BOJ appoints new monetary policy team head to tackle coronavirus economic impact

Dhwani Mehta FXStreet

In a statement released on Monday, the Bank of Japan (BOJ) announced Seiichi Shimizu, currently head of its markets department, will become head of the bank's department overseeing monetary policy drafting, per Reuters.

This move is seen to curb the coronavirus impact on the economy, as Shimizu has played a key role in calming pandemic-ravaged markets.

The BOJ eased monetary policy in March and April, easing corporate funding strains triggered by the outbreak. It is expected to keep policy steady at a two-day rate review ending on Wednesday.

USD/JPY stays below 107.00

Divided between risk-on mood and broad US dollar weakness, USD/JPY trades flat around 106.80, awaiting a fresh direction. The above announcement had virtually no impact on the yen markets.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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