BOJ’s Ueda Ramps Up Yen Warnings While Traders Keep Selling
- Tougher language on yen follows Ueda’s meeting with Kishida
- Comments gain little immediate traction in market as yen falls
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Bank of Japan Governor Kazuo Ueda fired a salvo of warning shots to financial markets about a potential policy move as he beefed up his language on the weak yen while traders continued to sell it.
“Abrupt and one-sided weak yen moves raise uncertainties and are negative for Japan’s economy and undesirable as, for example, they make it hard for companies to formulate their business plans,” Ueda said Wednesday at an event in Tokyo. It’s natural for the central bank to consider taking action if foreign exchange moves hit the nation’s price trend, he added.