Yoshihide Suga expects the Bank of Japan to achieve its inflation target

In a recent statement,Have all foreign exchange platforms left the Chinese market Japan's Chief Cabinet Secretary Hirokazu Matsuno expressed expectations and support for the Bank of Japan (BoJ) in achieving its inflation target. He emphasized that the formulation and management of monetary policy are the core responsibilities of the Bank of Japan, and also expects the bank to collaborate closely with the government to adopt appropriate strategies to steadily achieve the price stability target. Matsuno also mentioned that the Bank of Japan should independently decide on the specific monetary policy tools and how to interpret economic indicators.

These remarks had a significant impact on the market, particularly in the foreign exchange market, where the USD/JPY rate rose to 148.46, indicating the market's close attention to the future policy direction of the Bank of Japan. Moreover, Matsuno’s statement also hinted at the joint efforts of the Bank of Japan and the government in achieving the inflation target and their emphasis on economic stability.

As the market focuses on the upcoming release of important US economic data, including initial values for industrial production and the Michigan consumer sentiment index, these data could provide critical clues for the next week's Federal Reserve monetary policy meeting, further affecting exchange rate trends.

In summary, in pursuing the inflation target, the Bank of Japan needs to carefully select monetary policy tools and maintain close cooperation with the government to ensure continuous stable economic growth. Moreover, the international economic situation and market dynamics will also influence the policy choices of the Bank of Japan, meriting continuous attention from market participants.

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