Too much Yen weakness would not be justified – Commerzbank

Bank of Japan left its ultra-loose monetary policy unchanged at the last meeting of Governor Kuroda. The Yen weakened slightly. But too much weakness would not be justified, in the view of economists at Commerzbank.

We have not learned much about the yen today

“The outgoing Governor of the BoJ, Haruhiko Kuroda, did not say goodbye with a ‘bang’ (i.e. with a renewed change in monetary policy). The BoJ left its monetary policy unchanged.”

“The Yen is weakening a bit. However, too much JPY weakness would not be justified. For two reasons. (a) Today's outcome was the most likely. (b) It is not evidence that the BoJ will permanently stick to its current monetary policy. Ergo: We haven't learned much this morning.”