Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank, analyzes how the next Bank of Japan (BoJ) meetings could impact the Yen.
It would be desirable if the BoJ would communicate a possible reversal very gradually
“It would be desirable if the BoJ would communicate a possible reversal very gradually. But that is easier said than done.”
“All BoJ watchers are likely to weigh every word from the new BoJ squad very carefully and will try and read into that whether we will see a change in direction. That makes ‘gradual communication’ almost impossible. And as a result, it is perhaps best not to even try. Understandable from my point of view.”
“For all market participants with JPY exposure: things are going to get ‘jumpy’, in particular around the time of BoJ meetings. The next one (and thus the first one under new BoJ leadership) is at the end of the month, so there is still time to prepare for JPY jumps.”
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