July 05, 2022 - 12:37 PM 232 views
In light of the steep decrease in the yen, Seisaku Kameda, a former top economist at the Bank of Japan (BOJ), said on Tuesday that the Japanese central bank would upgrade its inflation prediction later this month.
"Japan's inflation will be more severe and persistent than the Bank of Japan anticipates at this time."
"This year, inflation will undoubtedly surpass 2 percent."
“The rapidly declining value of the yen is undoubtedly a major impact.”
It's important to note that Kameda took the lead in April while compiling the most recent quarterly prediction.
The Market Reaction
As of the time of writing, the USD/JPY exchange rate is up 0.48 percent for the day at 136.19. The major is supported by the recent increase in US Treasury yields and offshore funds buying amid an overall risk-on market picture.
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