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The Japanese yen is gaining some light ground on the headlines here, with USD/JPY slipping from around 148.90 to a low of 148.55. For some context, the 2.5% core CPI growth forecast was already a revision higher made in July (previously 1.8%).

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These sort of “leaks” tend to have credence, so it does speak to what policymakers are angling towards ahead of the next meeting. All of this is still in part the preparation to pivot away from easy policy in a more significant way. However, the market view is that it should’ve all come much sooner the moment Ueda took charge and not six months later.

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