BOJ's Dissenting Votes Influence Yen Appreciation, Says Former Official

Fukuoka Financial Group's Chief Strategist and former Bank of Japan (BOJ) official, Tohru Sasaki, has attributed the recent appreciation of the yen to three dissenting votes within the BOJ. According to Jin10, the market's focus is on the Consumer Price Index (CPI), and most BOJ members have raised their inflation expectations, which is another reason the decision is seen as hawkish. One of the dissenting members, Junko Nakagawa, will see her term end in June, and she will be replaced by Ayano Sato, who is considered very dovish. This change suggests that this might be the last time three dissenting members appear simultaneously. However, Sasaki emphasized that three votes are still three votes, leading him to view the outcome as hawkish.