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Oct 28 - 09:55 AM

JPY: Vulnerable To Further Weakness As BoJ Sticks To Loose Policy - MUFG

By eFXdata  —  Oct 28 - 09:16 AM

MUFG Research maintains a bearish bias on JPY over the coming weeks.

"The yen has weakened modestly during the Asian trading session resulting in USD/JPY moving back up above the 147.00-level after it hit a low yesterday of 145.11. It follows the BoJ’s decision overnight to leave their monetary policy stance unchanged. While the decision is in line with consensus expectations there had been more speculation in the build-up over a potential shift in Yield Curve Control policy settings given heightened concern recently over yen weakness and the diminishing impact of current policy settings in dampening upward pressure on yields beyond the targeted 10-year sector of the JGB yield curve," MUFG notes. 

"The continuation of the BoJ’s loose policy settings leaves the yen vulnerable to further weakness and keeps the onus on direct intervention to dampen the pace of yen selling," MUFG adds. 

MUFG Research/Market Commentary


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