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Reuters

BOJ’s Wakatabe says yen’s recent fluctuations too rapid, one-sided

Bank of Japan Deputy Governor Masazumi Wakatabe said on Saturday the yen’s recent fluctuations were “clearly too rapid and too one-sided,” signalling caution over the potential economic damage from the currency’s slump to 32-year lows against the dollar. Wakatabe, speaking in a seminar during the IMF and World Bank annual meetings in Washington, also said Japan’s government has made clear there was no discrepancy or inconsistency between its efforts to tame excessive yen declines, and the BOJ’s ultra-easy monetary policy aimed at achieving its 2% inflation target. “Prime Minister (Fumio) Kishida supports the easy monetary policy to get out of a low inflationary environment,” Wakatabe said when asked whether the BOJ’s ultra-low interest rate policy was driving down the yen, and contradicting the government’s efforts to curb sharp yen falls through currency intervention.