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New interventions by the Bank of Japan

New interventions by the Bank of Japan | 01 November 2023

01 November 2023, USD/JPY

New interventions by the Bank of Japan

USDJPY trading plan:

A day after loosening its grip on long-term interest rates, the Bank of Japan intervened in the government bond market to rein in a jump in yields to fresh decade highs, reminding the market that it should avoid moving too fast. The 10-year Japanese government bond yield rose 2 basis points to 0.970%, a level last seen in May 2013, before retreating immediately after the BOJ announced an emergency bond-purchase operation. Japan's central bank took another small step away from its decade-long commitment to ultra-easy stimulus by changing the 1% ceiling for the 10-year yield to a reference point rather than a hard cap.

Investment idea: sell 151.55 and take profit 150.85.

David Johnson
Analyst of «FreshForex» company
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