7 August 2024
In response to recent market turmoil, Bank of Japan Deputy Governor Shinichi Uchida indicated the central bank would refrain from raising interest rates during periods of financial instability. His dovish comments led to a weakening of the yen, a spike in bond futures, and a rebound in stocks. Uchida emphasized the need for monetary easing amidst volatile global markets and suggested that future rate decisions would depend on market conditions. Despite this, some economists still anticipate another rate hike by the end of the year.