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USD/JPY tracks back to 148 but no change expected from the BOJ tomorrow

Early tomorrow the Bank of Japan (BOJ) is due to decide on its monetary policy. The announcement is due out sometime around 12am GMT. As that is at a time when many of us will be asleep, we might be greeted with a shift in the USD/JPY by the time we awake. That said, not many analysts expect any kind of change from the BOJ tomorrow. It is possible they might look to tweak their yield curve control again, but that is not the expected outcome. However, we do know the BOJ is under pressure from a number of Japanese politicians, over the weakness of the Yen and they might bow to that, but it would seem unlikely yet. Meantime, the heat has just now come out of the USD/JPY. It has just now fallen back very close to 148, from an earlier high (and new 2023 high too) at 148.46. This drop has taken many of the major Yen crosses lower with it and perhaps most notably right now the GBP/JPY is leading that. The USD/JPY is just now at 148.01

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