USD/JPY reacts to Bank of Japan policy

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Forget about technical analysis for now. The Bank of Japan has revealed its policy stance and it is impacting the USD/JPY through the value expectations for the Japanese Yen. In general, the central bank has caused the rate to reach a new 2023 high.

The Bank of Japan has kept its policy rate at -0.10%. Namely, the BoJ is not going to use interest rates as a tool.

Meanwhile, the central bank has re-defined its 10-year bond yield 1.00% target from a rigid limit to a reference. The BoJ could allow the rate to reach above the 1.00% mark. In theory, the redefining should have caused a strengthening of the Japanese Yen. Namely, higher bond rates would mean more demand for the JPY that would in turn strengthen the currency.

Despite the redefinition, the board announced details that caused a drop of the Yen. Namely, the BoJ revised its inflation forecasts for 2023, 2024 and 2025. In general, the board of the bank pledged to remain patient in their policy and inflation would not drop back below 2.00% until 2025.

If compared to US and European announcements of 2.00% inflation in 2024, the news indicate that the Bank of Japan will do less tightening than its counterparts.
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