Remarks by a BOJ policymaker underscored the commitment to continue raising interest rates, driving the yen higher. In response, more customers visited currency exchange bureaus in Shinjuku, Tokyo, prompting attention to the extent of the yen's impact on the market.
Ahead of the BOJ's policy meeting, one of its policymakers said that the central bank would “continue raising the policy rate and adjust the degree of monetary easing,” signaling its intention to continue raising rates. The yen exchange rate moved in response, and attention is focused on the policy decision at next week's meeting.
Against the backdrop of the yen's appreciation, large numbers of customers crowded into foreign-currency exchange bureaus in Shinjuku, Tokyo, while dollar-buying activity increased. The number of visitors rose above normal levels, reportedly reaching the level typical for this time of year.