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USD/JPY Through 156.00 Post Unchanged BoJ, A$ & NZD Outperform

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USD/JPY has risen above 156.00, fresh cycle highs post the unchanged BoJ decision. Elsewhere the A$ and NZD are slightly firmer. The BBDXY USD index sits a touch higher, last near 1261.

  • The BoJ delivered few surprises in its unchanged meeting outcome. The policy statement was very short, noting bond purchases would continue as per the March statement. Inflation forecasts for 2024 were unchanged but seen with upside risks, the 2025 forecast was nudged higher. The growth outlook for this year was revised lower.
  • Yen has continued to weaken, with USD/JPY currently in the 156.15/20 region, around session highs and down 0.30% for the session. FinMin Suzuki commented after the decision that they will deal with FX appropriately, but declined to say if recent moves are excessive (so in line with recent rhetoric). Upside targets could rest at 156.47, a technical projection off recent price swings.
  • AUD (0.6520/25) and NZD (0.5955/60) are up slightly against the USD. NZD is marginally outperforming but has been unable to convincingly break above the 20-day EMA (0.5959). Data outcomes in both economies haven't impacted sentiment today.
  • Aiding the risk on tone has been a surge in US equity futures post late earnings from Alphabet and Microsoft in Thursday US trade. Nasdaq futures are up +1.15% at this stage. US yields are down slightly at this stage, but losses are not much beyond 1bps.
  • Looking ahead, the US PCE Core Deflator crosses. UMich consumer sentiment and inflation expectations will round off the week’s data calendar.
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USD/JPY has risen above 156.00, fresh cycle highs post the unchanged BoJ decision. Elsewhere the A$ and NZD are slightly firmer. The BBDXY USD index sits a touch higher, last near 1261.

  • The BoJ delivered few surprises in its unchanged meeting outcome. The policy statement was very short, noting bond purchases would continue as per the March statement. Inflation forecasts for 2024 were unchanged but seen with upside risks, the 2025 forecast was nudged higher. The growth outlook for this year was revised lower.
  • Yen has continued to weaken, with USD/JPY currently in the 156.15/20 region, around session highs and down 0.30% for the session. FinMin Suzuki commented after the decision that they will deal with FX appropriately, but declined to say if recent moves are excessive (so in line with recent rhetoric). Upside targets could rest at 156.47, a technical projection off recent price swings.
  • AUD (0.6520/25) and NZD (0.5955/60) are up slightly against the USD. NZD is marginally outperforming but has been unable to convincingly break above the 20-day EMA (0.5959). Data outcomes in both economies haven't impacted sentiment today.
  • Aiding the risk on tone has been a surge in US equity futures post late earnings from Alphabet and Microsoft in Thursday US trade. Nasdaq futures are up +1.15% at this stage. US yields are down slightly at this stage, but losses are not much beyond 1bps.
  • Looking ahead, the US PCE Core Deflator crosses. UMich consumer sentiment and inflation expectations will round off the week’s data calendar.