The BoJ will not abandon stimulus | 20 11月 2023

20 11月 2023, USD/JPY

The BoJ will not abandon stimulus

USDJPY trading plan:

Bank of Japan Governor Kazuo Ueda said that there are both positives and negatives to the weak yen’s impact, suggesting he’s determined to keep stimulus unchanged for now despite heightened concerns over the yen. While it’s true that a weak yen amplifies negative economic impacts by lifting up import prices, it also helps boost exports including inbound spending, and lifts global businesses’ profits, Ueda said. BOJ watchers are closely looking at the direction of the yen, especially after Ueda acknowledged that volatility in foreign exchange rates is a factor the bank considered before tweaking its yield curve control program in July. But by taking a neutral stance on the yen’s current state, Ueda appears to be suggesting that there’s still room for stimulus to stay at this point.

Investment idea: buy 149.40 and take profit 150.00.

David Johnson
Analyst of «FreshForex» company
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