[September 20] Policy rate left unchanged by BOJ's Monetary Policy Meeting, as expected

2024.09.20 [September 20] Policy rate left unchanged by BOJ's Monetary Policy Meeting, as expected

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Recap of previous trading day (September 19)

Yesterday the USDJPY bottomed at 141.87 directly after opening, then climbed to a high of 143.94 some time after GMT 01:30. However, that was the peak and the price then declined until around GMT 07:00.

The U.S. initial jobless claims and continuing jobless claims that were announced at GMT 12:30 both came in lower than expected (meaning a reduction in the number of unemployed). After the announcement of the figures the market reacted by buying dollars, but it was unable to reach a new high, and trading for the day closed at 142.61.

Recap of the Tokyo market and outlook going forward

Today at around GMT 03:00 it was announced that the Bank of Japan's Monetary Policy Meeting had left interest rates unchanged, in line with consensus.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on September 20), there was no significant change directly after the announcement, suggesting that the market had already factored this latest decision into the price.