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The Bank of Japan's decision to keep policy unchanged last week gave yen bears plenty of sell cues, but largely overlooked in the stampede were signals the central bank could raise rates in several stages in years ahead, with a hike possible in autumn. The yen hit a fresh 34-year low as markets focused on the BOJ's decision on Friday to keep interest rates around zero and a lack of signals from Governor Kazuo Ueda that the currency's falls may quicken the timing of the next rate hike. BOJ watchers say while the central bank's quarterly report and comments from Ueda clearly suggest consecutive rate hikes are on the table, its failure to effectively communicate its policy intentions has exacerbated the yen's selloff.
TokyoJapanJapaneseSam-holmesNaoya-hasegawaKazuo-uedaTakahide-kiuchiNobuyasu-atagoLeika-kiharaReutersFederal-reserveNomura-research-institute