USD/JPY holds gains as BOJ stays cautious on rate path – BBH

FXStreetMay 13, 2025 10:08 AM

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USD/JPY consolidates near recent highs as the BoJ’s cautious tone and low market-implied hike expectations contrast with ongoing dollar strength, BBH FX analysts report.

BOJ signals high uncertaint

"USD/JPY is consolidating yesterday’s gains. Bank of Japan’s Summary of Opinions from the April 30 and May 1 meeting offered more color behind the bank’s softer hawkish guidance."

"One member noted that uncertainties are 'extremely high,' while another member stressed 'the need for the Bank to wait and see until developments in U.S. tariff policy have become somewhat settled.' The swaps market implies just one 25bps BOJ hike to 0.75% over the next two years."

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