BoJ's interventions in recent days can best be described as ‘leaning against the wind’.
BoJ's interventions in recent days can best be described as ‘leaning against the wind’. But, at the moment, the wind continues to blow in the direction of a weaker Japan ese Yen , Commerzbank’s FX analyst Volkmar Baur notes. Inflation to fade away if the JPY stabilizes “In addition to this week's disappointing services index, which showed a contraction in activity in May, the foreign trade figures were also unconvincing.
However, core inflation remains below the central bank's target of 1.6%. And once we look at the details, an even more significant problem emerges. It is still mainly the prices of goods that are driving inflation, and not services as the Bank of Japan had hoped, which would indicate more home-grown inflation.” “In the case of goods, it is still very likely that the depreciation of the JPY over the past 12 months is playing a role.
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