The minutes from the Bank of Japan’s March 16-17 meeting revealed that Policy Board member Miyako Suda said there was no concrete rationale for increasing the central bank’s credit program to ¥20 trillion ($214 billion). Suda was joined in her opposition to doubling the scheme by Tadao Noda, who said the move would only have a limited impact. However, the minutes also revealed that many Policy Board members thought more lending would bolster the domestic economy. Following the release, the yen weakened against the greenback. USD/JPY rose by 0.17 yen to reach 93.23, a level just 7 pips below the pair’s session high.
Yen Weakens vs. USD as BOJ March 16-17 Meeting Minutes Say that Suda & Noda Opposed Increasing Credit Program
The minutes from the Bank of Japan’s March 16-17 meeting revealed that Policy Board member Miyako Suda said there was no concrete rationale for increasing the central bank’s credit program to ¥20 trillion ($214 billion). Suda was joined in her opposition to doubling the scheme by Tadao Noda, who said the move would only have a limited impact. However, the minutes also revealed that many Policy Board members thought more lending would bolster the domestic economy. Following the release, the yen weakened against the greenback. USD/JPY rose by 0.17 yen to reach 93.23, a level just 7 pips below the pair’s session high.
