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Japan’s Kiuchi: Conditions do not allow government to declare deflation officially over
The conditions for Japan’s government to formally declare an end to deflation have not yet been met, Japan's Economy Minister Minoru Kiuchi said on Friday. Any decision to make such a declaration will weigh a range of factors to ensure the country does not return to sustained price declines, Kiuchi added.
Kiuchi outlines deflation assessment
CPI, the GDP deflator and the factors driving inflation trends will inform the government’s decision on formally declaring an end to deflation.
Hopes the BoJ conducts policy appropriately in line with its Joint statement with the government, which stresses the need for stable, sustainable price stability.
The requirements for the government to formally declare an end to deflation remain unmet.
USD/JPY trades lower
USD/JPY stands at 156.55 at the time of writing, a decline of 1.00% on the day.
Japanese Yen: Key Questions Answered
Among the most actively traded currencies globally, the Japanese Yen (JPY) takes its broad direction from Japan’s economic performance. More specific influences include Bank of Japan policy, the gap between Japanese and US bond yields and traders’ appetite for risk, alongside other factors.
Currency control forms part of the Bank of Japan’s mandate, making its actions an important influence on the Yen. Although the BoJ has occasionally intervened directly in currency markets, usually to weaken the Yen, political concerns among Japan’s main trading partners limit how frequently it does so. Between 2013 and 2024, the BoJ’s ultra-loose monetary policy weakened the Yen against its major currency peers as the policy gap between the Bank of Japan and other leading central banks widened. The gradual withdrawal of that ultra-loose stance has more recently provided the Yen with some support.
By maintaining ultra-loose monetary policy over the past decade, the BoJ diverged increasingly from other central banks, notably the US Federal Reserve. That divergence helped widen the yield gap between 10-year US and Japanese bonds, favouring the US Dollar over the Japanese Yen. The differential is now narrowing as a result of the BoJ’s 2024 decision to begin gradually moving away from ultra-loose policy, alongside interest-rate cuts by other major central banks.
Investors often regard the Japanese Yen as a safe-haven investment, making them more inclined to move money into the currency when markets come under strain, given its perceived reliability and stability. As a result, periods of turbulence are likely to lift the Yen against currencies considered riskier investments.
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