Governor Haruhiko Kuroda will be at risk of shifting the yen toward further weakness by holding on to the message that the Bank of Japan must carry on with monetary easing, hours after another major interest rate hike from the Federal Reserve.
No major action from the BOJ is likely to bestow a new title to the outlier central bank soldiering on amid the global tightening cycle. The Swiss National Bank is forecast to scrap its negative rates late Thursday afternoon Tokyo time, leaving the Japanese bank as the lone member of central banking’s subzero world for the first time.
Kuroda has pushed back against speculations over an early tightening by citing a lack of momentum for sustainable inflation. The sort of massive rate hikes necessary to stop the yen’s slide would also end up breaking the economy, he said after the previous policy meeting in late July.
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