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The BoJ's accommodative monetary policy

The BoJ's accommodative monetary policy | 22 September 2023

22 September 2023, USD/JPY

The BoJ's accommodative monetary policy

USDJPY trading plan:

The yen fell sharply after the Bank of Japan kept interest rates in negative territory just days after the Federal Reserve signalled U.S. borrowing costs would stay high, piling pressure on the Japanese currency and raising the risk of intervention. The BOJ held interest rates at -0.1% on Friday and reiterated its pledge to keep supporting the economy until it's confident inflation will stay at the 2% target. "We have yet to foresee inflation stably and sustainably achieve our price target," BOJ Governor Kazuo Ueda said in a press conference. The yen dropped as low as 148.41 to the dollar, nearing the 150-mark at which analysts have said government intervention to prop up the currency is likely.

Investment idea: buy 148.00 and take profit 148.85.

David Johnson
Analyst of «FreshForex» company
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