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Bank of Japan Policy Watch: Looking Past January for the Next Hike
Abstract：The Bank of Japan is poised to maintain its current interest rates in January while monitoring the inflationary pass-through from a weak Yen and new fiscal stimulus.
The Bank of Japan (BOJ) is expected to maintain its policy balance rate at the upcoming January 23 meeting, opting to assess the impact of recent stimulus measures before moving further on normalization.
Putting Growth Before Hikes
Sources close to the central bank indicate that while the BOJ maintains a hawkish bias for the medium term, the immediate priority is gauging the effects of Prime Minister Takaichi's 17.7 trillion yen ($113 billion) economic package.
The “Weak Yen” Factor
Despite the December hike, the JPY remains under pressure, a situation that complicates the BOJ's stance.
Trading View: USD/JPY
For USD/JPY traders, the BOJ's “patience” implies that yield differentials will remain wide in the short term. Unless the Federal Reserve delivers a surprise dovish pivot, the path of least resistance for the Yen remains lower (USD/JPY higher) until the BOJ signals a definitive date for the next hike.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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