Ex-BOJ chief Kuroda backs more rate hikes, his former deputy urges caution

Former Bank of Japan governor Haruhiko Kuroda has publicly backed further interest rate increases, while his former deputy governor has called for caution, exposing a policy divide within the central bank's past leadership. The transmission mechanism runs primarily through the rate differential between Japan and other major economies: a hawkish stance from prominent former officials raises expectations that Japan's policy rate will keep rising from near-zero, narrowing the yen's carry-trade appeal and supporting the currency. Japanese government bonds and the yen are the most directly exposed, since yield-curve expectations and currency valuation respond immediately to shifts in perceived BOJ policy direction. Equity markets with heavy export exposure may also reprice if yen strength tightens competitive margins. The next concrete catalyst for traders is the Bank of Japan's upcoming policy meeting and the accompanying outlook report, where the current leadership's guidance on the pace of tightening will test whether these competing views are reflected in official policy.

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