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The yen continues to devalue to new lows against the US dollar. The catalyst for this week’s slump were the national economic indicators such as Japanese Final GDP, which came in at a disappointing 0.0%, underscoring the lack of growth in the Japanese economy. This week was heavy with central bank statements and rate announcements but few surprises. All major economies held rates and Japan was no exception.
This policy meeting was the final one presided by governor Masaaki Shirakawa, who will be replaced by incoming governor Haruhiko Kuroda. The new governor is a proponent of strong monetary measures to kick-start the economy as is on-side with PM Shinzo Abe’s brand of politics and economic policy.
