Japanese authorities, including the Bank of Japan (BOJ) and the Finance Ministry, have signaled a coordinated stance against the yen's depreciation, emphasizing readiness to take action against speculative trading and to support the economy. Finance Minister Shunichi Suzuki highlighted the government's willingness to take "decisive steps" in response to currency moves, marking his strongest statement on the matter. The BOJ has shifted from its dovish policy stance, adopting a more 'data-dependent' approach and ending negative interest rates. Governor Ueda mentioned the economy's resilience, attributed to accommodative monetary policy and the expectation of wage hikes. The central bank also indicated a future reduction in its Japanese Government Bond (JGB) holdings, moving away from aggressive bond market interventions. This comes amid concerns over the yen's slide to its weakest level since 1990, with officials stressing the importance of FX stability reflecting economic fundamentals.
JAPAN CHIEF CABINET SECRETARY HAYASHI: IMPORTANT FOR CURRENCIES TO MOVE IN STABLE MANNER REFLECTING FUNDAMENTALS || CLOSELY WATCHING FX MOVES
News Alert | Japan's Finance Minister says 'will take bold action on FX if needed' https://t.co/6A1WEhqNVy
JAPAN TOP CURRENCY DIPLOMAT KANDA: NO NEED TO HOLD THREE-PARTY TALKS OF GOVT, BOJ AND FSA ON FOREX
BOJ Must Support Economy with Easy Policy, Says Governor Ueda https://t.co/ZyBjtWGRoh
BOJ must support economy with easy policy, says Governor Ueda https://t.co/D2eFqA7L7F https://t.co/43duxxPPPC
Finance Minister Shunichi Suzuki warned Wednesday that he would not rule out any measures and would take "decisive steps" in response to currency moves. This was his strongest such statement yet, echoing a prelude to previous intervention. https://t.co/6fvSm9QCQd
🇯🇵 #Japan | #BOJ’s Hawkish Member Eyes Steady Rate Hikes for Normalization – Bloomberg https://t.co/GEu04q1T4D https://t.co/L9n8vQ5VeG
🔴 TAMURA OF BOJ: ACCOMMODATIVE MONETARY POLICY WON'T NECESSARILY CONFLICT WITH NEED TO RAISE INTEREST RATES
JOKE OF THE DAY! 🏆 WE WILL GRADUALLY REDUCE BALANCE OF $JGB HOLDINGS IN FUTURE - #BOJ Ueda https://t.co/myXFSa4DMQ https://t.co/cpvYlo4W0k
🔴 BOJ GOVERNOR UEDA: WE WILL GRADUALLY REDUCE BALANCE OF JGB HOLDINGS IN FUTURE
BOJ GOV UEDA: AT SOME POINT IN FUTURE, WE WILL LIKE GRADUALLY REDUCE BALANCE OF OUR JGB HOLDINGS
🔴 GOVERNOR UEDA OF BOJ: WE WILL GRADUALLY REDUCE BALANCE OF JGB HOLDINGS IN THE FUTURE
BoJ’s Tamura: Risk Of Inflation Overshooting Sharply, Requiring Rapid Monetary Tightening, Remains Low
BoJ Gov Ueda: It May Take Some Time But Likelihood Of Achieving Price Target Is High As Current Short-Term Rate Level, At 0-0.1%, Is Very Low
BOJ GOV UEDA: IF ECONOMIC, PRICE DEVELOPMENTS WORSEN SHARPLY, WE WON'T RULE OUT TAKING ANY OPTIONS INCLUDING DEPLOYING TOOLS WE HAVE ALREADY USED
🔴 BOJ'S TAMURA INDICATES MOVE TOWARD REDUCING BOND PURCHASES, TIMELINE UNCERTAIN
BoJ Gov Ueda: Revised GDP, Wage Results Played Big Roles In March Move
🔴 BOJ GOVERNOR UEDA: NO LONGER NEED FOR AGGRESSIVE BOND MARKET INTERVENTION, EXPLAINS DECISION TO DITCH YCC
BOJ'S TAMURA: OUR UNDERSTANDING WAS THAT THERE WAS NO LONGER NEED TO AGGRESSIVELY INTERVENE IN BOND MARKET AS WE HAD DONE IN PAST, WHEN ASKED WHY BOJ DITCHED YCC LAST WEEK
🔴 TAMURA FROM THE BANK OF JAPAN: NO LONGER A NEED TO AGGRESSIVELY INTERVENE IN BOND MARKET AS IN THE PAST, EXPLAINS DROPPING OF YCC LAST WEEK
BoJ Board Member Tamura: Impact Of FX Moves On Economy Vary Depending On Each Entity - Won't Comment On Specific FX Moves - Desirable For FX To Move Stably Reflecting Economic Fundamentals
🔴 BOJ BOARD MEMBER TAMURA: FX STABILITY SHOULD REFLECT ECONOMIC FUNDAMENTALS
🔴 BOJ BOARD MEMBER TAMURA DECLINES TO COMMENT ON SPECIFIC FX MOVES
🔴 BOJ BOARD MEMBER TAMURA DISCUSSES THE VARIED IMPACT OF FX FLUCTUATIONS ON THE ECONOMY
Japan finance chief vows to respond if yen weakens excessively https://t.co/YQLj0xCgQt
BoJ Gov Ueda: Positive Wage-Inflation Cycle Strengthening, Growth In Real Wages Likely To Gradually Turn Positive
🔴 GOVERNOR UEDA OF BOJ: READY TO CONDUCT BOND BUYING OPERATION NIMBLY IF LONG-TERM RATES RISE SHARPLY
JAPAN FINMIN SUZUKI: IT'S VERY IMPORTANT FOR GOVT, BOJ TO CLOSELY COORDINATE ON POLICIES, EXCHANGE INFORMATION WITH EACH OTHER
🔴 JAPAN FINANCE MINISTER EMPHASIZES COORDINATION BETWEEN GOVT AND BOJ FOR POLICY-MAKING AND INFORMATION EXCHANGE
BOJ GOV UEDA: FX MOVES HAVE BIG IMPACT ON ECONOMY, PRICES
BOJ GOV UEDA: WON'T COMMENT ON SPECIFIC FX MOVES, LEVELS
Japan steps up intervention warnings as yen slides to weakest level since 1990 https://t.co/m4YxBuwsB6
BOJ Ueda: Nominal Wages to Pick up, Real Wages to Turn Positive "to turn positive"... meanwhile, real wages are the lowest on record thanks to soaring inflation https://t.co/AWbmMIBq5Q
BOJ's Tamura calls for slow but steady policy normalisation https://t.co/aJMAR2VOwU https://t.co/pLehaxMQW3
BOJ GOV UEDA: JAPAN HOUSEHOLDS' SENTIMENT INDICES IMPROVING RECENTLY ON EXPECTATIONS OF WAGE HIKES
🔴 BOJ GOVERNOR UEDA: JAPAN HOUSEHOLDS' SENTIMENT IMPROVING RECENTLY ON EXPECTATION OF WAGE HIKES
BOJ'S TAMURA: JAPAN'S ECONOMY SHOWING SOME SIGNS OF WEAKNESS BUT RECOVERING MODERATELY
🔴 BOJ'S TAMURA NOTES JAPAN'S ECONOMY DISPLAYING WEAKNESS BUT MODERATELY RECOVERING
🔴 TAMURA OF THE BOJ: MONETARY EASING UNDERPINNED ECONOMIC GROWTH
Bank of Japan may be less dovish than markets think - Reuters https://t.co/9vt56VryWq
Bank of Japan May Be Less Dovish than Markets Think https://t.co/sl9o8mhMSr
Japan Says It Won’t Rule Out Any Steps to Prop Up Faltering Yen https://t.co/5046z15rDO
🇯🇵 ANALYSIS-BANK OF JAPAN MAY BE LESS DOVISH THAN MARKETS THINK Full Story → https://t.co/XsTzD2I3Th The Bank of Japan has ditched its dovish forward guidance in favour of a more "data-dependent" approach to policy deliberations after ending negative rates, sources say,…
🔴 BOJ'S SHIMIZU: THE ASIAN ECONOMY IS RESILIENT DUE TO LARGE FX RESERVES.
Bank of Japan may be less dovish than markets think https://t.co/zXyUFYWWpO https://t.co/bxOEHS8slF
🇯🇵 #Japan says it won't rule out any steps to stem weak #yen – Reuters https://t.co/h45JbhZUJs
Japan says it won't rule out any steps to stem weak yen https://t.co/APBUtFYT02 https://t.co/ZN74rF80ky
Japan's Top FX Official Threatens "Appropriate Action" Against 'Short Speculators' As Yen Craters After Rate-Hike https://t.co/Ng0RdUvyLr
This is from the @Reuters article "Japan FX tsar says speculation behind weak yen, ready to take action." It is becoming clear that the Japanese authorities were expecting a Yen appreciation -- or, at least, no further depreciation -- in response to last week's monetary policy… https://t.co/We7fmeOOgY