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Japanese Yen Falls as BOJ Considers Further Easing, Ignores CPI

Japanese Yen Falls as BOJ Considers Further Easing, Ignores CPI

Varun Jaitly,

Talking Points:

  • The Japanese Yen fell as BOJ members mulled over the need for further easing
  • The Bank of Japan released opinions from its September rate decision meeting
  • Japanese CPI figures reported their strongest yearly growth since April of 2005

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The Japanese Yen fell against its major counterparts following dovish rhetoric from the Bank of Japan’s summary of opinions report from the September rate decision meeting. There were some notable suggestions regarding the Bank’s forward looking policy, one member suggested, “more easing was necessary to stimulate demand” as Japan prepares for another sales tax hike in October 2019. Members also suggested discussing the sustainability and time constraints of their 2 percent inflation target. One BOJ member brought up the issue of increasing geopolitical risks and what the Bank may need to consider in order to stem any deflationary impact.

The BOJ comments came out 20 minutes following the release of National CPI data, which reported the fastest yearly increase in consumer prices since April 2015. The headline consumer price index figure beat analyst expectations, rising 0.7 percent in August, versus 0.6 expected. The Bank of Japan’s preferred measure of inflation, the Core CPI figure, that excludes food and energy prices, rose in line with analyst expectations of 0.2 percent in August.

Alongside inflation data, employment data was released, as the jobless rate remained unchanged at 2.8 percent. The job-to-applicant ratio fell slightly to 1.52 and household spending grew 0.6 percent, slower than analyst expectations of 0.9 percent.

Japanese Yen Falls as BOJ Considers Further Easing, Ignores CPI

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