BoJ Board Member Asada says consumer spending is not strong enough to drive the economy

Newsquawk Staff · 12 Nov 2026, 06:04 UTC

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Responded must be mindful of risk rate hikes could lower underlying inflation as consumption slows, when asked about a possible December rate hike.
Central bank independence is an important framework for achieving price stability, when asked whether BoJ rate hikes could impact government economic policy.
No specific terminal rate level in mind.
Japan's nominal neutral rate is likely at the lower end of the BoJ staff's estimated range.
The terminal rate and neutral rate are closely intertwined.
BoJ does not directly control FX and therefore will not comment on a desirable level for Dollar-Yen.
Even if the BoJ's policy rate reaches a level consistent with its policy target, the BoJ could still raise or lower rates beyond that.
Want to make policy decisions at each meeting by examining upside and downside risks alongside financial conditions.
Japan is now in inflation, not deflation, so it has entered a new phase.

What our morning note said

US Market Open, 11 Nov, 10:57 UTC · what it led with

Qatar says it has secured "at least two weeks" for diplomatic efforts between the US and Iran, though significant differences remain.
European bourses are broadly firmer; NQ outperforms, with renewed optimism in the tech sector following strong CoreWeave results.

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Riksbank maintains its rate at 1.75% as expected; assesses that the probability of a rate increase later this year remains; there is considerable uncertainty and developments call for vigilance
EUR/SEK+0.3%
Norges Bank maintains its rate at 4.25% as expected; may still become necessary to raise the policy rate
EUR/NOK+0.6%
"We are interested in the diplomatic track, but without making concessions", Al Arabiya citing an Iranian diplomatic source.
WTI crude+0.8%

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