Is the yen due for a pullback against its major counterparts?

Our Event Guide for the June BOJ decision suggests the central bank will likely keep policy steady while maintaining its hawkish tilt. But with global trade tensions and tariff uncertainty back in the mix, Gov. Ueda and his team might shift focus toward growth rather than pushing ahead with more hikes.

If the BOJ strikes a less hawkish tone than markets expect, GBP/JPY and CHF/JPY could stay in the driver’s seat and extend their monthly uptrends.