Just out…
BoJ’s Masu: The yen is rising while crude oil and global food prices are also rising, so we will scrutinize these factors comprehensively at next week’s meeting when deciding on rates.
BoJ’s Masu: The BoJ’s policy rate is still below our estimated neutral-rate range and has been below that level for a very long time, so this needs to be fixed soon.
USDJPY has come down a lot and may be looking for another leg lower in the sessions ahead, but a fresh higher-degree rally may begin afterwards.
Key levels to watch:
- 152 – The low of the year for now.
- 151 – C=A target.
- 146 – Big H&S target, just below the major gap from October 2025. That gap matters. Expectations for rate hikes fell after Takaichi’s surprise win, and now this story is turning around, so the markets may do the same.
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