BoJ Uchida calms markets, weakening yen. USDJPY gains 1.3%

8:22 AM 7 August 2024

Bank of Japan deputy governor, Uchida spoke publicly in Hakonde:

BoJ will not raise rates unless the market is stable
Market is buoyed by US data, US economy should experience soft landing, however
Path for interest rates may depend on market situation
Policy will remain defensive, even with several hikes
Real interest rates still strongly negative
Financial conditions remain strongly accommodative
Personally thinks markets will calm down and think carefully about further moves due to the situation
Economically than has not changed, only market conditions show that one must be prudent
Consumer spending remains strong, but one should be careful about it

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The market expects less than a 10bp hike this year. On the other hand, expectations for a hike have risen marginally since yesterday. A nearly full hike is priced in by January. Source: Bloomberg Finance LP, XTB

USDJPY is clearly weakening after Uchida's statement. The JPY is already losing 1.7% against the dollar. On the other hand, the yen's weakening has diminished as of 06:45 a.m. USDJPY is reacting to support at 146.5.

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