#USDJPY @ 149.453 : Yen to remain in free-fall unless BoJ’s approach on monetary policy front changes – Commerzbank

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USD/JPY is approaching the 150 mark. Economists at Commerzbank expect even further yen weakness while the Bank of Japan stands pat.

“If the Ministry of Finance (MOF) and the BoJ should once again intervene in support of JPY this would constitute only a drop in the ocean. It would instead be an invitation to the market to sell the yen at temporarily better levels.”

“Until the BoJ’s approach on the monetary policy front changes, JPY is likely to remain under pressure. The BoJ is unlikely to have sufficient time to wait for an end of the rate cycle in the US and even less so rate cuts – unless it is willing to accept that the yen will continue to depreciate significantly until then.”

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