BOJ’s Kuroda keeps his crown and the FX jawboning continues

BOJ’s Kuroda retains his seat at the head of the BOJ

Just a catch up on the news in Asia that Haruhiko Kuroda is reappointed as Bank of Japan governor and he has two new deputies.

Masayoshi Amamiya and Masazumi Wakatabe have been chosen by the government. Amamiya has been the BOJ’s Exucutive Director and been around the block for many years, while Wakatabe is potentially a dove as he likes the BOJ’s loose policy. Should fit right in then.

We’ve also had another round of jawboning out of Japan.

Fin min Aso says he’s watching markets (stocks and FX) but there’s been nothing in the yen moves to warrant intervention
Cabinet man Suga says it’s important to watch market moves, is aware that there are one sided fx moves and he is watching with a great sense of concern. Will take appropriate action when needed
MOF’s Asakawa also thinks fx moves are one sided and is watching with concern. Says moves have been excessive

None of the chatter helped USDJPY off the floor with another big figure (106) falling victim to the selling. That’s where we’re currently finding resistance after a bounce from 105.55.

‘As you were’ really then at the BOJ.