TD Securities notes the Bank of Japan (BoJ) left its policy rate at 1% with an 8–1 vote, as Governor Ueda delivered notably hawkish remarks. Despite this, the Japanese Yen (JPY) reaction was muted, and the TD forecasts the next 25 bps hike only in December. It expects traders to stay wary of intervention and sees USD/JPY trading in a wide range in coming weeks.
BoJ on hold with next hike seen in December
“The BoJ left the target rate on hold at 1% in an 8-1 vote.”
“Governor Ueda delivered his most hawkish remarks in a long while, but JPY registered a muted reaction.”
“Contrary to market pricing, we forecast the next 25bps hike to come only in…
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