- USD/JPY: Rising wages and risks to the YCC program to keep focus to the downside in H2 – CIBC
Notícias do Mercado
22 junho 2023
USD/JPY: Rising wages and risks to the YCC program to keep focus to the downside in H2 – CIBC
Economists at CIBC Capital Markets discuss USD/JPY outlook.
Wages are the key
Although we remain biased towards USD/JPY downside, investors continue to wait on an obvious catalyst.
Rising corporate profitability provides scope to fund recently agreed-to high wage deals.
We expect rising wage dynamics to impact the BoJ CPI forecasts in the July policy report and for CPI forecast adjustments to be a catalyst for potential policy (YCC) tweaks. That should support 10-year spread compression and buttress our call for downside in USD/JPY in H2 and beyond.
USD/JPY – Q3 2023: 130 | Q4 2023: 127
O foco de mercado
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimerAbrir Conta Demo e Página Pessoal