The MUFG Global Markets Podcast

A reduction in BoJ JGB purchases proves no match to an expanding monetary base and fiscal spending: The MUFG Global Markets Podcast

May 13, 2021

Prime Minister Yoshihide Suga extended the state of emergency covering some parts of Japan late last week. Fukuoka and Aichi have been added to Tokyo, Kyoto, Osaka, and Hyogo as regions affected, while Miyagi Prefecture is no longer under coverage. While Dollar/Yen, Yen rate, and Yen basis have reacted to weak U.S. jobs numbers that fell short of expectations and plunging U.S. high-tech stock prices, the reaction to that as well as the extension of the state of emergency has been muted in the face of Yen selling flows.

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido dissects Japan’s April monetary base and fiscal balance, as well as discusses May fiscal fund flows. He also shows his views for Dollar/Yen, Yen rate, and Yen basis.

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