The Bank of Japan may surprise markets again by tightening monetary policy as soon as next month, according to Eisuke Sakakibara. Formerly known as “Mr. Yen” for his ability to influence the currency during his tenure as Japan’s vice finance minister from 1997-1999, Sakakibara exclusively tells Bloomberg’s Kathleen Hays that he sees the yen strengthening to 120 per dollar as the BOJ backs away from ultra-dovish settings. The Japanese Central Bank unexpectedly raised its cap on 10-year bond yields to 0.5% from 0.25% on Tuesday.
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