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Yen Tumbles as BOJ Signals Cautious Approach 

um editor

UM Editor

December 20, 2024 at 5:04 pm

BOJ Holds Rates Steady Amid Inflation Risks 

Interest rates were left unchanged in the latest decision by the BOJ last Thursday, with its governor holding back from giving the strong guidance on when its borrowing costs may rise, thereby helping push the yen down while weighing on bond yields on renewed scepticism of an imminent rate hike. 

The nine-member board unanimously decided to hold the short-term policy rate at 0.25 percent, reflecting its conservative bias amidst uncertainty about U.S. President-elect Donald Trump’s economic agenda. 

(Bank of Japan’s Policy Rate, Source: LSEG) 

(Bank of Japan’s Policy Rate, Source: LSEG) 

Still, hawkish board member Naoki Tamura voted against the decision and offered an unsuccessful motion for a rate increase to 0.5 percent on the back of increasing risks of higher inflation. BOJ Governor Kazuo Ueda reassured the bank would move rates higher “gradually,” provided economic and price developments unfold in line with forecasts. 

On Friday, the national core consumer price index, which includes oil products but excludes fresh food, rose 2.7% year-over-year in November, according to government data, above the market consensus of 2.6%. This was faster than October’s 2.3% rise, partly due to continued high rice prices and a reduction in government subsidies that had defrayed utility bills. 

(Japan’s Inflation Chart, Source: LSEG) 

(Japan’s Inflation Chart, Source: LSEG) 

The data was released shortly after the BOJ decided to keep rates at 0.25%, underscoring the growing inflationary pressures that may make the bank consider further rate hikes. However, it could hold off until March, given its focus on the assessment of the results from next year’s wage negotiations. 

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

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