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.
UBS AG, Switzerland’s biggest bank, said it hired Daisaku Ueno as a currency strategist based in Tokyo.
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.
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.
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.
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 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.
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.
The Dollar Index rose for a second day before Federal Reserve of St. Louis President James Bullard speaks today amid speculation the central bank will slow monetary stimulus as the economy improves.
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.
"If the GPIF bombshell drops at the right time, dollar-yen could top 110 within this year."
- Daisaku Ueno on Jun 01, 2014