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USD/JPY Rise Goes On, BOJ Summary Shrugged Off

USD/JPY Rise Goes On, BOJ Summary Shrugged Off

David Cottle, Analyst

Talking Points:

  • USD/JPY soared as the risk-off bid after Trump’s shock win unwound
  • Bank of Japan policymakers saw continued threats to its inflation target
  • Summary of Opinions passed unnoticed as markets focused elsewhere

The US Dollar continued to push higher against the Japanese Yen on Thursday, unaffected by the release of the Bank of Japan’s latest “Summary of Opinions” from its last policy meeting.

Unsurprisingly, the currency pair remains focused on the US presidential vote and Donald Trump’s shock Wednesday defeat of market favorite Hilary Clinton.

The Summary of Opinions came from the Bank of Japan’s last monetary policy meeting, which took place on October 31 and November 1. So, they already look rather dated given events since.

The Summary suggested that momentum toward price stability has been maintained but had become “somewhat weak” lately.

The central bank doubted that inflation would reach 2% within its projection period, partly because of a cautious outlook on inflation expectations.

However, it suggested that its policy framework was functioning well, as evidenced by limited movements in market-implied interest rates.

The Summary is a recent innovation, introduced in January of this year. Its aim was to increase the transparency around policymaking.

The Summary’s release had little obvious effect on a Yen,but it’s doubtful that anything could have made a significant splash given the current strength of the “Trump trade.”

Trump’s conciliatory victory speech seems to have steadied market nerves. His shock win on Wednesday prompted a rush into perceived haven assets like the Yen, and out of stocks. However, that process is seeing a substantial reverse.

USD/JPY is now trading around 105.90 having bounced from its Wednesday low of 102.99. If it pushes up into the 106 handle it will be printing multi-month highs.

USD/JPY still rising

USD/JPY Rise Goes On, BOJ Summary Shrugged Off

Chart created using TradingView

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