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Yen Boosted By BoJ Summary Of Opinions

JPY

USD/JPY is down modestly in latest dealings, last in the 147.20/25 region, around 0.25% stronger in yen terms versus end Wednesday levels. We are outperforming all of the other majors as well.

  • The BoJ summary of opinions from the Jan policy meeting appears to have aided yen. A lot of the comments are centered around the end of negative rates and the need to start preparing/discussing the end of negative rates/YCC.
  • The underlying tone suggests the central bank is edging closer to a policy adjustment.
  • A sharp drop in JGB futures is also likely spilling over into yen strength as well.
  • In the near term, focus will rest on Tuesday lows at 147.10. A break below this level could see the Jan 24 low at 146.66 targeted.
  • Weaker Dec retail sales and IP data has largely been ignored by the market.
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