USD/JPY: We continue to see the potential for further upside – Rabobank By MSalordFX USDJPY Banks Currencies
at an aggressive pace in the coming months and that the Bank of Japan retains an extremely dovish policy position. “Despite the pressure on the trade balance, Japan’s current account recorded a second straight surplus in March, proving that investment income into the country can still outweigh the impact of surging energy and commodity costs.
“While better Japanese current account data and a bout of short-covering has pushed USD/JPY away from its recent highs, we continue to see the potential for further upside over the summer as the Fed continues to hike rates. Assuming an improvement in Japanese economic data, speculation of a potential alteration to the BoJ’s YCC policy has the potential to rein backInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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