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JPY: USD/JPY Tests Sub 152.00 As Tamura Speaks

JPY
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USD/JPY has broken sub 152.00 on hawkish remarks from BoJ board member Tamura. Notably Tamura stated the central bank should aim for a policy rate of 1% by the end of the 2025 financial year (which is March 2026). Current OIS market pricing has the policy rate under 0.80% by end 2025 calendar year and against the current policy rate of 0.50%. 

  • Tamura's remarks are unlikely to be that surprising for the market, given he was advocating a hike back in Dec (when the BoJ held steady). Still yen sentiment is clearly being impacted. The remarks are reinforcing the downtrend in US-JP differentials.
  • Tech level wise for the pair, lows today were at 151.82, just above the Dec 12 lows of 151.81 from last year. A break sub this level could see 151.06 targeted, which is 76.4% retracement of the Dec 3 - Jan 10 bull leg.
  • JPY futures activity has picked up, similar to what we saw yesterday.  
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USD/JPY has broken sub 152.00 on hawkish remarks from BoJ board member Tamura. Notably Tamura stated the central bank should aim for a policy rate of 1% by the end of the 2025 financial year (which is March 2026). Current OIS market pricing has the policy rate under 0.80% by end 2025 calendar year and against the current policy rate of 0.50%. 

  • Tamura's remarks are unlikely to be that surprising for the market, given he was advocating a hike back in Dec (when the BoJ held steady). Still yen sentiment is clearly being impacted. The remarks are reinforcing the downtrend in US-JP differentials.
  • Tech level wise for the pair, lows today were at 151.82, just above the Dec 12 lows of 151.81 from last year. A break sub this level could see 151.06 targeted, which is 76.4% retracement of the Dec 3 - Jan 10 bull leg.
  • JPY futures activity has picked up, similar to what we saw yesterday.