Hawkish board member Tamura to represent BOJ at Jackson Hole instead of Ueda
Ueda's decision to skip Jackson Hole removes one of the more direct opportunities for the BOJ governor to signal policy intent on the world stage this week, shifting attention instead to whether he attends the G20 finance ministers and central bank governors meeting in Asheville, North Carolina, running 31 August to 1 September. With markets already near fully pricing a September BOJ hike following the joint US-Japan yen intervention and a nudge from Treasury Secretary Bessent, any sidelines interaction between Ueda and Bessent at that G20 gathering could carry outsized signalling value for yen crosses. In the interim, Thursday's speech and press conference from Deputy Governor Himino becomes the more immediate catalyst, while sending a known hawk in Tamura to Jackson Hole in Ueda's place is itself a modest signal given the currently near-consensus view among economists that the BOJ moves to 1.25% at its 17-18 September meeting.
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Ueda is skipping the world's most-watched central banking conference just as the world starts fully pricing his next move.
Summary:
- Bank of Japan board member Naoki Tamura will attend this week's Jackson Hole symposium on behalf of Governor Kazuo Ueda, who is skipping the event due to scheduling conflicts
- There will be no media opportunity for Tamura during the gathering, and it is unusual for a BOJ board member rather than the governor or a deputy governor to attend
- Tamura is regarded as a hawk on the BOJ's nine member board and has repeatedly called for periodic rate increases to counter upside inflation risks
- Ueda's absence shifts market focus to whether he attends the G20 finance ministers and central bank governors meeting in Asheville, North Carolina, running from Monday 31 August to Tuesday 1 September, preceded by a deputies level meeting on 29 and 30 August
- The BOJ has not confirmed whether Ueda will attend the G20 gathering, though US Treasury Secretary Scott Bessent has said he is looking forward to meeting the BOJ chief there
- A joint US-Japan yen intervention combined with comments from Bessent has led markets to nearly fully price in a September BOJ rate hike, which would follow an earlier hike in June
- A majority of economists polled by Reuters expect the BOJ to raise its policy rate to 1.25% from 1% at its 17-18 September meeting
- BOJ Deputy Governor Ryozo Himino will deliver a speech and hold a press conference on Thursday, an event that could offer further signals on the likelihood of a September hike
Bank of Japan Governor Kazuo Ueda will skip this week's Jackson Hole symposium due to scheduling conflicts, with board member Naoki Tamura attending the US Federal Reserve's annual gathering on his behalf, the central bank said Wednesday. There will be no media opportunity for Tamura during the event, and it is considered rare for a BOJ board member, rather than the governor or one of the bank's two deputy governors, to represent the institution at the closely watched conclave.
Tamura, a former commercial banker, is regarded as a hawk on the BOJ's nine member policy board and has publicly called for interest rate increases roughly every few months to counter what he sees as upside risks to prices. His attendance in place of Ueda means markets will not get the governor's own read on Fed Chair Kevin Warsh's debut Jackson Hole speech this week, an address analysts say carries significant implications for Japan given the potential for swings in the yen and Japanese government bond yields depending on the tone Warsh strikes.
With Ueda absent from Jackson Hole, attention has shifted instead to whether he will attend next week's G20 finance ministers and central bank governors meeting in Asheville, North Carolina. That gathering runs from Monday 31 August to Tuesday 1 September, and is preceded by a separate meeting of finance and central bank deputies in the same city on 29 and 30 August. The BOJ has not disclosed whether Ueda plans to attend the ministerial level meeting, though US Treasury Secretary Scott Bessent has said publicly that he is looking forward to meeting the BOJ chief in Asheville, a comment that has heightened market interest in a possible sidelines interaction between the two.
The uncertainty over Ueda's public appearances comes at a pivotal moment for Japanese monetary policy. A joint US-Japan intervention in the yen earlier this month, combined with subsequent comments from Bessent, has pushed markets to near fully price in a Bank of Japan rate increase in September, which would follow an earlier hike in June. A Reuters poll released this week showed a majority of economists now expect the BOJ to raise its policy rate to 1.25% from 1% at its meeting on 17 and 18 September, a sharp shift from expectations just a month earlier.
In the more immediate term, BOJ Deputy Governor Ryozo Himino is scheduled to deliver a speech and hold a press conference on Thursday, an appearance market participants will watch closely for any further signal on the likelihood and timing of a rate move next month. With Ueda's own public commentary now delayed until at least the Asheville gathering, Himino's remarks take on added significance as the most direct opportunity for the BOJ to shape market expectations before the September meeting itself.
Tamura packing his bags for Jackson Hole
This article was written by Eamonn Sheridan at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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