USD/JPY: Local factors should support the Yen later in the year – HSBC USDJPY Japan BOJ RiskAppetite Banks
“Beyond the near-term movements, the rationale supporting the JPY’s appreciation later in the year remains intact. For example, compared to early January, more Japan economists now think that the Bank of Japan will modify its yield curve control policy this year. Japan’s trade deficit widened to a record level in January 2023, but this was likely exacerbated by holiday-related distortions and a lagged pass-through of lower oil prices. Subsequent numbers should be better.
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