Intra-day Market Moving News and Views
04 Sep 2015 06:21GMT
USD/JPY - .......Breaking news from Reuters:
IMF Japan mission chief says -
- see good chance of cutting Japan's GDP forecast for 2015, 2016 in IMF's next global economic outlook report
- BOJ should focus on inflation expectations in deciding whether to ease monetary policy, rather than underlying weakness in economy
- don't see need for BOJ to ease in October even if it cuts GDP, CPI forecasts, as long as inflation expectations are well anchored
- not clear whether BOJ alone can boost economy; efforts to change Japan's wage dynamics also critical
- benefit of loosening yuan's link to dollar gives Chinese authorities some independence to conduct their own monetary policy
- BOJ has responded appropriately so far to market volatility; for IMF, the best response for policymakers is to let exchange rates move
- exchange rate is not a target and has not been a target for BOJ
- ultimately a much freer determination of exchange rate is what they should do, when asked if China's yuan band has scope to be widened further
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