March 2023 is particularly volatile for USDJPY. Economists at ING believe the pair could trade at 130 by the end of next year. 1Q23 IS A DECISIONAL QUARTER “The default view is that the permanent governor of the BoJ, Haruhiko Kuroda, will not be moved. However, the end of Governor Kuroda’s term on April 8, 2023 will undoubtedly lead to intense speculation about his replacement and whether a less stupid candidate will emerge in” „2023. In the first quarter of the year, huge attention is given to Japanese salaries. round where rising wages are a prerequisite for BoJ tightening. Around that time, the Fed will also release its dot chart (March 22), which may be the first real opportunity for the Fed to acknowledge a turn in the inflation profile. Therefore, USDJPY could fall significantly during this period (March / April).” „If we do not reach 6% interest rates in the US next year, we expect USDJPY to end 2023 closer to 130.”