The JPY is free-falling again despite incoming BoJ rate hike and constant jawboning

December 9, 2025
-FXnews

We are seeing the JPY free-falling again across the board today. The Japanese long-term yields continue to hit record highs and that is of course drawing attention from Japanese officials as borrowing costs rise. Part of the problem could be that the BoJ waited far too long and it’s now looking to deliver a cautious rate hike right when other major central banks are shifting to a hawkish stance.

The market has also already priced in a rate hike this month and at very least another in 2026, so it’s hard to see the BoJ outhawking the market pricing, leaving limited room for JPY appreciation on a hawkish repricing

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