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BOJ official rules out policy tweak to counter weak yen-April mtg summary

Thursday, May 12, 2022
BOJ official rules out policy tweak to counter weak yen-April mtg summary © Reuters. FILE PHOTO: A businessman walks near the Bank of Japan headquarters in Tokyo, Japan, Feb. 15, 2016. REUTERS/Thomas Peter

By Leika Kihara

TOKYO (Reuters) -A Bank of Japan policymaker said it was inappropriate to change monetary policy for the purpose of controlling exchange rates, a summary of opinions at the April meeting showed, brushing aside the idea of countering sharp yen falls with interest rate hikes.

The yen's slide to 20-year lows against the dollar has pushed up the cost of raw material imports, drawing concern among policymakers of the potential hit to Japan's fragile economic recovery.

Some market players believe the BOJ may tweak its ultra-loose policy to slow the yen's decline, which is driven by rising interest rate differentials as the U.S. Federal Reserve embarks on aggressive rate hikes.

"Among the factors behind the weak yen is the widening gap in economic conditions between Japan and Western countries. It's inappropriate to change monetary policy for the purpose of controlling exchange rates," one of the BOJ's nine board members was quoted as saying in the summary, released on Thursday.

"In guiding monetary policy, the BOJ must look at the impact of fluctuations in commodity prices and exchange rates on the economy and prices, rather than the price moves themselves," another opinion showed.

Several board members stressed the need to maintain the BOJ's massive stimulus programme on the view any pick up in inflation will likely be temporary and driven mostly by rising raw material costs, the summary showed.

"The BOJ must be mindful of the need to make its ultra-loose monetary policy sustainable if inflation remains short of its 2% target for a prolonged period," one member was quoted as saying.

At the April 27-28 meeting, the BOJ strengthened its commitment to keep interest rates ultra-low by vowing to buy unlimited amounts of bonds daily to defend its yield target, triggering a fresh sell-off in the yen.

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18-05-2022 13:24:06 (UTC+7)

EUR/USD

1.0531

-0.0016 (-0.16%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0531

-0.0016 (-0.16%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2466

-0.0024 (-0.19%)

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Moving Avg:

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Indicators:

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Sell (9)

USD/JPY

129.10

-0.28 (-0.22%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.7030

0.0001 (0.00%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

USD/CAD

1.2820

+0.0010 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

EUR/JPY

135.96

-0.51 (-0.37%)

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↑ Sell

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Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/CHF

1.0474

-0.0003 (-0.02%)

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Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Gold Futures

1,810.68

-8.22 (-0.45%)

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Neutral

Moving Avg:

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Sell (1)

Indicators:

Buy (1)

Sell (8)

Silver Futures

21.597

-0.153 (-0.70%)

Summary

Sell

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Sell (6)

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Buy (2)

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Copper Futures

4.2285

-0.0038 (-0.09%)

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↑ Sell

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Sell (8)

Indicators:

Buy (0)

Sell (9)

Crude Oil WTI Futures

110.09

+0.46 (+0.42%)

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Sell (10)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

111.89

-0.04 (-0.04%)

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↑ Sell

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Sell (10)

Indicators:

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Sell (8)

Natural Gas Futures

8.205

-0.109 (-1.31%)

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Sell (12)

Indicators:

Buy (0)

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US Coffee C Futures

228.63

+3.83 (+1.70%)

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Neutral

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Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,741.51

+56.17 (+1.52%)

Summary

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Moving Avg:

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Sell (0)

Indicators:

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Sell (0)

S&P 500

4,088.85

+80.84 (+2.02%)

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Moving Avg:

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14,185.94

+221.56 (+1.59%)

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Sell (1)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,518.35

+53.55 (+0.72%)

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Moving Avg:

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Sell (2)

Indicators:

Buy (6)

Sell (1)

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20,620.00

+17.48 (+0.08%)

Summary

Sell

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Sell (6)

Indicators:

Buy (1)

Sell (7)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

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Neutral

Moving Avg:

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Sell (8)

Indicators:

Buy (5)

Sell (3)

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8,475.70

+122.00 (+1.46%)

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Moving Avg:

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Sell (0)

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Buy (11)

Sell (0)

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50.690

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Moving Avg:

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Sell (0)

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Moving Avg:

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 EUR/USD1.0531↑ Sell
 GBP/USD1.2466↑ Sell
 USD/JPY129.10↑ Buy
 AUD/USD0.7030Neutral
 USD/CAD1.2820↑ Buy
 EUR/JPY135.96↑ Sell
 EUR/CHF1.0474↑ Sell
 Gold1,810.68Neutral
 Silver21.597Sell
 Copper4.2285↑ Sell
 Crude Oil WTI110.09↑ Sell
 Brent Oil111.89↑ Sell
 Natural Gas8.205↑ Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,741.51↑ Buy
 S&P 5004,088.85↑ Buy
 DAX14,185.94↑ Buy
 FTSE 1007,518.35↑ Buy
 Hang Seng20,620.00Sell
 Small Cap 20001,840.30Neutral
 IBEX 358,475.70↑ Buy
 BASF50.690↑ Buy
 Bayer64.12↑ Buy
 Allianz202.25↑ Buy
 Adidas183.30↑ Buy
 Lufthansa6.827Buy
 Siemens AG116.50↑ Buy
 Deutsche Bank AG9.538↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
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SJC HCM6,825/ 6,925
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SJC Hanoi6,825/ 6,927
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Cập nhật 18-05-2022 13:24:09
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KRW15,7819,22
Cập nhật lúc 13:19:10 18/05/2022
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