11 May 2023, USD/JPY
USDJPY trading plan:
Bank of Japan policymakers debated the country's progress towards achieving their inflation target and the pace at which they could roll back stimulus at new governor Kazuo Ueda's debut meeting in April, a summary of opinions at the meeting showed. Some in the board also flagged the side-effects of the BOJ's bond yield control and possible repercussions in case it raises interest rates in the future, the summary showed, a sign the central bank was becoming more open to the idea of a future policy shift. With inflation exceeding the BOJ's target for a year, traders have been rife with speculation Ueda will soon phase out his predecessor's massive stimulus that has drawn public criticism for distorting market pricing and crushing bank profits. Under yield curve control, the BOJ sets a short-term interest rate target of -0.1% and caps the 10-year bond yield around zero as part of efforts to reflate the economy and sustainably achieve its 2% inflation target.
Investment idea: range 133.60 -134.60.
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