The Yen’s losses following yesterday’s Bank of Japan meeting did not last long. Yen investors are likely to focus on the successor of the current BoJ governor Haruhiko Kuroda, economists at Commerzbank report.
Yen remains torn between hope and foreboding
“JPY is defending the gains it made following the December meeting and continues to trade 6% stronger against the USD. I cannot imagine that this is solely due to the effect of 0.25% higher interest rates long term. Instead, the risk that the BoJ will implement a less expansionary monetary policy in the future remains in place.”
“Reportedly, a number of possible successors will be presented to parliament on 10th February, with a first hearing of the candidates following the week after that. Yen investors are likely to focus on that next, so as to get a better idea of whether any hope of a monetary policy reversal (and thus a stronger JPY) is justified or not.”
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