Japan’s ex-Current Diplomat: Bank of Japan has no reason to move this week

Japan's former top currency diplomat, Hiroshi Watanabe, said on Wednesday that the “Bank of Japan (BoJ) has no reason to move this week.”

Additional quotes

“Markets still feeling the jitters from recent banking woes.”

“BoJ might find it hard to raise rates this year as economic conditions are still weak.”

“There will also be a tough backdrop to raise rates next year.”

Market reaction

USD/JPY remains weighed down by broad US Dollar weakness, currently trading at 133.53, down 0.12% on the day.