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- BoJ’s YCC tweak can push Japan authorities to request budget sum beyond 110 trillion Yen
BoJ’s YCC tweak can push Japan authorities to request budget sum beyond 110 trillion Yen
Japan’s media Nikkei Asia came out with the news citing hopes of witnessing a larger than expected budget sum request from the Japanese policymakers due to the latest increase in costs backed by the Bank of Japan’s (BoJ) tweak to the Yield Curve Control (YCC) policy.
“Budget requests from Japanese ministries for the next fiscal year will likely top 110 trillion yen ($753.37 billion) with rising interest rates on Bank of Japan's recent policy tweaks boosting debt servicing costs,” reported Nikkei Asia.
The news also states that the budget request should be submitted by the end of August to enable the Finance Ministry to drag the annual state budget in December.
“This fiscal year's budget stood at 114 trillion Yen,” added the news.
Market reaction
USD/JPY fails to provide any clear reactions to the news as it grinds near the 146.00 round figure after refreshing the intraday top following the mixed Tokyo inflation clues.
Also read: Japan Inflation: Tokyo Consumer Price Index eases to 2.9% YoY in August vs. 3.0% expected, USD/JPY edges higher
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