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USD/JPY dip short-lived - Nomura

FXStreet (Delhi) - Yujiro Goto, Research Analyst at Nomura, notes that the USD/JPY initially reacted negatively to the BoJ’s decision to leave its monetary policy unchanged, but the dip was short-lived.

Key Quotes:

“Fed hike expectations are supporting USD/JPY, while the dovish stance of the ECB and PBOC likely supports risk sentiment at the moment. In addition, Nikkei reported that the government is considering fiscal stimulus of JPY3trn or more, soon after the BOJ announcement (unconfirmed), which supports USD/JPY and Japanese equity prices.”

“Dip-buying demand from domestic investors is also strong at the moment, as Fed hike expectations recover. This muted market reaction so far also encourages the BOJ to stay on the sidelines for the time being.”

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