- Will closely watch impact of FX moves in Tokai region
- Impact of FX moves vary by industry
- Many firms in Tokai central Japan region feel that rapid FX moves whether up or down are undesirable
Umemori is the Nagoya branch manager of the BOJ. The Fukuoka branch manager is also speaking in Tokyo and also says that abrupt moves are not desirable for firms.
I’m still maintaining that there’s a good chance we’ve found a desirable range for JPY between 100-110 as there’s less talk from Japan about it weakening further which has now been added to by the Fed passing comment on USD strength. There may be enough left in the tank to run up above 110 but I feel that the upside is limited.
The spotlight is on the Tohoku region today as it was the only region to cut its economic outlook today in the BOJ’s quarterly report.
