03/20/2024 21:47

Release： 03/20/2024 21:47

Update： 03/21/2024 02:23

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FOMC alignment. The dollar/yen briefly fell to as low as 150.71 yen on articles observing a potential Bank of Japan rate hike.

【3/20Market Overview

Tokyo time, while Japan is on holiday,FOMCdot plot (interest rate distribution) indicates a move from3to2cuts, pushing USD/JPY above151yen to briefly reach151.58yen. In European hours, USD/JPY reached151.81yen, a fresh year-to-date high.NYtime,FOMCdot plot released shows that the expected cuts for this year remain3times, and the projections for rates in2025and2026are raised. Subsequently, when Nikkei Shimbun published an article suggesting additional rate hikes by the BOJ of “October” and “July” observations, USD/JPY fell to150.71yen, but then recovered with buying back to around151yen.