Japan's Rising Sun

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Koushik Korampalli
September 29, 2024
Written by Koushik Korampalli
Est read: 0 minutes
  • The BoJ held rates last Friday
    • They claimed that the economy was recovering moderately
    • But there were high uncertainties in the outlook for activity and prices
    • The rates currently sit at 0.25%
  • However in a statement they claimed that the Japanese economy was likely to keep growing at a pace above its potential growth rate as “spending gradually intensifies”
    • The economy is moving in line with the banks forecasts
    • Governor Ueda stated that optimism was hindered by the uncertainty in the US
  • The yen fell 0.7% following the announcement
    • The yen has shot up from its all-time low
    • But it has flattened out since mid July
  • Forecasts predict that rates will rise before the end of this year
  • Shigeru Ishiba won the race to become the new Prime Minister
    • He plans to boost wages and exempt items from sales tax
    • This is all to help the current cost of living crisis in Japan

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