BOJ's dovish stance risks further JPY depreciation. If the central bank remains behind the curve on rate hikes, expect continued USD/JPY strength. This implies a potential short-term opportunity for dollar bulls, but market sentiment remains the key arbiter of the yen's trajectory.
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If the BOJ is behind the curve and unwilling to raise rates, it might trigger further yen weakening. If they really want to extend the cheap yen, it's a good opportunity, but let's see market sentiment.