USD/JPY rises above ¥157 after BOJ rate-hike guidance disappoints
BOJ raised rates to a 31-year high, but USD/JPY moved back above ¥157 as traders found the rate-hike guidance insufficient. More BOJ hikes are expected but gradually; ¥157 is flagged as a near-term pivot.
The BOJ lifted rates to a 31-year high, but USD/JPY moved back above ¥157 as traders saw no firm guidance for additional hikes. A rate increase had already been priced in, while the Fed still offers the larger yield advantage. More BOJ hikes are expected, but only gradually. USD/JPY chart: ¥157 remains the near-term pivot.