the firmer US Treasury yields, USDJPY picks up bids to print mild gains around 139.60.
Also read: USDJPY Price Analysis: Bears eye a breakout of the daily coil
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