Decades of ultra-loose monetary policy have put the Yen in a unique position among major currencies. But for how much longer?
The BoJ has stuck to ultra-loose policy settings, even as other central banks ramped up borrowing costs to fight a global wave ofsome pricing power in the face of moribund domestic demand. Now, it seems, they might have succeeded. Various BoJ policymakers seem better disposed to raising interest rates, or at least considering such a thing.
Of course, the Yen will likely continue as a yield-laggard currency for a long time to come, but the prospect of a major shift at the BoJ will continue to offer it support. The rest of this week’s major USD/JPY economic data cues will come from the US side, with retail sales and consumer sentiment numbers both due before the close of play on Friday.USD/JPY has staged a modest bounce in the past week.
The upside of that range is 148.398, with 146.842 as the lower bound. That latter point has been probed by Dollar bears on three daily occasions in the past two weeks, but even then the market has always closed above it. Below that mark, the 200-day moving average offers further support. It comes in at 146.248 now.
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