{"id":17822,"date":"2023-06-03T20:25:54","date_gmt":"2023-06-04T00:25:54","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/how-the-yen-drives-japans-monetary-policy\/"},"modified":"2023-06-03T20:25:56","modified_gmt":"2023-06-04T00:25:56","slug":"how-the-yen-drives-japans-monetary-policy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17822","title":{"rendered":"How The Yen Drives Japan&#8217;s Monetary Policy"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture><\/picture><figcaption><\/figcaption><\/figure>\n<\/p>\n<p><em>By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income<\/em><\/p>\n<p><em>If price stability is the legal mandate of the Bank of Japan (BOJ), and the central bank&#8217;s official target for price stability is 2%, as measured by the<span class=\"paywall-full-content invisible\"> Consumer Price Index (CPI),* then why are fluctuations in prices the norm for Japan? The answer-and expectations for <\/span>the BOJ&#8217;s next steps<span class=\"paywall-full-content invisible\">-lies in the exchange rate.<\/span><\/em><\/p>\n<h2 class=\"paywall-full-content invisible\">Hitting Japan&#8217;s Inflation Target Has Been Tough<\/h2>\n<p class=\"paywall-full-content invisible\">At its policy meeting in April, the BOJ refrained from adjusting its negative interest-rate policy (NIRP) and yield curve control (YCC) policy in the face of CPI and core CPI (excluding fresh food and energy) at 3.2% and 3.8%, respectively. Citing weak real wages, the central bank judged the recent increase in inflation to be temporary. Given Japan&#8217;s historical record (<em>Display<\/em>), the<span class=\"paywall-full-content invisible no-summary-bullets\"> policy board was likely right, in our view. Japan has spent most of the past 25 years with inflation well below target, despite the central bank&#8217;s efforts.<\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Japan Has Struggled for Decades to Meet Its Inflation Target<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Japan&#8217;s Consumer Price Index (Percent)<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/Gibson_How-the-Yen-Drive-Japans-Monetary-Policy-display-1_d1.svg.svg+xml\" alt=\"Today is only the third time since 1998 that CPI and core CPI have risen, briefly, above Japan's 2% taget.\" contenteditable=\"true\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">Past and current analyses do not predict future results. *Core CPI ex Fresh Food and Energy Through April 30, 2023 (Source: Bloomberg )<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The latest comparatively hot inflation numbers may be short-lived, if other countries are a guide. Indeed, in past cycles of inflation, the US has led increases and decreases in CPI. With US inflation having already peaked in this cycle, it&#8217;s now widely expected that inflation will soon subside in Europe and Japan (<em>Display<\/em>).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Historically, the US Leads the Inflation Cycle and Europe and Japan Follow<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Consumer Price Index (Percent)<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/Gibson_How-the-Yen-Drive-Japans-Monetary-Policy-display-2_d1.svg.svg+xml\" alt=\"Three lines show US CPI rising and falling ahead of European and Japanese CPI over the past 20 years.\" contenteditable=\"true\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">Past and current analyses do not predict future results. *Core CPI ex Fresh Food and Energy Through April 30, 2023 (Source: Bloomberg )<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">At the Mercy of the USD\/JPY Exchange Rate<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Because Japan relies so heavily on imports of food and energy, even Japan&#8217;s CPI ex fresh food and energy is strongly influenced by the spillover effects of crude oil and other commodity prices. Consequently, yen-denominated commodity prices are the simplest leading indicator of inflation (<em>Display<\/em>), with yen-denominated commodity prices a function of the USD\/JPY exchange rate and US dollar-denominated commodity prices.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Yen-Denominated Commodity Prices Are a Leading Indicator for Inflation<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Refinitiv\/CoreCommodity CRB Excess Return Index (JPY) vs. Core CPI ex Fresh Food and Energy<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/Gibson_How-the-Yen-Drive-Japans-Monetary-Policy-display-3_d2.svg.svg+xml\" alt=\"Two lines show a basket of commodity prices rising and falling ahead of Japanese CPI over the past 20 years.\" contenteditable=\"true\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">Past and current analyses do not predict future results. Through April 30, 2023 (Source: Bloomberg )<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As a result, Japan&#8217;s monetary policy is effectively at the mercy of its exchange rate, to which it pays extraordinarily close attention. For example, in October 2022, the USD\/JPY rate reached 150, its highest level since 1990. In November, the government requested action from the BOJ. And at the BOJ&#8217;s December policy meeting, the board decided to expand the YCC band. What&#8217;s more, Japan&#8217;s leaders must be mindful not to weaken the yen and impinge on the Japanese people&#8217;s cost of living, unleashing a political catastrophe. In other words, for the Bank of Japan, exchange-rate stability is necessary not only for price stability but for political stability. So, what factors currently influence Japan&#8217;s exchange rate fluctuations? While a current account surplus helps maintain confidence in the yen, a sizable chunk of it tends to be directly invested overseas and so doesn&#8217;t contribute directly to yen buying. Structural trade deficits and increased carry trades because of interest-rate differentials lead to yen selling. And flows from purchase of Japanese stocks denominated in US dollars increase the correlation between stock prices and exchange rates.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Investors: Heed the Road Signs<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Given these factors, we think the BOJ may explore the possibility of a policy change-most likely scrapping the YCC policy while keeping NIRP-should the yen head back toward the 150 level. Such a step would likely cap the yen at around 150 and increase the potential for it to rally back toward 130. It is currently hovering around 140.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">An end to YCC would also likely result in a swift repricing in Japanese government bonds, with 10-year yields potentially doubling from current levels of roughly 0.4% to levels approaching 0.8%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With the yen firmly in the driver&#8217;s seat of Japan&#8217;s monetary policy, the BOJ must navigate carefully to achieve its goals. Investors who heed the road signs may be best positioned to take advantage of opportunities as they arise.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">*The Bank of Japan&#8217;s legal mandate, as originally defined in Articles 1 and 2 of the amended Bank of Japan Act (1997), is to ensure &#8220;price stability&#8221; and &#8220;financial system stability.&#8221; In 2013, the BOJ and the Japanese government issued a joint statement known as the Accord, which set the target for price stability at &#8220;a 2% year-on-year rate of increase in the consumer price index.&#8221;<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to change over time.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><em>Original Post<\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Editor&#8217;s Note:<\/strong> The summary bullets for this article were chosen by Seeking Alpha editors.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4609230-how-the-yen-drives-japans-monetary-policy?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income If price stability is the legal mandate of the Bank of Japan (BOJ), and the central bank&#8217;s official target for price stability is 2%, as measured by the Consumer Price Index (CPI),* then why are fluctuations in prices the norm for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-17822","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How The Yen Drives Japan&#039;s Monetary Policy | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income If price stability is the legal mandate of the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=17822\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How The Yen Drives Japan&#039;s Monetary Policy | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income If price stability is the legal mandate of the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=17822\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-04T00:25:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-04T00:25:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1685838355_image_471646474.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"1025\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=17822#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=17822\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"How The Yen Drives Japan&#8217;s Monetary Policy\",\"datePublished\":\"2023-06-04T00:25:54+00:00\",\"dateModified\":\"2023-06-04T00:25:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=17822\"},\"wordCount\":839,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=17822#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=17822\",\"url\":\"https:\/\/ifintechworld.com\/?p=17822\",\"name\":\"How The Yen Drives Japan's Monetary Policy | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-04T00:25:54+00:00\",\"dateModified\":\"2023-06-04T00:25:56+00:00\",\"description\":\"By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income If price stability is the legal mandate of the\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=17822#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=17822\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=17822#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How The Yen Drives Japan&#8217;s Monetary Policy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How The Yen Drives Japan's Monetary Policy | iFintechWorld","description":"By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income If price stability is the legal mandate of the","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=17822","og_locale":"en_US","og_type":"article","og_title":"How The Yen Drives Japan's Monetary Policy | iFintechWorld","og_description":"By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income If price stability is the legal mandate of the","og_url":"https:\/\/ifintechworld.com\/?p=17822","og_site_name":"iFintechWorld","article_published_time":"2023-06-04T00:25:54+00:00","article_modified_time":"2023-06-04T00:25:56+00:00","og_image":[{"width":1536,"height":1025,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1685838355_image_471646474.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=17822#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=17822"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"How The Yen Drives Japan&#8217;s Monetary Policy","datePublished":"2023-06-04T00:25:54+00:00","dateModified":"2023-06-04T00:25:56+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=17822"},"wordCount":839,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=17822#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=17822","url":"https:\/\/ifintechworld.com\/?p=17822","name":"How The Yen Drives Japan's Monetary Policy | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-04T00:25:54+00:00","dateModified":"2023-06-04T00:25:56+00:00","description":"By Yusuke Hashimoto, Portfolio Manager-Japan Fixed Income | Brad Gibson, Head-Asia Pacific Fixed Income If price stability is the legal mandate of the","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=17822#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=17822"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=17822#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"How The Yen Drives Japan&#8217;s Monetary Policy"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/17822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17822"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/17822\/revisions"}],"predecessor-version":[{"id":17824,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/17822\/revisions\/17824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/17823"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}