USD/JPY could trundle slightly higher on a non-event BoJ meeting – SocGen

Kit Juckes, Chief Global FX Strategist, analyzes JPY outlook ahead of the BoJ meeting.

All about yields as the BoJ sits on its hands

Friday’s BoJ meeting is widely seen as a non-event, with no change to either rates or yield curve control expected. But USD/JPY tracks yield differentials as closely as ever and whatever the Fed does, we like buying 5-year Notes into any weakness here. 

USD/JPY could trundle slightly higher on a non-event meeting, but it would fall sharply if anything changed.