Japanese Yen is Seen to be Largely Unchanged
The Japanese Yen remains unchanged against the US Dollar after inflation data in Japan met expectations. The USDJPY continues to run within the range of 134-135. The Japanese currency may rise ahead of the Bank of Japan’s (BoJ) meeting this week. However, the pair may extend its trading range to 133-137 this week. It could be related to the changes inside BoJ after new governor Kazuo Ueda took office. The Consumer Price Index in Japan in March rose by 3.2% year-on-year, which is in line with expectations, but slightly below February readings of 3.3%. Headline inflation eased from a four-decade high of 4.3% in January, but is still short of the BoJ’s 2% target. The BoJ will meet on April 27-28, and this will be the first meeting of Japan's new central bank governor, Kazuo Ueda, as the chairman. During his inaugural press conference, he said there was no rush to change the ultra-soft policy settings, including control over the yield curve. This fact added doubts as to whether the BoJ will make changes to its monetary policy. This means that we do not expect a strong change in the Dollar-Yen exchange rate.
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