UBS AG, Switzerland’s biggest bank, said it hired Daisaku Ueno as a currency strategist based in Tokyo.
Prime Minister Shinzo Abe’s inflation drive may get a boost as Nomura Holdings Inc. forecasts as much as $200 billion in foreign asset purchases by Japan’s pension funds will weaken the yen.
Mitsubishi UFJ Financial Group Inc., Japan’s largest bank, said it will hire Daisaku Ueno from UBS AG and Takashi Nakagawa from Daiwa Securities Group Inc. to bolster research on bonds and currencies.
New Zealand’s dollar remained higher against the Australian currency as data from the smaller nation showed a gauge of manufacturing climbed to a nine-year high and job advertisements increased.
Australia’s dollar dropped, poised to match its longest run of weekly declines in seven years, amid speculation the nation’s central bank will take steps to curb currency strength.
The growing complacency among foreign-exchange traders is handing Bank of Japan Governor Haruhiko Kuroda an opportunity to get the maximum effect should he choose to ease monetary policy further.
The dollar held a two-week gain versus the yen before Federal Reserve officials speak amid signs the U.S. economy may be strong enough for the central bank to taper monetary stimulus.
Bank of Japan Governor Haruhiko Kuroda’s success in stoking inflation is changing the way 63- year-old Tokyo housewife Ritsuko Ueda manages her savings.
Daisaku Ueno, president of Gaitame.com Research Institute Ltd. in Tokyo, commented on Japan’s intervention in the foreign exchange market to halt the yen’s rise after the currency reached a post-war high against the dollar earlier today.
"Anticipation of stock gains on the back of GPIF reform is boosting risk appetite and bearish bets on the yen."
- Daisaku Ueno on Aug 19, 2014