Faced with stubbornly low inflation, the Bank of Japan is now the only major central bank not tightening policy. There is little appetite for any strategy changes when the BoJ meets on Thursday and even if the government resorts to FX intervention, it won’t be enough to turn the tide in the sinking yen. Of course, some caution is still warranted as ‘short yen’ is already a crowded trade.
0:13 Bank of Japan meeting
2:34 Japanese yen
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