Usd/jpy drifted Back Toward the Top of the Last Week’s Range

Usd/jpy drifted Back Toward the Top of the Last Week’s Range


Quotes from RBC Capital Markets:
-USD/JPY has drifted back toward the top of the last week's range (spot ~78.55) in the wake of the Minutes from the July 11/12 BoJ meeting. The minutes revealed that "a few" members believed the Bank should not rule out any policy options and global uncertainty was high. US and Chinese growth were key to the global recovery and "one member" said that the Bank should be "vigilant of the risk of a JPY rise" and of equity market weakness.
-Although more dovish than is typical for the BoJ, we would caution that the reference to "a few" and "one member" likely tie these comments to the new policy board members for whom this was the first meeting. Although this seems to confirm that Sato and Kuichi are at the dovish end of the board members' spectrum, the monetary orthodoxy that prevails in the BoJ is a high hurdle to clear before this has any bearing on BoJ policy.


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