yen slashed, declining the 149 level (that is, the US dollar rose above 149 against the yen), hitting a new low in 32 years. It is reported that due to the sharp decline in the yen and the rise in food prices such as food exceeds expectations, the Bank of Japan ( silver , BOJ) will upward revision of Japan's inflation forecast in 2022, and its annual growth rate is expected to hit the largest in 31 years.
Joint Communication reported on the 17th that according to relevant sources, the Bank of Japan will revised the estimated value of Japan's core CPI (inflation rate) in 2022 (April 2022-March 2023) core CPI (inflation rate) from July to above 2.3% year-on-year increase to more than 2.5%, mainly due to the sharp declining of the yen and the rising global commodity prices, resulting in food-centered and rising prices exceeding expectations. Excluding the impact of tax increase in consumption tax, if the rate of inflation in Japan reaches about 2.5%, it will be the largest increase in 31 years (2.6% since 1991).
report pointed out that because the impact of commodity prices soaring in 2023 (April 2023-March 2024) will slow down, Japan's inflation is expected to fall below 2%, and Japan's economic outlook is uncertain, so at this monetary meeting, Japanese banks are likely to maintain large-scale easing policy unchanged.
According to MoneyDJ XQ Global Winner System Quotation: The Japanese yen depreciates by 0.24% relative to the US dollar exchange rate on the 17th to 149.04 against 1 US dollar, depreciating the 149 level, with the lowest point in the session at 149.08, setting a new low since 1990 .
According to Japanese media reports, the president of Bank of Japan, Kuroda Haruhiko said at a discussion meeting held in Washington, USA on October 15 that "in order to achieve the price target continuously and stably, it is appropriate to continue to maintain monetary easing policies." Regarding the continued increase in Japan's inflation rate (price increase) than the 2% target set by Bank of Japan, Kuroda reiterated, "This is mainly due to cost-driven overseas (Cost Due to Push, Japan's inflation is expected to fall below 2% in 2023 (the fiscal year starting from April 2023).
Regarding the reasons for the obvious gap in inflation between Japan and Europe and the United States, Kuroda said that this is mainly due to the difference in the degree of economic recovery from the COVID-19 epidemic and the tightness of the labor market. Kuroda emphasized that there is no spiral uplift in Japan with wages and prices rising.
Japanese silver July 21 Announced the "Economic/Price Outlook" report, and revised Japan's core CPI estimate for 2022 from +1.9% of the previous estimate (April 2022) to +2.3%, higher than the "2%" target set by Bank of Japan. In addition, Bank of Japan has revised Japan's core CPI estimate for 2023 from +1.1% to +1.4% from +1.1% to +1.3% in 2024 (April 2024-March 2025).
