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Yen Outperforms As BoJ Speculation Heats Up

JPY

USD/JPY is dealing at fresh session lows, last around 137.70/75 (low of 137.63). This is a yen gain so far of 0.25% for the session. Yen is outperforming the rest of the G10 FX block, which is modestly weaker against the USD. Speculation around a possible YCC shift has risen at the July policy meeting, with earlier reports of the central bank raising its inflation forecast above 2% at the meeting at the end of this month. An ex-BoJ official also stated that the BOJ could tweak YCC this month (see this link).

  • We are seeing the 10yr swap rate above 0.70%, while the cash bond yield is above 0.48%, still just below the upper bound of the YCC.
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