2025.03.19 [March 19] Bank of Japan's monetary policy maintained, almost uneventful. Waiting and watching ahead of the U.S. FOMC?
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Recap of previous trading day (March 18)
Yesterday the USDJPY started strong immediately after the opening, and around GMT 12:30, it reached a high of 149.93 yen following the positive U.S. February housing starts data. However, it subsequently declined.
Around GMT 18:30, the price touched a low of 149.09, and trading for the day closed at 149.23.
Recap of the Tokyo market and outlook going forward
Today the USDJPY reached a high of 149.64 yen shortly after GMT 01:00, but showed no clear direction, with the announcement that the BOJ's monetary policy would be maintained already priced in, resulting in limited market reaction. Ahead of BOJ Governor Kazuo Ueda's press conference starting at GMT 06:30, there has been little movement in the lower 149-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on March 19), the middle line is nearly horizontal, indicating a state without clear directionality.
The main economic indicators for today are as follows:
- GMT 18:00 Announcement on interest rates after U.S. Federal Open Market Committee (FOMC) meeting
- GMT 18:30 U.S. Regular press conference with FRB Chairman Jerome Powell
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