Any BoJ Action Next Week Would Have Limited Impact On Weakening The JPY - BTMU

Bank of Tokyo-Mitsubishi UFJ (BTMU) argues that amid the current scepticism in financial markets over the power of monetary policy that any action next week may have limited impact on weakening the yen.

"But over the medium term, stepped up action by the BOJ that essentially further blurs the line between monetary and fiscal policy will certainly have an impact and it would be hard to envisage a scenario of the yen continuing to strengthen notably, especially if broader financial market conditions remain as they are now.

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That’s especially the case given the extreme long speculative yen position that appears evident in the market at present," BTMU adds.