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  • Japan’s economy recovers like a trend
  • But the uncertainty is still extremely high
  • The BOJ is closely monitoring the impact of currency movements on the economy and prices
  • Monetary easing needed to support the economy and reach the price target

No change in BOJ comment. This will keep the policy divergence game intact, but there are still risks of intervention if the Yen falls further. For now, USD/JPY is still holding lower around 134.75, having fallen from highs around 136.70 earlier in the week.


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