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Yen In Free Fall After BoJ Ramps Up YCC Enforcement

JPY

The yen gets battered after the BoJ reaffirmed its commitment to defend the official 0.25% cap on 10-Year yields and announced its plan to conduct unlimited fixed-rate JGB purchase operations every business day "unless it is highly likely no bids will be submitted".

  • Elsewhere, the Bank kept its main monetary policy settings unchanged despite raising its inflation outlook and pointed to the need to watch FX markets and global commodity prices.
  • USD/JPY has cleared the Y129.40/44 resistance area flagged in the earlier bullet and last deals at Y129.72, up 1.29 big figure on the day and printing multi-decade highs. The psychologically important Y130.00 figure provides the next bullish target, followed by Apr 24, 2002 high of Y130.43.
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The yen gets battered after the BoJ reaffirmed its commitment to defend the official 0.25% cap on 10-Year yields and announced its plan to conduct unlimited fixed-rate JGB purchase operations every business day "unless it is highly likely no bids will be submitted".

  • Elsewhere, the Bank kept its main monetary policy settings unchanged despite raising its inflation outlook and pointed to the need to watch FX markets and global commodity prices.
  • USD/JPY has cleared the Y129.40/44 resistance area flagged in the earlier bullet and last deals at Y129.72, up 1.29 big figure on the day and printing multi-decade highs. The psychologically important Y130.00 figure provides the next bullish target, followed by Apr 24, 2002 high of Y130.43.