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Nominal wages and domestic demand will help BoJ achieve 2% inflation target – BTMU

FXStreet (Edinburgh) - The depreciation of the yen was apparently relegated to a secondary role in helping the BoJ to achieve the 2% inflation target, suggested Derek Halpenny, European Head of Global Market Research at BTMU.

Key Quotes

“Producer prices and machinery orders data from Japan were released earlier and both were weaker than expected”.

“However, BOJ Deputy Governor Iwata signalled today that the BOJ remains confident over the prospects for getting the annual inflation rate up to the target level of 2%”.

“He played down the influence of the yen going forward and cited higher nominal wages and domestic demand as the factors that will start to play a more important role”.

“It is probably wise to play down the yen impact but no doubt the BOJ and the government will be pleased to see renewed depreciation versus the dollar”.

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