Mitsuhiro Furusawa, former Japanese Deputy Finance Minister for International Affairs. He now heads the Institute of Global Finance at Sumitomo Mitsui Banking Corp.
The Vice Minister of Finance for International Affairs is sometimes referred to as “Japan’s top currency diplomat”. The Japanese Ministry of Finance is the competent authority in Japan to request intervention in the Japanese Yen. The Deputy Minister of Finance for International Affairs is responsible for directing the Bank of Japan’s intervention in the currency market, should it occur.
Furusawa says that given BoJ Governor Ueda’s remarks in India, the bank is unlikely to adjust the YCC at the upcoming meeting next week, July 27-28.
- “In the past I thought July was possible, but the way he talks, if he moves next week it will be a big surprise.”
- He said the bank may make a change in September or October
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“YCC is not distorting the bond market or making it difficult to issue bonds at the moment but the bank needs to reconsider it, as it is a rather erratic policy.”
Information via Bloomberg (portals).
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