Bank of Japan Governor Haruhiko Kuroda renewed the bank’s commitment of ultra-loose monetary policy last week, noting that the economy is still going through a recovery from the pandemic and that rising commodity prices can lead to pressure on the economy.
He also mentioned that the weakening yen would boost the profits of Japanese companies.
Following his speech regarding the policy divergence, Yen slided to a new 20-year low against the dollar last week.
In response to the tumbling of the yen last week, the Bank of Japan, the Ministry of Finance, and the Financial Services Agency released a joint statement expressing concerns over recent movements on the currency markets on Friday.
