USD/JPY: The Bank of Japan is likely to7Monthly abandonmentYCCUSD/Japanese yen near...

Regarding the policy trajectory of the Bank of Japan and the outlook for the US dollar against the Japanese yen, I believe it is important to maintain its stance against the US dollar at this week's Bank of Japan policy meeting/Short exposure to Japanese yen.

It is expected that the Bank of Japan will give up this yearYCCBut recently, the time has changed from6The month has been postponed7The policy meeting for the month. The recent dovish comments of the new governor, Ueda, supported their decision, and they expect Prime Minister Fumio Kishida to hold early elections in the coming months, which will make it more difficult for the Bank of Japan to adjust its policies.

Although the prospect of the Bank of Japan's imminent policy shift has recently weakened, I believe that the yen will further strengthen this year, and the recent weakness is only temporary.

We estimate USD/The recent upward trend of the Japanese yen will be limited to135.00to137.00between.

(For reference only, not as investment advice)