The USD/JPY temporarily declined to around 141.18 levels in response to reports stating that the Bank of Japan is considering a significant upward revision of its 2023 price outlook to around 2.5%, compared to the previous projection of 1.8%. However, the outlook for 2024 and 2025 is expected to see only a slight revision to 2.0% and 1.6%, respectively, which means achieving the sustainable and stable 2% inflation target may not be foreseeable. Following the initial decline, there have been buybacks around the 141.35-40 levels, but the pair is facing selling pressure once again.
The Japanese yen is currently experiencing conflicting speculations, and it appears that the USD is facing selling pressure, leading to a USD selling perspective for today.
