Hawkish Remarks Lend Yen Support but Rebound Remains Elusive
Dow Jones
7 hours ago
0752 GMT - The yen gets some support from hawkish comments from BOJ officials--including Gov. Ueda--which reinforce market expectations for a rate hike this month, MUFG's Lee Hardman says. After crossing 160 against the dollar, the yen is back below the closely-watched threshold. Ueda's latest remarks at a G20 meeting gave the clearest signal yet that the BOJ is preparing to tighten--a 25bp rate hike in September is fully priced in, Hardman says. Hawkish BOJ member Takata also gave a speech saying this year represents a "regime change," in which rate hikes will be "conducted in a nimble and data-dependent manner." For Hardman, the hawkish repricing of BOJ expectations is positive for the yen but not enough to trigger a rebound yet. Dollar is last at 159.65 yen.
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