BREAKING: JPY jumps on Bank of Japan headlines

News headlines hit the wires shortly after 11:00 am BST, suggesting that the Bank of Japan is considering a rising price view for fiscal-2023 as well as fiscal-2024. According to reports,BoJ is considering raising the price view for fiscal year 2023 closer to 3% while discussions are also ongoing to raise the price view for fiscal year 2024 to 2% or above. Such a change may suggest that BoJ is expecting inflation to become more entrenched at those levels, following years of almost stagnant price growth. JPY gains on the news as a sustained pick-up in Japanese inflation is seen as a prerequisite for BoJ to exit easy monetary policy stance.

Taking a look at USDJPY chart at 30-minute interval, we can see that the pair slumped around 0.6% and painted a daily low near 148.75 mark. However, majority of the move has been erased already.

Source: xStation5