JPY weak and underperforming – Scotiabank

FXStreetOct 23, 2025 2:19 PM

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The Japanese Yen (JPY) is weak, down 0.5% against the US Dollar (USD) and underperforming all of the G10 currencies as market participants reconsider their expectations for BoJ tightening in the context of PM Takaichi’s government, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Markets push back calls for BoJ hikes

"The new PM affirmed her support for BoJ independence on Tuesday, however this does not appear to have been sufficient as Bloomberg reports of a material pushback in expectations on the timing of BoJ tightening."

"Only 10% of surveyed economists now expect an October hike, with 50% expecting December and 38% expecting January. USD/JPY is pushing higher but still within its recent range roughly bound between the mid-149s and 153."

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