Banks of Japan unable to impact on USD/JPY
Having reached the target at 109.2-109.35 marked at the beginning of the last 10-day period in October, USD/JPY consolidated on uncertainty around the result of US-Chinese trading negotiations and US mixed macrostatistics. Data on US inflation and retail sales left much to be desired while industrial production was absolutely disappointing. As a result, the bond yield isn’t rising as eagerly as earlier, which takes an important trump from the bulls.
The more Japanese yield curve control lasts, the more Bank of Japan realizes that it’s unable to influence the yen rate….
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