The Japanese Yen starts the week eyeing off the 145 point. The Bank of Japan intervened last week by selling USD/JPY last week saw tumultuous price action. A move back above 145 is to be closely observed, to see if the central bank will defend the level.
The USD/JPY currency pair remains driven by the disparaging monetary policy as the BoJ maintains a super loose stance, while the Federal Reserve has backed up its words with continuing jumbo rate hikes.
The BoJ has a policy rate of -0.10% and is maintaining yield curve control (YCC) by targeting a band of +/- 0.25% around zero for Japanese Government Bonds (JGBs) for 10 years.
At a time when Treasury yields are shooting higher, the attractiveness of buying USD/JPY seems apparent.
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