Ex-BOJ’s Sakurai: Bank of Japan is fully prepared to end negative rates in April 2024

The Bank of Japan's (BoJ) former policy board member, Makoto Sakurai, said that the central bank “is completely ready” to end negative rates in April 2024.

Key quotes

“The BOJ is completely ready.”

“They are just waiting for one last push from one or two economic data.”

“April is the most likely timing for a rate hike after authorities peruse initial results of spring wage talks due in March.”

“The BOJ will only go slowly. It’s completely different from” the Federal Reserve and European Central Bank.”

“What Japan’s economy needs is the continuation of an appropriate level of monetary easing.”

Market reaction

USD/JPY edges lower following the above comments from the former BoJ policymaker. At the time of press, the pair was down 0.11% on the day at 145.64.