USD/JPY remains depressed around 136.00, extending the previous day’s losses amid broad US Dollar weakness and downbeat Treasury bond yields, ahead of the key BoJ announcements.
Japanese policymakers have already jostled with the expectations of a major move to alter the ultra-easy monetary policy. However, the recent announcement of bond-buying and talks of the town supporting the official push for higher rates in late 2023 seem to challenge the USD/JPY buyers. It should be noted, however, that the BoJ’s play of the Yield Curve Control (YCC) will be crucial to observe during today’s monetary policy releases.
In a case where Kuroda manages to pave the way for future rate hikes, either via the alteration of the YCC band or dumping the YCC ultimately, the USD/JPY could extend its latest U-turn from the 200-DMA hurdle surrounding 137.50.
Alternatively, an absence of no moves and the policymakers’ support the easy money could recall the USD/JPY buyers. However, the rebound will then wait for the US jobs report for clear directions.
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