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Jun 09 - 06:55 AM

USD/JPY - COMMENT-USD/JPY 145 Beckons Unless BoJ Moves YCC Goalposts

By Rob Howard  —  Jun 09 - 04:55 AM

USD/JPY could rise to 145 for the first time since 1998 unless the Bank of Japan acts to narrow the monetary policy chasm between itself and the Federal Reserve.

The dovish BoJ is widely expected to maintain its commitment to its 0.25% 10-year Japanese Government Bond yield cap next week (June 17), two days after the hawkish Fed is expected to raise rates by 50 basis points for the second consecutive meeting.

USD/JPY scaled a fresh 20-year EBS peak of 134.56 on Thursday, with a senior International Monetary Fund official noting that the yen's recent losses against the dollar had been strongly correlated with Japan-U.S.
interest rate differentials. nL4N2XW0B2nL1N2XV0B5

Last week's CFTC data showed the net JPY short position held by IMM speculators shrank for a third consecutive week, to 94,439 contracts, in the week ended May 31 (IMM speculators have been net JPY short since March 2021). nL1N2XQ1UK

Related comments: nL1N2XV19PnL1N2XW0GU

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Source:
Refinitiv IFR Research/Market Commentary

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