Yen continues to outperform on recession, peak yields themes. July FOMC meeting seen as “dovish,” taking USD lower. RBA, BoE meet this week – Key levels in play for AUDJPY & GBPJPY.
to cool its recent advance. Global recession fears and the market’s attempt to price a Fed pivot have pushed the Greenback lower of late, allowing for a bid into risk assets. Despite the Bank of Japan’s continued dovish stance, yield compression globally has made the Yen more attractive. If yields truly have topped, those who have milked the carry trade for much of the last two years may look to make an “Irish exit” if they haven’t done so already.
Last week, the Bank of Japan released its Summary of Opinions which reiterated the bank’s easy stance on monetary policy. The report revealed that the BoJ would “not hesitate to take additional easing measures as necessary.” Policymakers also stated that it is natural to continue easing as inflation is yet to exceed 2% “in a stable manner.” Despite the dovish stance from the BoJ, the Yen may outperform as trends shift into H2 2022.has continued to flush lower following last week’s FOMC meeting.
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