Why did Japan’s monetary base expand only slightly despite record currency intervention and continued JGB purchases by the Bank of Japan?: The MUFG Global Markets Podcast

USDJPY has come off the highs as of late. Freight shipping rates and resource prices have started to slip ahead of Thanksgiving, and tight logistics conditions are loosening somewhat despite the persisting stresses of the war in Ukraine. At the same time market pricing has begun to shift and speculation that BoJ Governor Kuroda may change his policy stance has increased.

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido discusses the impact of the MoF’s currency intervention and BoJ monetary operations on the flow of money, as well as what to watch with regards to monetary and fiscal policy. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis.

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