TechnoMeter

The Bank of Japan is committed to “powerful monetary easing” in the oft-spoken words of its Governor, Haruhiko Kuroda, until annualized consumer price inflation tops 2%. Well, it’s now at 0.7% and holding so that easing could yet be with us for years. Meanwhile the US Federal Reserve has raised its own interest rates from their post-crisis depths. It’s still expected to do so once again in December and to continue the process in 2018 if the economics permit, albeit gradually.



This thesis has seen USD/JPY rise very sharply since early September but, tellingly, the Dollar remains unable to convincingly top the last two notable highs.

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