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Japanese Yen Little Changed Post CPI Release, BOJ on the Horizon

Japanese Yen Little Changed Post CPI Release, BOJ on the Horizon

Daniel Dubrovsky, Strategist

Talking Points

  • National CPI -0.1% y/y in March versus 0.0% expected
  • Yen crosses little changed as the data crossed the wires
  • BOJ interest rate decision looms ahead as key event risk

Having trouble trading the Japanese Yen? This may be why.

The Japanese Yen failed to spark a significant reaction against its major peers after March’s core CPI figures missed expectations. Retail prices declined 0.1 percent year-over-year (Y/Y) versus 0.0 expected and +0.3 percent in February. Even though Bank of Japan’s main concern is the persistent threat of deflation, a minimal response from Yen crosses likely reflects traders hesitation to take on large positions ahead of an upcoming BOJ monetary policy announcement.

Japanese Yen Little Changed Post CPI Release, BOJ on the Horizon

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