SINGAPORE/TOKYO : As surprise gives way to scrutiny of the men set to lead Japan's central bank for the next five years, investors are dialling back bets on swift shifts away from super-easy policy settings.Japan is likely to appoint economist and former policy board member Kazuo Ueda, as the next governo
SINGAPORE/TOKYO : As surprise gives way to scrutiny of the men set to lead Japan's central bank for the next five years, investors are dialling back bets on swift shifts away from super-easy policy settings.
With inflation accelerating, Ueda could finally set Japan on a path to raise rates after the BOJ spent a decade fighting deflation risks with its unorthodox bond buying scheme costing trillions of yen. "Just fast money doing tactical trades, but without any clear strong view following the announcement," he said, such as short-term options contracts betting the yen weakens. Ueda himself on Friday said current policy settings were appropriate, which also put a bit of a dampener on expectations of any shift.
"The initial read of the market was probably that this is a hawkish development and that doesn't appear to be justified," said Shafali Sachdev, head of fixed income, currencies and commodities for Asia at BNP Paribas Wealth Management.Japan's government is expected to formally nominate Ueda for the job on Tuesday.
The surprise choice of Ueda makes navigating that process a bit more tricky, especially while current policy settings are making it expensive to keep short positions open.
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