BOJ discusses dollar funding costs through forex swaps

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In its April quarterly review, the Bank of Japan (BOJ) studied the foreign exchange swap implied rates of the US dollar. The central bank said that the very tight dollar funding rate in the forex market is impacting the position of European banks.

The central bank said that the forex rate is impacting on European banks because the uncertainty surrounding the funding position of those banks at present is restricting their financing opportunities from alternative sources, such as the Eurodollar

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