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Japan's Katayama to coordinate with BoJ, says no major divergence on inflation outlook or policy
There is no significant gap between the government and the Bank of Japan (BoJ) on the inflation outlook or policy, Japanese Finance Minister (FM) Satsuki Katayama said on Wednesday, adding that the two are working closely together.
Key remarks
Government coordinating closely with BoJ, no major divergence on inflation outlook, policy.
Tax cut boosts demand and drives up prices.
Will ensure proactive, responsible fiscal policy enhances Japan's supply capacity, doesn't accelerate inflation.
USD/JPY edges higher
USD/JPY stands at 158.35 at the time of writing, a gain of 0.10% on the day.
Japanese Yen: Frequently Asked Questions
Among the world’s most actively traded currencies, the Japanese Yen (JPY) takes its broad direction from Japan’s economic performance. More specific influences include the Bank of Japan’s monetary policy, the gap between Japanese and US bond yields and traders’ appetite for risk, alongside other factors.
Currency control forms part of the Bank of Japan’s mandate, making its decisions an important influence on the Yen. Direct intervention in foreign exchange markets has occasionally been used by the BoJ, usually to weaken the currency. However, political concerns among Japan’s principal trading partners discourage frequent intervention. Between 2013 and 2024, the BoJ’s ultra-loose monetary stance increasingly diverged from that of other major central banks, driving the Yen lower against its main peers. The subsequent gradual withdrawal of that policy has more recently provided the Yen with some support.
By maintaining ultra-loose monetary policy over the past decade, the BoJ moved further apart from other central banks, notably the US Federal Reserve. That policy divergence helped widen the yield gap between 10-year US and Japanese bonds, supporting the US Dollar against the Japanese Yen. The gap is now narrowing as a result of the BoJ’s 2024 decision to begin a gradual withdrawal from ultra-loose policy, together with interest rate reductions by other major central banks.
Investors often regard the Japanese Yen as a safe haven, making them more inclined to move money into the currency when markets come under strain because of its perceived stability and reliability. In turbulent conditions, the Yen is therefore likely to appreciate against currencies considered riskier investments.
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