As expectations grow that the BOJ will raise rates multiple times, momentum for yen buying is increasing. Remarks by U.S. Treasury Secretary Scott Bessent and market views have been cited as one factor behind this. The BOJ’s monetary policy meeting is scheduled for the 17th and 18th, and market participants’ forecasts are drawing attention.
Expectations that the BOJ will raise rates multiple times are spreading through the market, and momentum for yen buying is increasing. One factor cited is U.S. Treasury Secretary Scott Bessent’s remark that he has “asymmetric information not available to the market.”
The BOJ’s monetary policy meeting is expected to be held on the 17th and 18th, and all 14 market participants surveyed expect the policy rate to be raised from 1% to 1.25%. Market participants point out that Policy Board members’ voting behavior is drawing attention as a factor driving exchange-rate movements.
Ahead of the meeting, the market is increasingly expecting yen depreciation to resume, and attention is focusing on information about the BOJ’s future response and market participants’ voting trends.