• JPY remains weak with BOJ seen behind the curve, Fed likely more hawkish

• USD/JPY bid before/after bland BOJ policy announcement, seen behind curve

• Government made sure BOJ limited rate hike, EconMin attended BOJ meeting

• Takaichi appointee Asada dissented for hold, more appointees to board soon

• Fed on other hand likely more hawkish tonight despite Warsh as FOMC Chair

• Not a good recipe for JPY, USD/JPY to remain bid, maybe move higher

• FX intervention threat only thing helping to limit USD/JPY upside now

• USD/JPY 160.40-45 EBS so far in Asia after 160.05-48 yesterday

• Eyes on 160.59 high June 11, 160.72 peak April 30, 161.00, stops above all?

• Then 161.96 peak July 3, 2024, massive option KOs at 162.00, then 165.00

• On expiries today, 159.00 $844 mln, 159.65-85 $598 mln, 160.25 $440 mln

• USD/JPY as usual from Japanese importers, foreigners hedging stock purchases

• Related comments , , ,

• And , , also

• US markets , , ,

• On the Fed , , , US-Iran

• On US economy , on BOJ , ,
USD/JPY:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)