With
Jason Lui, Head of East Asia Strategy

Hiroshi Shiraishi, Senior Economist, Japan 

BNP Paribas | Global Markets (Recorded 31 March 2022)   

Under the risk scenario of persistent downward pressure on the JPY and upward pressure on interest rates, we would expect the Bank of Japan to widen its yield curve control (YCC) on the 10y JGB yield to +/-0.5%. However, we do not expect such a move unless USDJPY rises above 125 and threatens to challenge 130. 

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