A small step for the BoJ, a big step for the Yen – SocGen USDJPY BOJ Banks
Kit Juckes, Chief Global FX Strategist at Société Générale, believes that the JPY may have further to run.“The BoJ widened the band in which 10yr JGB yields can fluctuate to +/-50 bps and announced daily operations to buy 10-year JGBs at a yield of 0.5%. Monthly purchases will increase from Y7.3 trn to about Y9 trn. The BoJ emphasises that this move is intended tackle the functioning of the bond market but attempts to downplay it’s policy significance will fall on deaf ears.
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