Consolidating at recent high
BOJ's June Summary of Opinions confirmed a board majority hawkish
USD/JPY is consolidating at recent high around mid 161. The June BoJ summary of opinions confirmed that majority of board members are indeed hawkish. But contrary to market thinking, we believe the political obstacle will be too big for a hike every few months and see only another hike after 2027 spring wage negotiation.
USD/JPY is almost unchanged at 161.58.