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Forex Flash: USD/JPY still likely to target 100 by year-end – UBS

FXstreet.com (Barcelona) - The newly installed BoJ Governor Kuroda stuck to the dovish script overnight, though two comments in particular seemed to impress investors sending the USD/JPY gradually higher. However these were merely restatements of his existing position. First, Kuroda reiterated that one easing option would be to scrap the BoJ's self-imposed rule, which prevents the stock of Rinban JGBs exceeding the value of yen currency notes in circulation.

He also emphasized his desire to lower JGB yields across the curve by purchasing medium- and long-term assets. Again he said JGB purchases up to 5 years and beyond would be an option. “The USD/JPY eventually gave back its gains, however with the new fiscal year just around the corner on April 1st, and a BoJ policy decision on April 4th, we see this retracement as a buying opportunity and stick to our bullish year-end USD/JPY forecast of 100.” Suggests Research Analyst Gareth Berry at UBS.

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