BOJ policy rate left unchanged and dovish remarks from BOJ Governor Ueda push USD/JPY to the mid-154s.
【10/30Market Overview
In Tokyo time, the Bank of Japan decided to keep policy rates unchanged. The statement did not contain language that would raise expectations for additional rate hikes, and selling of the yen led the way, with USD/JPY rising to153.14yen. When Governor Kuroda said that “we do not currently have a predetermined stance on the necessity or timing of a rate hike” and that “we would like to confirm more data on the degree of easing,” yen selling led the way and USD/JPY reached153.55yen. In European hours, Governor Ueda’s remarks were interpreted as dovish, and yen selling accelerated, pushing USD/JPY to154.44yen and3/13highs are being renewed since then.NYtime, after passing important events scheduled for this week, the USD/JPY gradually entered a wait-and-see mood, trading154yen in the low to mid-151 range with little movement.
【10/31Market View