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USDJPY Sharply Lower Following Nikkei Reports

JAPAN
  • USDJPY has fallen aggressively from around 141.00 to 139.50 lows following reports that the Bank of Japan will discuss tweaking its yield curve control policy at a policy board meeting Friday. This would apparently allow to “long-term interest rates rise beyond its cap of 0.5% by a certain degree”, Nikkei has learned.
  • Contrary to prior reports and rhetoric from central bank officials, this would be a shift toward a more flexible policy approach and has provided a firm bid for the Japanese Yen on Thursday.
  • 139.11, the July 20 low and 138.77 the July 19 low are the immediate reference points of support. The pair has recovered around 35 pips off the lows as of typing.
  • From the report: “Under the more flexible policy being considered, the BOJ would permit gradual increases above the 0.5% threshold, but still clamp down on any sudden spikes. That would allow it to rein in fluctuations driven by speculators.”
  • Full link here: https://asia.nikkei.com/Economy/Bank-of-Japan/BOJ-to-discuss-yield-curve-control-tweak-to-allow-rates-over-0.5

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