The Bank of Japan (BoJ) tweaked its yield curve control policy (YCC).
USD/JPY rallied after the BoJ’s policy announcement. Economists at Standard Chartered analyze Yen’s outlook. Bout of JPY weakness between now and the next meeting in December should be fleeting The likely bout of JPY weakness between now and the next meeting in December should be fleeting, especially if the authorities formalise the removal of YCC by then and start contemplating the end of NIRP in 2024.
The BoJ’s forecasts paint a more nuanced picture for the economy. While it lifted growth and core-core inflation forecasts for FY23, it downgraded its FY24 growth forecast to 1% and raised the core-core forecast marginally to 1.9% . That the core-core inflation forecast is just shy of 2% suggests that the BoJ needs a tad more convincing of progress on ending the multi-decade deflationary woes.
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