From Breakingviews: The next Bank of Japan governor's first task will be to tweak monetary policy without wrecking the economy, upending markets or crippling the BOJ’s balance sheet. And that’s just the start of a long to-do list, says petesweeneypro
Yet domestic interest rates have stayed put. As higher U.S. rates widened the gap between U.S. and Japanese government bond yields, the yen weakened 25% between March and October to touch 152 per dollar, another level not seen since the 1990s, prompting the BOJ to intervene in currency markets. At the same time, bond traders began attacking Kuroda’s yield curve control policy, which caps key sovereign rates near zero.
The situation is unsustainable, so the new governor will have to find a compromise that placates an impatient market without derailing efforts to spark a rebound from a 0.8% annualised contraction in GDP during the third quarter of 2022. That would be a trick Kuroda himself failed pull off. International comparisons do not bode well.
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