It has been reported that Japan Prime Minister Sanae Takaichi raised reservations about further interest rate hikes in a meeting with Bank of Japan Governor Kazuo Ueda last week.
The headline gave USD/JPY a lift, with the pair climbing into the 155.80 to 156.2 area.
This move might be a little overdone, though?
The independence of the BoJ perhaps shouldn’t be called into question as much as it has been in the US. While Takaichi has kind words for US President Donald Trump, it is unlikely she will follow his example of trying to interfere and fire the chair of the central bank if he ignores her reservations. Trump is an outlier, and hopefully his behavior won’t inspire a new norm outside the US.
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