Yumi Teso

Yumi Teso and Masaki Kondo · Record Yen Shorts Increase Chances of Sharp, Painful Snapback

Gov. Kazuo Ueda and his fellow board members are set to keep the short-term rate around 0% to 0.1% at the end of their two-day policy meeting, after the central bank called time on its massive monetary easing program last month, according to all but one of 53 surveyed economists.

Yen traders are bracing themselves for a redux of September 2022, when Japan intervened in the market to prop up the ailing currency in the wake of a central bank decision that reaffirmed accommodative monetary policy.

The yen weakened after an initially choppy response to the Bank of Japan keeping its key interest unchanged.

Investors in Japanese government bonds have already had a taste of quantitative tightening by the nation's central bank.

Investors in Japanese government bonds have already had a taste of quantitative tightening by the nation’s central bank.

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Kyle Rodda was on the 34th floor of the Capital office in Melbourne when the yen suddenly plunged to around 160 per dollar early in the Asia day. The trading floor exploded.

Kyle Rodda was on the 34th floor of the Capital.com office in Melbourne when the yen suddenly plunged to around 160 per dollar early in the Asia day. The trading floor exploded.