USD/JPY MAY TURN LOWER IN THE EVENT BOJ SURPRISES ON FRIDAY

24 Jul 2023, 23:47 · Views 119

USD/JPY rebounded sharply last week. Economists at OCBC analyze the pair’s outlook ahead of BoJ meeting.

Risk for USD/JPY is asymmetric going into the MPC

Our house view still expects the BoJ to move away from YCC, NIRP regime at some stage this year as inflationary pressures broaden; growth outlook improves and upward pressure on wage growth remains intact.

In the event BoJ surprises on Friday, then we may see USD/JPY turn lower as markets may be caught wrongfooted.

We believe the risk for USD/JPY is asymmetric going into the MPC.

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USD/JPY MAY TURN LOWER IN THE EVENT BOJ SURPRISES ON FRIDAY – OCBC

Risk for USD/JPY is asymmetric going into the MPC