The Bank of Japan's decision to loosen monetary policy further at an emergency meeting today simply brought forward the move that was widely expected to take place early next month. The economic impact will be negligible and any impact on the yen will be diluted by the lack of a stated intention to weaken the currency or step up quantitative easing. The announcement of a policy change when the world's largest centre for FX trading (London) is on holiday also reinforces the impression that this move was designed more to appease a domestic audience.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.