I would like to add another aspect that is negative for the Yen in my view: the fact that the BoJ’s monetary policy is getting increasingly intransparent.

Even if the BoJ wanted to start a slow exit from its yield curve control with its current monetary policy, which I don’t know and cannot judge, that cannot be positive for the Yen in my view due to the lack of transparency.

I have always made clear that the Yen is a currency that I do not really understand. Perhaps that was always due to the BoJ’s monetary policy. However, one thing has become clear for me over the past months, when all central banks with the exception of the BoJ hiked their key rates: the BoJ’s monetary policy is not going to become positive for the JPY for the foreseeable future.