Westpac is looking for a lower USD/JPY into next week's Bank of Japan meeting:decisive Fed pivot to rate cuts has pretty comprehensively undercut near term USD prospects.the long awaited big turn in the USD, we still think it is going to take time to develop Heightened sensitivity to another BoJ YCC tweak next week and probable further groundwork for an end to the negative policy rate in 2024H1 can see USD/JPY trade lower still near term. If history is any guide, USD/JPY will trade heavily into next week’s BoJ. That said, markets have been underwhelmed with almost every policy tweak so far and Ueda has downplayed each adjustment with a dovish narrative, so further material USD/JPY downside b
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