A weaker Yen means that Japan is getting poorer – Commerzbank USDJPY BOJ Japan Banks
does what. Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank, expects the Yen to remain under pressure.Did the BoJ intervene because the new de facto pain threshold is 0.6%? Or was the rise in yields too rapid for the BoJ?
Amidst this chaos, the Yen will sometimes trade weaker and sometimes stronger. Of course, it is completely impossible to predict the timing of these moves, but it can be said that overall, the JPY will be trading weaker than in a scenario in which the BoJ would act in a reliable manner. A central bank that is afraid of deflation might like that. But long-term a weaker Yen means that Japan is getting poorer.
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