The Bank of Japan January 2023 monetary policy meeting begins today, Tuesday, 17 January 2023. It concludes tomorrow. The statement should be sometime after 0230 GMT on Tuesday, 17 January 2023.
Previews:
- Ahead of its monetary policy meeting beginning on Tuesday the BOJ to buy JGBs today
- TD say still plenty of room for yen gains, see as low as 120 by the end of March
- Bank of Japan preview - "may be on the verge of its biggest policy change in decades"
- The hyenas are circling the Bank of Japan
- 10-year JGB yields still pushing the limit for now
- The risks are skewed towards disappointment for yen bulls this week
This now from Goldman Sachs,
via the folks at eFX.
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- "We have long been arguing that the bigger driver of the cross should be US rates rather than domestic monetary policy, though our estimates suggest we could see another USD/ PY sell-off of roughly 3%—or a decline to levels just below 125 versus current spot," GS notes.
- "While our economists expect the Boj to keep YCC in place with possible further tweaks to improve its sustainability, the increased risk of a complete exit means we see more limited room for USD/JPY upside and, as a result, recently revised down our forecast path," GS adds.
