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Bank of Japan also sticks to the script – Commerzbank
Par FXStreet Insights Team
Date de publication: 19 Sep 2025 | Date de modification: 19 Sep 2025
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Following an eventful week of central bank meetings, the Bank of Japan did not announce any unexpected decisions this morning, maintaining interest rates at 0.5% as anticipated, Commerzbank's FX analyst Michael Pfister notes.
Following an eventful week of central bank meetings, the Bank of Japan did not announce any unexpected decisions this morning, maintaining interest rates at 0.5% as anticipated, Commerzbank's FX analyst Michael Pfister notes.
Market is optimistic about the prospects for normalisation
"At the same time, the central bank announced plans to begin selling its ETF holdings, having successfully completed the sale of stocks on its balance sheet. The market interpreted this decision as having a slightly positive impact on the yen. This is probably because reducing ETFs is another step towards normalising monetary policy, albeit a slower one. Some media outlets also noted that the decision came relatively late."
"The market is usually overly optimistic about the prospects for normalisation. We also anticipate another interest rate increase in December, but anything beyond that seems unlikely. Therefore, we would not drive the yen's strength too far."
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