Bank of Japan Governor Masaaki Shirakawa has decided to step down early, leading to an accelerated transition to the new BOJ leadership.
More aggressive easing will likely continue to Weaken the Yen.The Governor is stepping down about 3 weeks ahead of schedule. This will bring the new BOJ leadership in to office quicker, which means, more aggressive monetary easing could happen quicker. “I told the prime minister that I will resign on March 19th with the deputies, so that the central bank’s new leadership can start at the same time,” Mr. Shirakawa told reporters.
Since September, the USDJPY has moved over 1600 pips and the EURJPY has moved about 2800. WOW. Something we must remember is that it is likely for there to be further Japanese Yen Weakness in the Forex Market in the months to come. I wouldn’t be surprised if we saw the USDJPY at 95 by summer time.
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