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【Today's yen exchange rate outlook】The dollar-yen is mainly moving around 147 yen, with concerns about further deterioration in the Middle East situation also restraining the selling of yen.
[Foreign Exchange Market Opening Comment] On the 3rd, the dollar-yen rose from 146.29 yen to 147.24 yen in the Tokyo market. In the European and American markets, it rebounded from 146.40 yen to 147.18 yen, closing at 146.95 yen. Will the dollar-yen mainly move around 147 yen on the 4th today? Further deterioration of the Middle East situation is being cautioned, and there may be a suppression of risk appetite-based yen selling. The Institute for Supply Management (ISM) announced on October 3rd the Non-Manufacturing Business Activity Index for September, which was 8 in August.
Another Bank of Japan official reinforces a dovish stance: it is necessary to patiently maintain loose monetary policy.
A key dove official of the Bank of Japan Policy Board emphasized the need to maintain an accommodative monetary environment until inflation expectations are anchored, reinforcing the Bank of Japan's stance of not tightening policy prematurely.
Japan's new prime minister has just taken office and turned dovish? Mentioned that it is not suitable now to further raise interest rates, the yen fell nearly 2% at one point.
Commentators say that this is the clearest stance Shinzo Abe has taken against further rate hikes to apparently break away from his hawkish monetary policy reputation. Analysts say this encourages investors to rebuild short positions on the Japanese yen. Following the first meeting with Shinzo Abe, Bank of Japan Governor Haruhiko Kuroda stated that the central bank is supporting the economy through loose monetary conditions and will be cautious in deciding whether to raise rates further.
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