Daily Market Notes
154.86 to 156.42 While Tokyo Slept. The Bank of Japan Meets in Under Twenty-Eight Hours.
New York took USD/JPY from 154.86 to 156.42 overnight — one publisher's reading, and we say so. The 155.00 level that took three attempts and thirty-six hours to clear is now more than a figure below the market, because the driver changed. Japan's CPI lands at 23:30 UTC and the Bank of Japan decides about three and a half hours later, with 66 of 68 economists already expecting the hike — which means the surprise risk is stacked on the side that hurts the yen.