Japan's Prime Minister Fumio Kishida spoke at a press conference on Thursday in Tokyo. Kishida stated that it was appropriate for the Bank of Japan to maintain accommodative monetary conditions, per Reuters. Key quotes “The government will continue to coordinate closely with the Bank of Japan to ensure wages continue to rise and the economy makes a complete exit from deflation.” Japan is experiencing a historical chance to make a full exit from deflation.
The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on massive stimulus to the economy, has caused the Yen to depreciate against its main currency peers.
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