In the Tokyo market, USD/JPY has been trading in the mid-142 yen range. The trading range has been reasonably steady, ranging from 142.06 yen to 142.46 yen, with some back and forth movements between the 00 yen and 40 yen levels. However, there hasn’t been a clear direction.
Traders are awaiting tomorrow’s Bank of Japan (BOJ) monetary policy decision meeting, scheduled for around noon. This anticipation of the BOJ’s next move has led to a lack of significant movements. While foreign investors hope for some hints regarding the possible early removal of negative interest rates, domestic players, for the most part, continue to expect the BOJ to maintain its persistent easing stance. It’s expected that the market will remain relatively calm until the BOJ’s announcement.
Market participants are also keeping an eye on BOJ Governor Kuroda’s press conference, scheduled for 3:30 PM tomorrow, not just the statement.
In the international markets as well, USD/JPY and the yen crosses are likely to continue their directionless trading.”
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