Topic
Japan's currency, among the most heavily traded in the world and widely used for funding and as a safe haven.
Many Bank of Japan officials prefer to hold at 1.25% on October 29-30, sources told Reuters, according to CNA. Against inflation near 2%, that leaves real borrowing costs about 0.75 points below zero.
Reality
Governor Kazuo Ueda's board hiked 25 basis points on a 7-2 vote and the yen still slid toward 158 per dollar, because the Federal Reserve had taken the same 25 basis points two days earlier and left the gap between the two unchanged.
Reality
Fast Retailing posted a fifth straight year of record profit as overseas growth overcame a weak yen. Its North American and European stores outsold Greater China for the first time, the company said, yet it guides net profit up just 3.2% next year.
Reality
The Bank of Japan's policy rate is at a 31-year high and the yen still weakened into the 158 range after the decision. Word of a government rate check around midnight on the 19th brought it back to 156, with the holiday running to the 23rd.
Reality
Toyota planned its year on 160 yen to the dollar while the market pays about 153, and at 50 billion yen of operating profit for every yen that gap is worth 300 billion to 350 billion. Daiwa's arithmetic puts the index-wide cost nearer 1.4%.
Reality
The currency leg of the Treasury Secretary's intervention worked and the yen is at a near seven-month high, while the 10-year note ran to its highest level since 2023 with Brent above $100 and the debt stock at $40 trillion.
Reality