USD/JPY: Room for the Yen to rebound sharply if YCC is adjusted – MUFG USDJPY BOJ CPI Banks
will shift its policy by altering the current YCC framework. Therefore, USD/JPY is set to fall sharply.We are anticipating a build-up in speculation of a change to YCC as we move toward the BoJ policy meeting on 28th July. While it seems more likely than not now that the FOMC will hike on 26th July, the market is now fully priced for that and we still have the key CPI data this week, which shows a strong consensus of further declines in inflation.
Expectations on a YCC change may have started to build this week but expectations remain low so there is scope for a shift in expectations to help the Yen. The rhetoric from the MoF also points to greater opposition to Yen depreciation and Leveraged Funds remain very short at present.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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