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Currency Dip: Why Japan's PM Comments Rocked the Yen

JapanThursday, October 3, 2024
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Japan's Prime Minister, Shigeru Ishiba, recently said something that made a big splash in the financial world. He didn't seem too keen on hiking interest rates anymore. This news sent the Japanese yen into a tailspin against the US dollar, hitting an all-time low of 147.15. But experts aren’t so sure if this will change what Japan’s central bank, the Bank of Japan (BOJ), plans to do next month. Ishiba's new stance is a bit surprising because it’s different from what he said earlier during his campaign. However, analysts think there might be more to the story. They say the BOJ still thinks an interest rate hike in October could happen based on their recent meeting notes. The BOJ is also worried about people thinking prices won't go up anytime soon. Board member Asahi Noguchi agrees that changing public opinion will take time. So, it seems like Japan’s central bank wants to keep its current policies in place for now.
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