Japanese Yen: BoJ patience keeps wide trading range – TD Securities
By FXStreet Insights Team
Updated: 31 Jul 2026
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TD Securities notes the Bank of Japan (BoJ) left its policy rate at 1% with an 8–1 vote, as Governor Ueda delivered notably hawkish remarks. Despite this, the Japanese Yen (JPY) reaction was muted, and the TD forecasts the next 25 bps hike only in December.
TD Securities notes the Bank of Japan (BoJ) left its policy rate at 1% with an 8–1 vote, as Governor Ueda delivered notably hawkish remarks. Despite this, the Japanese Yen (JPY) reaction was muted, and the TD forecasts the next 25 bps hike only in December. It expects traders to stay wary of intervention and sees USD/JPY trading in a wide range in coming weeks.
BoJ on hold with next hike seen in December
"The BoJ left the target rate on hold at 1% in an 8-1 vote."
"Governor Ueda delivered his most hawkish remarks in a long while, but JPY registered a muted reaction."
"Contrary to market pricing, we forecast the next 25bps hike to come only in December."
"Traders are likely to be wary of follow-up intervention efforts given JPY's muted reaction."
"We see USD/JPY in a wide trading range in coming weeks."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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