JPY goes on retreating. Overview for 11.04.2023

The Japanese yen is losing to the US dollar. The current quote is 133.50.

The March statistics of the Japanese CCI published yesterday demonstrated growth of the indicator to 33.9 points from 31.1 points earlier. This is a good signal that means that households are beginning to trust the policy of the Bank of Japan and its financial course. However, the indicator remains under the psychologically important level of 50 points that separates growth from falling. Hence, there are not as much reasons for optimism as we would like them.

The Eco Watchers Current Index in March saw an increase to 53.3 points from 52.0 earlier.

This week, the new head of the BoJ is taking office. The Ministry of Finance commented that it was counting on cooperation with the government in carrying out the monetary policy.

In fact, no changes in the policy are expected. Kazuo Ueda will be repeating the existing ultra-soft policy to the slightest detail. He is, indeed, not a pigeon but he is a strong economist and manager, which will let him be more flexible in making fiscal decisions.