From the Desk of Ian Culley @IanCulley
What do you do when the party gets out of hand?
You raise the roof!
That’s what the Bank of Japan (BoJ) did yesterday as its former yield curve control policies became untenable. After intervening to keep its 10-year yield below 0.25%, it shifted the ceiling to 0.50%.
Naturally, the yen responded in earnest. It posted an explosive rally following the BoJ policy shift, gaining more than 500 pips against the dollar.
But where does that leave the USD/JPY heading into 2023?
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