Japanese Yen: Defensive Yen as BoJ turns hawkish – Scotiabank

FXStreetSep 10, 2026 4:37 PM

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Scotiabank strategists Shaun Osborne and Eric Theoret highlight that USD/JPY is edging higher as the Japanese Yen trades defensively after its sharp late-August rally. The Bank of Japan’s messaging is described as unequivocally hawkish ahead of a widely anticipated 25 bps hike on September 18. For USD/JPY, they now see support around 153 and short-term resistance above 155.

Yen softens with BoJ tightening priced

"The yen is down fractionally vs. the USD and trading somewhat defensively into Thursday’s NA session, showing its first notable signs of weakness since the shock 3.7% rally from August 31."

"The release calendar has been limited, and focus has remained centered on the BoJ with messaging leaning unequivocally hawkish into the September 18 meeting where a 25bpt rate hike is widely anticipated and almost fully priced."

"For USD/JPY, we had highlighted the importance of support closer to 152 but this week’s price action leans toward support around 153."

"We see short-term resistance above 155."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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