(Bloomberg) -- The yen extended declines against the dollar after the Bank of Japan added flexibility to its yield control program while falling short of...
-- The yen extended declines against the dollar after the Bank of Japan added flexibility to its yield control program while falling short of market speculation of a greater change.The currency weakened about 0.8% to 150.25 against the dollar as of 3:20 p.m. in Tokyo after the decision, and ahead of Governor Kazuo Ueda’s briefing. That keeps the yen in area that returns focus to risk of the Japanese government intervening to curb any further sharp movements.
Shifts in JGB yields in particular are in the global spotlight, with moves higher encouraging Japanese investors to bring money back to their home market, which has flow-on impact for demand for everything from US Treasuries to bonds in Europe and Australia. This spillover into yields around the world then ripples into markets for equities and a host of other assets.
“In the short term, USD/JPY could go as high as 152,” said Juntaro Morimoto, senior FX analyst at Sony Financial Group Inc. in Tokyo. “The hurdle for the BOJ to lift negative interest rates seems high.” The BOJ has faced a conundrum on the YCC, with either action or inaction coming with costs, and policymakers were expected to monitor yield movements until the very last minute before making their decision.
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