The yen remained soft in the New York foreign exchange market. Expectations for aggressive BOJ rate hikes receded, and remarks by Policy Board member Sato (佐藤) were reported. Sato (佐藤) was said to have voted against a rate hike at the September Monetary Policy Meeting, and no new indications have emerged regarding the BOJ’s stance on continuing to raise rates.
The yen remained soft in the New York foreign exchange market. Reports covering an interview with Kyodo News indicated that expectations for BOJ rate hikes were receding, prompting views to spread across the market. Policy Board member Sato (佐藤) was reported to have said, “I support the policy of gradually adjusting the policy rate,” while the same individual was also reported to have voted against a rate hike at the BOJ’s Monetary Policy Meeting in September. This may have created uncertainty in the market over the pace of future BOJ rate hikes.
USD/JPY remained elevated around the mid-¥158 range, while EUR/JPY rose into the ¥178 range. GBP/JPY also climbed into the ¥210 range, and the trend of yen weakness against other currencies continued. These levels reflect movements since the start of the day, and continued attention is expected to be paid to the direction of the yen market.
Meanwhile, no firm indications regarding the BOJ’s policy stance have yet emerged. Whether to raise rates at the September Monetary Policy Meeting and the timing of future rate hikes may change depending on forthcoming statements and economic data from various countries. Market participants are watching the order in which future monetary policy announcements and related news emerge.