BoJ Preview: Three scenarios and their implications for USD/JPY – TDS BOJ USDJPY InterestRate Banks
A shift in the Yield Target to the front-end implies a big shift in the BoJ's easing stance. The Bank is likely to upgrade its FY24 inflation forecast above 2% and cite evidence that inflation expectations are nearing its 2% inflation equilibrium. Further, the BoJ is likely to emphasize that the economy is likely to run above potential at a much faster pace than expected and bring about stronger price pressures. USD/JPY -3.0%.BoJ could widen the band from the current 50bp range.
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