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Second Round Of Dovish Sources Pushback To Market Perceptions Noted

BOJ

Just worth noting that the previously flagged BBG sources piece re: “BoJ Is Said to See Little Need to End Negative Rate in December” provides the second round of dovish sources pushback against the market moves/expectations re: a potential hawkish BoJ policy move in December.

  • This comes after markets took the most recent round of comments from BoJ Governor Ueda and Deputy Governor Himino as hawkish signals.
  • USD/JPY now sits more than 450 pips off last week’s low, ~90 pips below last Tuesday’s closing print.
  • Monday’s early move has breached resistance at the Dec 4 low (Y146.23), with bulls now looking to the Dec 7 high (Y147.32) as the next level of technical interest.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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