 Barclays on where to for the yen on the BoJ statement due today, Wednesday 18 January 2023 BoJ meeting poses further upside risks to the JPY. If the BoJ decides on further YCC adjustment, we estimate that the Yen could appreciate by as much as 5Even if inaction leads to a knee-jerk USDJPY rally, expectations for revision will likely remain intact and USDJPY could stay on a downtrend, especially amid broad USD weakness-- 