USD/JPY may break below 130.00 – ING USDJPY BOJ DollarIndex Banks
BoJ delivers last shock of the yearannounced a surprising change in its YCC policy. The target band for the 10-year JGB has been widened to +/- 0.50% from the previous 0.25%, essentially allowing higher interest rates in the current inflationary environment despite still officially targeting 0.00% as the outright target. The move was accompanied by an increase in the amount of JGB purchases, from JPY7.3 tn per month to 9 tn.
“For now, the negative reaction in global equities is capping pro-cyclical currencies, and offering some USD support on balance, but broader dollar weakness is surely a possibility in the near term. DXY could press 103.50 by the end of this week.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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