[Tokyo 18th Archyde.com]-
Although the market’s view was that there would be no change in policy, the result was within expectations, but there was a smoldering view that the volatility range would expand again. The yen reacted with a large depreciation. In the future, there are many views that the monetary easing will basically be revised, and I don’t think the yen will continue to depreciate further from here.
It is still unclear whether the expansion of joint collateral operations will improve market functions. For the moment, it is a form of expanding the means of supplying funds, but it is doubtful whether the bond market will settle down. Despite the fact that the long-term interest rate fluctuation range was expanded to 0.5% last month, the situation has become more severe than when it was 0.25%, but this time the status quo will be maintained. I would like to pay attention to how the Governor of the Bank of Japan explains it.