A Chaotic First Meeting For Bank of Japan Governor Ueda
For a "policy unchanged" outcome in-line with consensus, Bank of Japan Governor Ueda's first monetary policy meeting was a wild day for markets. Weston Nakamura walks through the chronology of the day, starting with a major pre-announcement press leak, a delayed policy release time, and an ambiguous press conference that sent the yen tumbling sharply.
Weston analyzes the methods and practices of policy communication, media, and markets, which this new leadership has seemed to embrace in a departure from his predecessor Governor Kuroda. Ultimately, Governor Ueda's first policy meeting has left far more questions unanswered than before.
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