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25.02.26 - 19:54
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Yen Tumbles After Takaichi Nominates Two Prominent Doves To The BOJ (ZeroHedge)
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Yen Tumbles After Takaichi Nominates Two Prominent Doves To The BOJ
It's not just Trump who is stacking his central bank with uberdoves.
After plunging yesterday following a Mainichi report that Japanese Prime Minister expressed concerns at more BOJ rate hikes, the yen has tumbled more, sending the USDJPY as high as 156.80 this morning, the highest since Feb 9, after the Takaichi administration announced two nominees to succeed the outgoing BoJ Policy Board members later this year, both of whom have a history of dovish commentary.
Toichiro Asada was presented as a successor to Asahi Noguchi (whose term ends on March 31st), and Ayano Sato has been presented as a successor Junko Nakagawa (whose terms ends on June 29th).
In both cases, the nominees' comments over recent years had leaned towards a pro-reflation and pro-accommodative-policy stance, though neither has directly opined on the current stance of BoJ policy as of yet, according to Goldman's Stuart Jenkins.
The outgoing Board members...
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