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breaking news Goldman Sachs asks how far USD/JPY could fall if BOJ exits YCC (spoiler, below 125.00)

The Bank of Japan’s January 2023 monetary policy meeting begins today, Tuesday, January 17, 2023. It ends tomorrow. The declaration is expected to take place after 02:30 GMT on Tuesday, January 17, 2023.


This now from Goldman Sachs,

via the folks at eFX.

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  • “We have long argued that the main driver of the cross should be US rates rather than domestic monetary policy, although our estimates suggest we could see another USD/PY selloff of around 3% – or a dropping to levels just below 125. from current location,” GS notes.
  • “While our economists expect the Boj to keep YCC in place with possible further tweaks to improve its sustainability, the heightened risk of a full exit means we see more limited upside room for the USD. /JPY and as a result, we recently revised our forecast down the path,” GS adds.


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