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Yen is currently trading at 119.7 up 0.40% percent for the day against the dollar. In intra day trading Yen traded as low as 119.5 against dollar.
- Esturo Honda, economic adviser of Prime Minister Shinzo Abe warned the Bank of Japan (BOJ) against further policy easing. Mr. Honda is one of the most aggressive advocates of monetary easing.
- Mr. Honda raised his concern that BOJ policy may over heat the economy in the coming quarters and felt that there is a little need to chase the lower oil price as it could eventually come back and push inflation.
- Wages rising in Japan could also help reaching the BOJ target but higher inflation could hurt the Japanese pensioners. Notably number of people above 60 is highest in Japan.
- This view reiterates the view of Mr. Ishida, member of BOJ who in February mentioned that the easing accelerator has been pressed to floor.
- Yen gained sharply over the comments and Nikkei so far failing to gain traction after last week's commendable performance and rise of stocks in Wall Street. Nikkei is currently trading 18800 nearly flat for the day.
Under current scenario, Yen is expected to continue the sideways trade against the dollar until further hints of policy change arrives either from BOJ or Federal Reserve.
