BoJ's Dovish Rate Hike Drives Yen Sharply Lower
Scotiabank strategists note the Japanese yen fell sharply against the US dollar after the Bank of Japan delivered a 25bp rate hike with a dovish tone.
USDJPY
Scotiabank strategists Shaun Osborne and Eric Theoret note that the Japanese yen is down sharply versus the US dollar.
The move follows a 25 basis point rate hike from the Bank of Japan that was delivered with a dovish tone, alongside cautious comments from Governor Ueda.
The strategists' read suggests markets focused on the BoJ's dovish forward guidance rather than the hike itself, keeping pressure on the yen.
Source: FXStreet Forex News