Brown Brothers Harriman’s (BBH) Elias Haddad reports that USD/JPY briefly fell about five big figures to 158.00 on suspected Japanese intervention before rebounding near 161.00 and then dropping again. The Bank of Japan (BoJ) kept its policy rate at 1.00% with a hawkish bias and upgraded its risk assessment, while swaps now price higher odds of a September BoJ hike, supporting the Japanese Yen (JPY) outlook.
Hawkish BoJ repricing favors Yen
“USD/JPY dropped yesterday as much as 5 big figures to a low of 158.00 on possible FX intervention. USD/JPY recovered to near 161.00 ahead of today’s Bank of Japan (BoJ) policy decision before an…
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