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JPY: Much of the easing priced for now – ANZ

FXStreet (Barcelona) - Richard Yetsenga of ANZ notes that Japan’s easing has been the key driver for the Yen which has been continuing to present itself as a weak currency as it has priced most of the easing for now.

Key Quotes

“The yen still remains influenced by both external and domestic factors.”

“Monetary easing in Japan still has not generated broad money growth, and the price action in the USD/JPY through the BoJ’s two large monetary easing steps is almost identical.”

“All of which suggest we should expect BoJ easing to have currency effects which are largely one-off or step-like rather than effects which are ongoing. We look for some stabilisation, or corrective price action in the USD/JPY in the 115-120 range.”

“Our longer-term yen forecasts have been revised higher to 120 by the end of 2015 and 125 by the end of 2016.”

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