Small but significant changes at the Ueda-led Bank of Japan – The MUFG Global Markets Podcast

The Bank of Japan voted to keep monetary policy unchanged at the April Monetary Policy Board meeting, but also made some significant changes including ending its forward guidance for rates and strengthening its outlook for inflation. New Governor Kazuo Ueda started his term by announcing a comprehensive review of BoJ monetary policy, we believe differences between the new and previous BoJ Governor are slowly becoming apparent. USDJPY is up and JPY rates down. This price action is consistent with Japanese life insurance company fiscal year 2023 investment plans which were released last week.

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido reviews the April Bank of Japan meeting, discusses Japanese life insurance company investment plans and shares potentially triggers for Japanese markets in May. He also shares his views on spot Dollar/Yen, Yen rates, and Yen basis.

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