BOJ Rate Decision Preview: Sharp yen moves grab attention by Dhwani286 boj yen jpyusd
BOJ’s view on the yen decline will be critical amid inflation forecast upgrade.Following the conclusion of its two-day review meeting on April 28, the Bank of Japan is unlikely to announce any changes to its
The central bank, therefore, may be in no rush to increase borrowing costs or modify a pledge to keepat current or lower levels, Reuters has reported, citing sources familiar with the BOJ’s thinking. A weaker yen serves as a double-edged sword for Japan’s economy, as it makes exports more competitive while on the other hand making energy – most of which has to be imported – andJapanese officials have voiced their concerns about the yen’s decline, citing that the government was closely watching the impact of recent yen falls on Japan's economy and prices ‘with a sense of urgency.’
That said, the central bank is likely to refrain from intervening to stem the yen’s decline even as it has conducted several unlimited fixed-rate purchase operations of Japanese Government Bonds over the past month to defend the yield cap at 0.25%.shows that the price is carving out a bull flag formation, in the face of the recent consolidation that followed a vertical rise from March 31.
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