Yen finding a few bids after the Bank of Japan rate hike ...Middle East

Bank of Japan hikes rates - as widely expected

USD/JPY dipped lower on the Statement and forecasts. Its dropping further now. yen crosses lower alongside.

From that post linked above, you can see that the BoJ is not expecting the CPI to drop back under its 2% target any times soon:

The BOJ board’s median forecast for core CPI in fiscal 2024 is +2.7%, up from +2.5% in October.The BOJ board’s median forecast for core CPI in fiscal 2025 is +2.4%, up from +1.9% in October.The BOJ board’s median forecast for core CPI in fiscal 2026 is +2.0%, up from +1.9% in October.

This will clear the way for further rate hikes ahead.

This article was written by Eamonn Sheridan at www.forexlive.com.

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