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</p><ul><li>"We turn neutral for <a href="https://www.forexlive.com/terms/j/jpy/" class="terms__main-term" id="9ad55131-b07a-4ccb-b844-eed2194cf434">JPY</a> against USD on back of the recent global financial stability concerns. Repricing of overseas central banks' policy path led to broad JPY strength via the policy convergence channel. While the <a href="https://www.forexlive.com/terms/b/boj/" class="terms__secondary-term" id="c1f60108-4283-4827-911e-95f01607c737">BoJ</a> continues to be patient to see wage-driven inflation, we see limited room for the market to reprice the Fed policy path higher in the near term," MS notes. </li><li>"With the risk of the market pricing in further policy convergence, we close our long USD/JPY position and turn neutral until things become much clearer," MS adds. </li></ul><p>----</p><p>ps. Earlier post:</p><ul><li><a href="https://www.forexlive.com/centralbank/mufg-looking-for-usdjpy-to-127-128-soon-20230326/" target="_blank" rel="follow" data-article-link="true">MUFG looking for USD/JPY to 127 - 128 soon</a></li></ul>

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