On the Tokyo front, former Bank of Japan (BoJ) deputy governor Hiroshi Nakaso is hoping for modification or an end to its bond yield control policy due to increasing side-effects such as the hit to financial institutions' profits, reported by Nikkei, passed on by Reuters.
Ex-BoJ Nakaso believes that a huge monetary stimulus by ex-BoJ Haruhiko Kuroda in his leadership to push inflation steadily near the desired target resulted in pain for commercial banks. Therefore, the abolishment of Yield Curve Control (YCC) is important to avoid financial turmoil.
- USD/JPY has stretched its recovery to 132.50 as the solid US labor market has backed more rate hikes from the Fed.
- S&P500 futures are holding nominal gains despite escalating tensions between China and Taiwan.
- Ex-BoJ Nakaso is hoping for modification or an end to its bond yield control policy due to increasing side effects.
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