BoJ’s Uchida: Will keep a close eye out on moves amid massive market volatility

FXStreetAug 7, 2024 5:50 AM

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After creating havoc in the Japanese Yen markets, Bank of Japan (BoJ) Deputy Governor Shinichi Uchida is back on the wires now, via Reuters, commenting on the bank’s next policy move, the recent market volatility and the economic outlook.

Key quotes

Market volatility very large, so will keep a close eye out on moves and their impact on economy, prices.
Real interest rates remain very low and will underpin economy.
Personally think there are now more factors that require being cautious, when asked about the BoJ’s next rate hike timing.
Personally think stock markets will calm down at some point given they reflect corporate earnings, state of Japan's economy.
There is no gap in views between governor and myself, my comments reflect changes in latest market developments after last week's BoJ meeting.

Market reaction

The Japanese Yen trims gains following these above comments, as USD/JPY reverses sharply from near 148.00 toward 147.00. The pair is currently trading at 147.20, still up 2.20% on the day.

Related news

BoJ’s Uchida: We won't hike rates when markets are unstable
EUR/JPY Price Analysis: BoJ’s dovish remarks boost the cross above 161.00, bearish outlook remains intact
Japanese Yen depreciates as BoJ Uchida emphasizes to maintain monetary easing

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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