LONDON/SINGAPORE : Japanese markets reacted with shock on Friday to news that the government had picked academic Kazuo Ueda to be the next central bank governor, but investors quickly snapped up the yen and sold bonds on expectations he will end years of super-easy monetary policy.The yen jumped 1 per cen
LONDON/SINGAPORE : Japanese markets reacted with shock on Friday to news that the government had picked academic Kazuo Ueda to be the next central bank governor, but investors quickly snapped up the yen and sold bonds on expectations he will end years of super-easy monetary policy.
Japanese government bonds fell, with 10-year yields hitting the 0.5 per cent top end of policy band that is the crux of incumbent Governor Haruhiko Kuroda's trademark yield-curve-control policy. “I'm surprised that dollar yen is not 129 already. Maybe that's just a result of people not knowing who these characters are."
The nominations need approval by both houses of parliament, which is a near certainty given the ruling coalition's solid majority.For some market participants, the new faces at the BOJ hinted at the need for change in an establishment that has struggled to distance itself from the controversial yield control policy without reputational damage.
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