BoJ acts to stem 10yr JGB yield rise. The Yen initially weakened modestly but has since strengthened with the Dollar continuing to sell off more generally. Economists at MUFG Bank analyze JPY outlook.
Dollar selling could fade quite quickly
The scale of the sell-off of global bonds prompted the BoJ today to announce an unscheduled bond-buying operation. If the Dollar was performing more strongly in broader markets, there’s a chance such a modest operation may have propelled USD/JPY through the 150 level.
We are wary of this Dollar sell-off given this is month-end and Dollar selling could fade quite quickly.
The modest BoJ bond buying announcement today does highlight the bind that Japan is in and a broader rebound of the USD seems more likely than not at this juncture which will likely mean a break above the 150 level.
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