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The Bank of Japan (BoJ) is expected to maintain its 'QQE with yield curve control' policy unchanged at the next monetary policy meeting ending on Tuesday, January 23. Governor Kuroda is further, likely to downplay the significance of daily market operations and repeat BoJ's commitment to the current yield curve control.
"We expect the BoJ to keep its policy unchanged in 2018, assuming Kuroda is reappointed when his term ends in April. We expect BoJ QE exit concerns and uncertainty about the future BoJ leadership to weigh on USD/JPY and we have lowered our 1M target to 112 (113)," Danske Bank commented in its latest research report.
Meanwhile, over the medium term, USD/JPY is seen to trade mostly sideways within the 110-114.50 range, targeting 113 in 3M, the report added.
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