2023-10-30 14:19:05
At the New York foreign exchange market on the morning of the 30th, the yen rose, hitting an intraday high against the dollar. The market reacted to the Nihon Keizai Shimbun electronic edition’s report on the 30th that the Bank of Japan would discuss revising its long-term interest rate control at its monetary policy meeting on the 31st.
The yen rebounded from its previous decline and briefly rose 0.6% to 148.81 yen to the dollar. The Bank of Japan is likely to make the de facto upper limit on long-term interest rates, currently 1%, more flexible and allow interest rates to rise above 1% to a certain extent.
Bank of Japan to revise interest rate control, making long-term interest rates more flexible than 1% – Report (2)
“If the authorities don’t do anything, the yen will fall. But if they do something, it will rise,” said Kit Jacques, chief currency strategist at Société Générale. He expressed his view that, “The yen is more likely to appreciate in response to policy moves than to depreciate due to no action.”
Original title:Yen Rallies Sharply on Reports BOJ Will Lift Yield Cap
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