BOJ is holding cards close to its chest on December rate hike
Bank of Japan is staying guarded on the timing of the next rate hike with December hardly a done deal given soft consumption, its governor's cautious decision-making style and anxiety over U.S. economic policy in a second Trump presidency.
BOJ Governor Kazuo Ueda signalled that December will be a live meeting in an interview with the Nikkei newspaper last week, when he said another rate hike was approaching.
But he also warned of U.S. economic uncertainties and gave no clear sign the BOJ would indeed hike this month, causing market expectations of a move to fluctuate between December and January.
Having steered Japan through a decade of ultra-easy monetary policy, the BOJ is wary of moving too fast in removing accommodative conditions, especially after a July rate hike caught markets by surprise and triggered a sharp bout of volatility in currencies, bonds and stocks.
Heightened geopolitical tensions and uncertainty over U.S. President-elect Donald Trump's policies are also encouraging global policymakers, including in Japan, to approach their tasks with circumspection.
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