03.08.2016 - We expect the yen to strengthen after the recent correction

Today in Japan have been published minutes of the previous meeting of the Bank of Japan on monetary policy. Thus, was pointed out the need to evaluate the results of the voting of the Bank of England on monetary policy after the UK supported the idea of the country's exit from the EU. The central bank of Japan expressed the need for a longer period to assess the impact of negative interest rates on the economy. It should be noted that the weaker-than-expected inflation support measures in Japan and increased demand for protective assets in the US have led to the strengthening of the yen, but we maintain a medium-term negative outlook, and expect beginning of correction by 3-5% in the near future.

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