DeskTalk - Ueda's Absence Leaves JPY Fragile

BoJ Governor Ueda's hospitalization and absence from the next policy meeting create uncertainty for the JPY, though a rate hike remains the base case. Citi's FX desk maintains a short-biased view on USDJPY via options.

Key Takeaways

• 1.BoJ Governor Ueda's hospitalization is expected to keep the JPY fragile despite a likely rate hike at the upcoming policy meeting.
• 2.Citi's FX desk maintains a downside bias in USDJPY via short-dated puts due to volatility and intervention concerns.

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