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Katayama Reaffirms BOJ Independence, Yen Under Pressure
Japan's finance minister reiterated that monetary policy is the BOJ's domain. Fiscal worries and cost-push inflation keep the yen under pressure. USD/JPY grinds higher with intervention risk.
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Japan Finance Minister Katayama said Tuesday that the central bank's monetary policy stance is a matter for the BOJ to decide. The remarks reaffirm the government's long-standing position, offering no new direction for the yen.
The yen continues to weaken against the dollar. USD/JPY pushed toward 160.50 in late Tokyo trading, extending its recent climb. Traders said the reaffirmation does little to alter the outlook. The BOJ's rate path remains the key driver.