Kazuo Ueda’s comments today are causing only little movement on the Yen market for a change. This is going to be the case until he takes the office, in the view of Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank.

Markets finally to interpret Ueda’s comments in a balanced way

“Those who had hoped that Ueda would initiate a trend reversal in one fell swoop probably have to abandon this hope. However, expectations of this nature had always been unrealistic in my view.”

“The market is now finally going to interpret Ueda’s comments in the way in which they are likely to be intended: balanced. He is not likely to be interested in upsetting Yen exchange rates before he even assumes his new role. He will have plenty of opportunity to do that once he has assumed his office…”