9 Apr 2014
BoJ pushed USD/JPY lower - BTMU
FXStreet (Barcelona) - Derek Halpenny, European Head of Currency Strategy at the Bank of Tokyo Mitsubishi UFJ, remarks the downside in USD/JPY post-BoJ inaction.
Key Quotes
"On a poor day for the dollar generally yesterday it was USD/JPY that stood out with a sharp move lower from the 103.00 level to the intra-day low set in New York trading at 101.55 fuelled mainly by the lack of any signal from Governor Kuroda in yesterday’s monetary policy press conference of any plans to ease monetary policy going forward".
"Governor Kuroda will have known that the market had been shifting toward the idea additional BOJ easing, perhaps sooner rather than later but the comment from Governor Kuroda that the BOJ was “on track to the price stability target” and hence the BOJ was not considering “any kind of additional easing now” certainly reversed thinking on action taking place over the coming meetings."
Key Quotes
"On a poor day for the dollar generally yesterday it was USD/JPY that stood out with a sharp move lower from the 103.00 level to the intra-day low set in New York trading at 101.55 fuelled mainly by the lack of any signal from Governor Kuroda in yesterday’s monetary policy press conference of any plans to ease monetary policy going forward".
"Governor Kuroda will have known that the market had been shifting toward the idea additional BOJ easing, perhaps sooner rather than later but the comment from Governor Kuroda that the BOJ was “on track to the price stability target” and hence the BOJ was not considering “any kind of additional easing now” certainly reversed thinking on action taking place over the coming meetings."