JPY is declining again. Overview for 23.01.2024
The Japanese yen, paired with the US dollar, is about to decline further. The USDJPY exchange rate stands at 148.10.
The Bank of Japan maintained its ultra-soft monetary policy at the January meeting. The interest rate remained at -0.10% per annum.
The Central Bank made no changes to its credit and monetary policy structure and provided no recommendations concerning future steps. At the same time, the BoJ lowered inflation forecasts for the new fiscal year starting in April.
In January, an earthquake in Japan postponed the Bank of Japan’s plans to tighten monetary conditions. For the yen, the absence of changes is considered a negative signal.
The earliest the BoJ can revisit the issue of an interest rate hike is April.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.