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Market News Before Japan's inflation and BoJ Ueda's speech, EUR / JPY is expected to decline below 143.00

Before Japan's inflation and BoJ Ueda's speech, EUR / JPY is expected to decline below 143.00

Before BoJ Ueda's speech, EUR / JPY is anticipated to decline below 143.000. BoJ Ueda's speech is anticipated to generate additional yield-widening discussions. Rates will rise to 3.5% as a result of ECB Lagarde's announcement of a further 50 bps rate increase.

Alina Haynes
2023-02-23
12016

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In the Asian session, the EUR / JPY is displaying back-and-forth movement around 143.00. The Japanese Yen bulls are attempting for the third time to drive the cross below the immediate support of 143.00, as investors anticipate that BoJ Governor nominee Kazuo Ueda will discuss an exit from the decade-long ultra-loose monetary policy managed by the Bank of Japan (BoJ).

 

The Japanese government has reiterated that the administration will seek a transition in the BoJ's monetary policy under new leadership in order to make the yen more competitive against other foreign exchange currencies. As a result, Friday's speech by BoJ Ueda is anticipated to include additional yield-widening discussions.

 

Aside from this, Japan's National Consumer Price Index (CPI) (Jan) data will continue to be a focal point. The headline CPI is anticipated to increase to 4.5% from the previous release of 4.0%. And the core CPI, which excludes oil and food prices, is anticipated to be 3.2%, up from 3.0% in the previous release. By increasing wages and consumer spending, the Japanese economy is progressively achieving a higher inflation rate.

 

According to Commerzbank economists, "patience is the name of the game." If Kuroda truly intended to pave the way for his successor by enlarging the yield range, only the BoJ's decision in early March, still under Kuroda, could provide a first indication of how monetary policy will develop. If not, we will have to be patient until the end of April, when Ueda will lead his first meeting. Even then, it is highly unlikely that Ueda would promptly flip the monetary policy on its head."

 

Meanwhile, despite Christine Lagarde's hawkish comments as president of the European Central Bank (ECB), the Euro is struggling to find its footing. ECB Lagarde states, "Headline inflation has begun to decelerate, but they plan to raise key rates by 50 basis points (bps) at the next policy meeting." She also stated that the European Central Bank does not anticipate a wage-price spiral in the Eurozone.

 

It is important to note that the ECB has increased interest rates by 50 basis points over the past two monetary policy meetings, and another 50 basis point increase will drive rates to 3.5%.


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