Gaitame.com Releases Video on USD/JPY Outlook Featuring Former BOJ Policy Board Member Seiji Adachi

Video URL: https://youtu.be/dHGVcqm0utQ

## Video Overview

"Why won't yen weakness stop?" "Where is USD/JPY headed next?" — Seiji Adachi, former member of the Bank of Japan's Policy Board, candidly answers these questions shared by many investors.

From the inside of the BOJ's monetary policy decisions, Adachi provides detailed explanations on the outlook for USD/JPY, the terminal level of policy interest rates, and the relationship with fiscal policy — insights only possible from someone who participated in policy formulation as a board member. His analysis that the fundamental cause of yen weakness lies in "distrust toward Japan's fiscal policy" offers an essential perspective for understanding the USD/JPY market.

## Key Topics Covered

- Inside the Policy Meetings: How do committee members deliberate?
- Deflation exit is "80% complete": Remaining challenge is declining potential growth
- Terminal policy interest rate at 1.25%: Perspective to avoid "return to deflation"
- Key debates on reducing JGB purchases and interest on current account balances at the BOJ
- Fiscal dominance: "Not occurring at present"
- The Kishida administration's economic policy: "Conducting deflation measures during non-deflationary times"
- Why yen weakness won't stop: Primary cause is "concerns over Japan's fiscal health"
- Future USD/JPY outlook: Importance of not locking into a fixed directional view
- Practical perspectives for investors to interpret the BOJ

## Speaker

Seiji Adachi

Graduated from the Faculty of Economics, University of Tokyo. Completed master's program at Hitotsubashi University Graduate School.

After working at Daiwa Institute of Research, Fuji Investment Trust Advisory, Credit Suisse First Boston Securities, and Deutsche Securities, he was appointed as a member of the BOJ Policy Board in 2020. He completed his term in March 2025.

Author of numerous books, including "A Study of the Showa Depression" (co-authored, Toyo Keizai, recipient of Nikkei Economic Book Culture Award 2004), "Historical Analysis of Escaping Deflation" (Fujiwara Shoten, recipient of Kawakami Prize 2006), and "Escaping Crisis" (Toyo Keizai, recipient of Policy Analysis Network Award 2009).

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