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USD/JPY nears 158 on JGB sell-off – BBH
Ni FXStreet Insights Team
Petsa ng Pag-publish: 20 Nov 2025 | Petsa ng Pag-edit: 20 Nov 2025
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USD/JPY rallied close to 158.00, its highest level since January 15, driven by broad USD strength and the continued sell off in JGBs, BBH FX analysts report.
USD/JPY rallied close to 158.00, its highest level since January 15, driven by broad USD strength and the continued sell off in JGBs, BBH FX analysts report.
BOJ comments fall flat amid JPY pressure
"Long-term JGBs yields are breaking higher on concerns over fiscal profligacy. Japan’s Prime Minister Takaichi is expected to unveil a fresh package of economic measures worth ¥17.7 trillion (2.8% of GDP). That is more than last year's ¥13.9 trillion (2.2% of GDP) supplementary budget and implies additional JGB issuance are in the pipeline."
"JPY largely ignored hawkish comments by Bank of Japan (BOJ) board member Junko Koeda. Koeda said 'Given that real interest rates are currently at significantly low levels, I believe that the Bank needs to proceed with interest rate normalization'."
"The swaps market implies just 20% odds of a rate hike at the next December 19 meeting, with a full 25bps rate increase priced for March/April. Japan’s October CPI data will help shape near-term BOJ rate expectations (11:50pm London, 6:50pm New York)."
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