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Yen strengthens as Japan says BoJ will decide policy tools
Chief Cabinet Secretary Minoru Kihara said the BoJ will determine specific monetary policy means, and traders reacted by pushing USD/JPY down 0.2% to 157.38.
Japanese Chief Cabinet Secretary Minoru Kihara said the Bank of Japan will decide the specific means for monetary policy aimed at hitting its price target sustainably and stably, while working closely with the government, according to FXStreet.
Kihara did not comment on a report that Prime Minister Shigeru Takaichi asked BoJ Governor Kazuo Ueda to buy Japanese government bonds, and he also said he would not comment on bond yields because they are set by the market.
FXStreet reported that the yen gained traction following the remarks, with USD/JPY falling 0.2% to 157.38 as of the time of writing.
The report also noted that yen moves often reflect BoJ policy, the yield differential between Japan and the United States, and broader risk sentiment, and that the yen is sometimes treated as a safe haven during periods of market stress.
Latest closeUSD/JPY 157.75 ▲0.1%