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Reuters
Yen for change
World markets head into the final full week of 2022 slightly punch drunk from this month’s latest salvo of central bank interest rate rises – but with one wary eye on the only G7 country that has done nothing yet. As the U.S. Federal Reserve and monetary authorities across the Western world have pushed up borrowing rates all year to rein in inflation, the Bank of Japan still stands pat. Doggedly persisting with an ultra-loose policy of sub-zero interest rates and bond buying that pins its long-term borrowing costs to the floor too – despite inflation rising to near twice the 2% target – the BoJ’s biggest battle all year has been shoring up the resulting weakness of the yen.
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