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BOJ's Ueda Says Need to Maintain Accommodative Monetary Environment to Support Economy
The slightly dovish take may assuage concerns about a yen-led risk-off in global markets, including cryptocurrencies.
What to know:
- BOJ's Ueda stresses the need to support the economy with an accommodative monetary environment.
- The slightly dovish take may soothe the market's nerves about Yen-led risk-off.
Bank of Japan (BOJ) Governor Kazuo Ueda said Friday the central bank must maintain an accommodative monetary policy to support economic growth and ensure the underlying inflation gradually moves to the 2% target.
Ueda told the Parliament that the recent increase in the consumer price index above the 2% target has been led by cost-push factors such as elevated food and fuel prices that will likely dissipate.
STORY CONTINUES BELOW
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The comments come a week after the bank raised the benchmark borrowing cost to 0.5%, the highest in over 16 years, and could assuage fears of a yen-led risk-off in global markets, including cryptocurrencies, as observed in August.
The governor, however, maintained that rate hikes will continue if the economy evolves as expected. According to ForexLive, traders see the next BOJ rate hike in July.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
