A 98%-Priced BOJ Hike Cannot Explain a 4% Yen Rally — What Tokyo Is Handing London
USD/JPY traded to 153.53 in Asia, the yen's strongest since February and about 4% in six sessions — while a BOJ hike on 18 September is priced at 97–98%.
A fully priced event cannot explain the move. Here is what is actually driving it, and what it means for size into the London open.