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USD/JPY: FX intervention unlikely until 145 – SocGen

Officials are likely to step up verbal intervention closer to 145 in USD/JPY, in the opinion of economists at Société Générale.

Widening of 10y JGB yield range in July

We now forecast a widening in the range for the 10y JGB yield from +/- 0.50% to 1.00% at the next meeting in July. This may however depend on the FOMC meeting in the US. The outlook for USD/JPY is clouded by the timing of the BoJ but also by the Fed. 

A further widening of UST/JGB differentials in the run-up to the July meeting and acceleration of USD/JPY beyond 145 could see the return of FX intervention. 

Speculation of a general election this autumn also clouds the outlook for the currency and policy adjustment by the BoJ.

 

USD/JPY looks vulnerable above 141.50 as investors anticipate BoJ’s stealth intervention

The USD/JPY pair has faced stiff barricades around 142.15 in the European session. The asset is expected to deliver more weakness below 141.50 as the
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ECB’s Rehn: Underlying inflation is easing ‘only gradually'

European Central Bank (ECB) Governing Council member, Olli Rehn, made some comments on the Eurozone inflation outlook during his appearance on Tuesday
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