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30 Sep 2013
Flash: USD/JPY risk ahead with BoJ coming up - BAML
FXstreet.com (London) - Research teams at Bank of America Merrill Lynch explained that they expect status quo at the BoJ monetary policy meeting next week and do not expect the BoJ to make any changes in its monetary policy framework.
Key Quotes:
"The BoJ will likely be giving us an assessment of (1) the Tankan survey (1 Oct), (2) Abe administration's consumption tax rate hike plans and economic package (1 Oct), and (3) overseas risks, e.g., US fiscal issues, EM flow, in its statement".
"With the BoJ controlling JGB supply-demand, we basically do not expect any major moves in rates. We expect the 10-year JGB yield to trade in a range of 0.55-0.90% for the rest of 2013, and still believe receiving 2yr fwd 2yrs provide value. In the FX space, differences in monetary policy will continue to support USD/JPY, which we still expect to be at ¥103 by end-2013 with lower volatility".
"We expect status quo in monetary policy".
Key Quotes:
"The BoJ will likely be giving us an assessment of (1) the Tankan survey (1 Oct), (2) Abe administration's consumption tax rate hike plans and economic package (1 Oct), and (3) overseas risks, e.g., US fiscal issues, EM flow, in its statement".
"With the BoJ controlling JGB supply-demand, we basically do not expect any major moves in rates. We expect the 10-year JGB yield to trade in a range of 0.55-0.90% for the rest of 2013, and still believe receiving 2yr fwd 2yrs provide value. In the FX space, differences in monetary policy will continue to support USD/JPY, which we still expect to be at ¥103 by end-2013 with lower volatility".
"We expect status quo in monetary policy".