Japanese media report on an interview with Pierre-Olivier Gourinchas, chief economist at the International Monetary Fund:
- “We don’t see signs that … monetary policy needs to be contractionary in Japan,” given a lack of inflation pressures
- monetary easing “can help sustain economic activity” in Japan
- yen’s depreciation “will support Japanese growth” as it “makes Japanese products more competitive globally,”
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There is a little more at that link if you are interested.
Yen rose overnight after the FOMC decision:
