- PolicyPolicy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- Data
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: BOJ Minutes Show Some Worry Over Weak Yen Impact
Some Bank of Japan board members voiced concern over the impact of the weak yen on households at the September 21-22 policy-setting meeting, the minutes released on Wednesday showed.
However, the board members agreed the BOJ needed to maintain easy policy to achieve its 2% inflation target and that it should not target foreign exchange rates.
“Some members noted that the yen's depreciation tends to lead to deterioration in profits of nonmanufacturing firms as well as small and medium-sized ones that relied primarily on domestic demand, although the degree of its impact could differ depending on attributes of each firm, such as whether it was an exporting or importing firm, and that such depreciation could also be a factor to push down households' real income,” the minutes showed.
The minutes also noted: “A few members said that the keys to augmenting the advantages of the yen's depreciation were, for example, an expansion in inbound tourism consumption, a rise in business fixed investment, an increased emphasis on domestic sites in investment for growth areas, enhancement of small and medium-sized firms' export capacity, and wage increases.”
The Japanese yen fell to a 32-year low of around JPY152 against the U.S. dollar in October, with the Ministry of Finance data showing the government and Bank of Japan bought JPY6.35 trillion between Sep 29 and Oct 27 to support the currency. (See MNI BRIEF: BOJ, Govt Bought JPY6.35 Trln in Oct Intervention)
The Bank of Japan maintained it policy rates and easing guidance at its Oct 27-28 meeting. (See MNI BOJ WATCH: Closer To 2% Target, But Easy Policy Remains)
To read the full story
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Why Subscribe to
MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.