Would target low 91s
Weak China data
Possible another cut.
Q1 GDP (sa) +1.0% q/q (expected +0.7% q/q, preliminary was +0.6%)
Q1 GDP annualized (sa) +3.9% (expected +2.8%, preliminary was +2.4%)
This pick-up in capex will be very well received by BOJ.
it should be a yen positive as it will make further BOJ easing very difficult