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Ueda's Remarks Not A New Policy Signal

BOJ

BOJ officials see a discrepancy between what Governor Kazuo Ueda said in a recent interview and how the remarks were interpreted by the market. BOJ Officials noted that inflation remains strong, requiring them to closely look at upside risks for now. This indicates the possibility of an upward revision in a quarterly inflation outlook in October. More here.

  • USD/JPY spiked higher printing a high of ¥147.69, gains have been unwound and the pair sits unchanged from opening levels. The uptrend remains intact for the pair, resistance comes in at ¥147.87 the 7 Sep high and bull trigger. Support is at ¥145.91 low from Sep 11.
  • JGB futures spiked to a Tokyo session high of 145.81 on the news but have pared those gains to be at 145.73, +11 compared to settlement levels.
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