As someone had noted earlier, Japan has been deathly quiet today but it didn’t last. Dow Jones has just released a series of comments from the MOF – will take decisive action etc etc.
The most interesting comment however was one that said “MOF Sakurai suggests Government may discuss BOJ law changes.” This may imply changes are afoot in terms of the BOJ’s independence. Asia of course has never really accepted the Anglo view of having an independent central bank. The BOJ might soon be relieve d of some of his duties with the government keen to target a specified inflation rate- the sayonara deflation view.
USD/JPY of course has taken no notice of the MOF comments. The pair currently trades just off its low at 83.22. Perhaps it is a case of put up or shut up.
