“In his first press conference as new Bank of Japan Governor, Kazuo Ueda stated that the central bank will maintain its massive stimulus program, echoing the stance of the previous leadership. Ueda commented, “The BOJ’s current monetary easing is a very powerful one. We need to strive, as we have done so far, to appropriately grasp economic, price, and financial developments to see whether trend inflation will stably and sustainably achieve 2%.”
USAGOLD note: Ueda’s ultra-dovish comments sent the Japanese yen lower and the Dollar Index higher contributing to gold’s downside today.
Dollar-yen exchange rate and gold
(One week, yen inverted)
Chart courtesy of TradingEconomics.com • • • Click to enlarge