Japanese economist and the 32nd Governor of the Bank of Japan since 2023
The Bank of Japan has signaled a rate hike, with Deputy Governor Shinichi Uchida set to host the briefing as Governor Ueda is hospitalised for treatment of an infected liver cyst. A decision is expected to push the policy rate to 1% next week, the highest in three decades, while Himino presides over the review.
The Bank of Japan has raised its policy rate to 1% from 0.75% in line with expectations, as the yen remains near multi-decade lows amid pressure from the Iran war and higher oil prices. Officials warn of ongoing volatility and potential further action to stabilize markets and inflation.
The yen has weakened to multi-decade lows as US rates remain higher than Japan's. Intervention is being considered, but the long-running carry trade and energy costs keep downward pressure on the currency. Markets are watching potential official action and the broader implications for Japan's economy and global markets.
The yen has weakened back toward ¥159–¥160 per dollar after a rare coordinated U.S.-Japan intervention in late July briefly lifted it to about ¥155. Markets are reverting to carry-trade dynamics: low Japanese rates and higher U.S. yields are encouraging investors to borrow yen and buy higher-return assets, keeping downward pressure on the currency.