The USD/JPY pair is trading upwards at the beginning of the week; the demand for the American currency is growing.
On Monday, the Japanese Yen is retreating against the USD. The current quote for the instrument is 104.52.
This morning, Monetary Policy Meeting Minutes were published. According to the report, the monetary committee is still very cautious when it comes to the inflation forecasts and it might take more time to wait until the inflation expectations improve. The document says “it will last longer than expected”, which may mean that the regulator once again faced some essential resistance inside its ultra-soft monetary policy.
The Minutes also say that the QE program, which has been operating for a long time, made the interest rate to reduce due to the decrease of the nominal rate. Overall, it’s true, and the tendency has already gained momentum.
Only one of the BoJ voting members supported the increase of the official inflation expectations in order to implement monetary policy more efficiently. However, he was in the minority.
Inflation in Japan in September dropped 0.5% y/y, but on a month-on-month basis the indicator increase by 0.2% after being equal to zero in August.
RoboForex Analytical Department
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