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USD/JPY Through Tuesday Low as BoJ Could Review Policy

FOREX
  • The greenback trades a touch weaker ahead of the Fed decision, with markets still mulling over Tuesday's lower-than-expected CPI release before Powell's press conference later today.
  • The Fed are expected to slow their pace of tightening to a 50bps clip today, with eyes turning to the potential for messaging on 2023 policy through the Summary of Economic Projections and Powell's presentation.
  • JPY sits at the top-end of the G10 table, helping keep USD/JPY under pressure and through yesterday's low at Y134.66. A continuation lower would open 133.63, the Dec 2 low and bear trigger. Moves follow a Bloomberg report that the Bank of Japan are said to see the possibility of conducting a policy review next year. Any review is unlikely before Kuroda steps down in April, and could theoretically result in a move away from ultra-easy monetary policy.
  • NZD is the poorest performer in G10, with CAD trading similarly poorly.
  • Outside of the Fed decision, import/export price index data is due, with little else on the CB speaker slate.
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