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"We expect the Boj to keep all YCC settings, including the +/-25bp band around the 10yr target, unchanged at its 28 Apr MPM...Heading into the BoJ meeting, we think risks are balanced for USD/JPY...A dovish Boj could weaken JPY toward 130 but from a macro perspective, the elevated oil price and a hawkish Fed seem to be largely priced into USD/JPY for now,"
"That said, we think it will take some time before pressure over the yen dissipates. Japan's trade deficit has expanded and remains wide. Japanese companies have accelerated outward M&A activity since March. The new university fund is likely to invest into foreign assets. A dip in USD/JPY is likely to be bought from Japanese companies and investors,"
