𝗧𝗵𝗲 𝗝𝗣𝗬 𝗺𝗮𝘆 𝗴𝗲𝘁 𝘄𝗲𝗮𝗸𝗲𝗿
The Japanese yen keeps trading at its lows, hovering around the bottom of January 2002. This week, USDJPY retested the 135 level. Analysts believe that the pair may go even higher. The main reasons for that are the soft policy by the Bank of Japan and ultra-hawkish steps by the Federal Reserve. The BOJ Governor Haruhiko Kuroda has already acknowledged the yen’s weakness and promised to conduct necessary procedures. Still, last week's monetary policy meeting did not present any changes to the current policy, leaving the interest rate unchanged at -0.1% and the 10-year yield at 0%. If the bank is pressed to act, it may intervene in its 10-year yield curve control or end the negative policy rate. Both actions will require extreme accuracy from the BOJ, which remains dovish for a long time. If the measures are taken, USDJPY can slide lower to 131.
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