European Central Bank President Mario Draghi said in Amsterdam Monday that the BOJ’s (Bank of Japan) increased stimulus is “determined by domestic policy considerations” and that “there is no currency war.”
The comments imply that Draghi and the ECB are backing the Bank of Japan’s decisions that could lead to further Japanese Yen weakness.
Not everyone is as supportive as Draghi. Japanese policy makes have already released defense against critiques who say Japan is purposely driving down the Yen. Mitsuhiro Furusawa, the vice-finance minister for international affairs in Japan, said April 12 that Japanese monetary policy is “clearly aimed at getting Japan out of deflation” and Japanese officials will “properly explain” their position at the G20 meetings in Washington. (Bloomberg)
This week in Washington, global policymakers will come together and discuss the monetary policy issues of the world. Japan’s recent stimulus hike is sure to be on the table as they plan to inject $1.4 trillion over the next two years into their economy.
Investors and economists will surely be listening for any market moving quotes as the G20 meeting materializes.
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