Yen Gains Strength Amid Positioning Adjustments Ahead of BOJ Meeting

Dow Jones09-08 10:07

0207 GMT - The latest strength in the yen likely reflects some positioning adjustments ahead of the Bank of Japan's coming meeting, says Michael Wan at MUFG in a note. The yen rose to its strongest level against the dollar since late February on Monday amid holiday-thinned U.S. trading and ongoing market pricing for a faster pace of policy tightening by the BOJ, the analyst says. Markets have largely priced in a 25bps hike at the policy meeting next week and attention is shifting towards the BOJ's communication about the broader path of rate hikes at subsequent meetings, Wan says. MUFG expects the dollar to move towards the low 150s level against the yen over time with the BOJ raising rates in the September and January policy meetings. The dollar is last 0.6% lower at 153.41 yen.

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