12 July 2023, USD/JPY
USDJPY trading plan:
Japanese households' inflation expectations rose in the three months to June, a central bank survey showed on Wednesday, adding to growing signs that conditions for phasing out massive monetary stimulus may be falling in place. The survey will be among factors the Bank of Japan will scrutinise in producing new inflation forecasts at its July 27-28 rate review, and in deciding whether to maintain its yield curve control policy that sets a 0% cap on long-term yields. Households' inflation expectations are among factors the BOJ looks at carefully in determining whether inflation will sustainably achieve its 2% target - a prerequisite for dialling back its stimulus programme. A separate survey showed companies expect inflation to stay above 2% for the next five years, suggesting the world's third largest economy is on the cusp of emerging from more than two decades of subdued growth and inflation.
Investment idea: range 138.70 -139.85.
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