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<p>Barclays on where to for the yen on the BoJ statement due today, Wednesday 18 January 2023 </p><p>BoJ meeting poses further upside risks to the JPY.</p><ul><li> If the BoJ decides on further YCC adjustment, we estimate that the Yen could appreciate by as much as 5%</li><li>Even if inaction leads to a knee-jerk USD/JPY rally, expectations for revision will likely remain intact and USD/JPY could stay on a downtrend, especially amid broad USD weakness</li></ul><p>--</p><p class="text-align-start vertical-align-baseline">Ahead today is the Bank of Japan policy statement. Due in the 0230 to 0330 GMT time window (2130 - 2230 US ET).</p><p class="text-align-start vertical-align-baseline">Previews:</p><ul class="text-align-start vertical-align-baseline"><li><a href="https://www.forexlive.com/news/td-say-still-plenty-of-room-for-yen-gains-see-as-low-as-120-by-the-end-of-march-20230115/" rel="follow" target="_self" class="article-link">TD say still plenty of room for yen gains, see as low as 120 by the end of March</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-japan-preview-may-be-on-the-verge-of-its-biggest-policy-change-in-decades-20230115/" rel="follow" target="_self" class="article-link">Bank of Japan preview - "may be on the verge of its biggest policy change in decades"</a></li><li><a href="https://www.forexlive.com/centralbank/the-hyenas-are-circling-the-bank-of-japan-20230116/" rel="follow" target="_self" class="article-link vertical-align-baseline">The hyenas are circling the Bank of Japan</a></li><li><a href="https://www.forexlive.com/news/10-year-jgb-yields-still-pushing-the-limit-for-now-20230116/" rel="follow" target="_self" class="article-link vertical-align-baseline">10-year JGB yields still pushing the limit for now</a></li><li><a href="https://www.forexlive.com/news/the-risks-are-skewed-towards-disappointment-for-yen-bulls-this-week-20230116/" rel="follow" target="_self" class="article-link vertical-align-baseline">The risks are skewed towards disappointment for yen bulls this week</a></li></ul><ul class="text-align-start vertical-align-baseline"><li class="vertical-align-baseline"><a href="https://www.forexlive.com/centralbank/goldman-sachs-ask-how-low-could-usdjpy-fall-if-the-boj-exit-ycc-spoiler-under-12500-20230116/" rel="follow" target="_blank" data-article-link="true" class="article-link vertical-align-baseline">Goldman Sachs ask how low could USD/JPY fall if the BOJ exit YCC (spoiler, under 125.00)</a></li></ul><ul><li><a href="https://www.forexlive.com/technical-analysis/with-the-bank-of-japan-ahead-what-dont-the-usdjpy-sellers-want-to-see-technically-20230117/" rel="follow" target="_blank" class="article-link">With the Bank of Japan ahead, what don't the USDJPY sellers want to see technically</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/why-the-best-trade-is-to-be-long-jpy-into-the-boj-deutsche-bank-20230117/" rel="follow" target="_blank" class="article-link">Why the best trade is to be long JPY into the BOJ - Deutsche Bank</a></li></ul><ul><li><a href="https://www.forexlive.com/news/how-much-will-usdjpy-move-on-todays-bank-of-japan-decision-20230117/" rel="follow" target="_blank" data-article-link="true" class="article-link">How much will USD/JPY move on today's Bank of Japan decision?</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/soc-gen-will-buy-yen-if-the-boj-disappoints-yen-bulls-awaiting-attractive-entry-levels-20230117/" rel="follow" target="_blank" data-article-link="true" class="article-link">Soc Gen will buy yen if the BOJ disappoints yen bulls - awaiting "attractive entry levels"</a></li></ul>

                This article was written by Eamonn Sheridan at www.forexlive.com.