Trade The World
JPY: Hawkish BoJ surprise – ING
Par FXStreet Insights Team
Date de publication: 19 Sep 2025 | Date de modification: 19 Sep 2025
POPULAR ARTICLES
The Bank of Japan held rates unchanged this morning, but two dissenters voted for a rate hike, which is being read as a hawkish signal amid an otherwise unchanged guidance.
The Bank of Japan held rates unchanged this morning, but two dissenters voted for a rate hike, which is being read as a hawkish signal amid an otherwise unchanged guidance.
Markets remain cautious with pricing
"The other surprise was the decision to start offloading ETF holdings at a pace of around $4.2bn by market value per year. Considering a total market value of ETF holdings of around $505bn in March, this is a rather slow pace, and we would not place too much emphasis on the decision."
"What matters most for the yen is the hawkish vote split. We have been calling for a rate hike in October, and the dissenters' vote makes us more confident in that view. Markets remain cautious with pricing, with around 14bp embedded in the OIS curve for the October meeting and 19bp by year-end."
"According to our model, the near-term fair value of USD/JPY is currently at 145.7, meaning the pair is overvalued even before counting in any hawkish repricing. Our 1M and 3M calls are 145 and 140 for USD/JPY, as discussed here."
FXStreet
Plus d’un million d’utilisateurs se tournent vers FXStreet pour des données de marché en temps réel, des outils de graphiques, des analyses d’experts et des actualités Forex. Leur calendrier économique complet et leurs webinaires éducatifs aident les traders à rester informés et à prendre des décisions éclairées. FXStreet s’appuie sur une équipe d’environ 60 professionnels répartis entre le siège de Barcelone et diverses régions du monde.
Read More
