Calling Chard: asparagus and leek risotto with chicken | SaltWireTOKYO - The yen's slide to fresh 34-year lows is likely to force Bank of Japan Governor Kazuo Ueda to walk a delicate line in guiding monetary policy this week as he tries to maintain a calibrated path to exiting ultra-easy rates without upending the currency.
The BOJ is expected to keep interest rates steady at a two-day meeting ending on Friday, and project inflation to stay near its 2% target in coming years on prospects of steady wage gains. The dollar rose as high as 155.37 yen on Wednesday, its strongest since mid-1990, before falling back in choppy trading. It was last at 155.29 in Asia on Thursday.
"But he may repeat his recent commentary that the BOJ would respond if yen moves have a big impact on the economy and prices. If that keeps markets guessing the timing of a rate hike could be pushed forward, it would be effective jawboning.
Japan's ruling party is not yet in active discussion on what yen levels would be deemed worth intervening in the market, though the currency's slide towards 160 to the dollar could prod policymakers to act, party executive, Takao Ochi, told Reuters.
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