A Bank of Japan official predicts gradual inflation progress towards 2%, attributing recent price hikes to cost-push factors like the weak Yen. The official expects these pressures to ease. The USD/JPY currency pair weakens following these statements.
A Bank of Japan (BoJ) official stated on Wednesday that the central bank anticipates underlying inflation to gradually progress toward 2%. The official further explained that the recent price increases observed following the pandemic have been primarily driven by cost-push factors, such as the surge in import costs resulting from the weakening Yen . The BoJ expects this cost-push inflationary pressure to gradually subside in the coming period.
Additionally, there is a moderate increase in services prices. In response to these comments, the USD/JPY currency pair weakened below 153.50, experiencing a loss of 0.70% for the day. \The table below illustrates the percentage change of the Japanese Yen (JPY) against prominent major currencies today. The Japanese Yen demonstrated the strongest performance against the Australian Dollar. \Here's a breakdown of the percentage changes:\USD: 0.04% | EUR: -0.04% | GBP: -0.09% | JPY: 0.64% | CAD: -0.07% | AUD: -0.12% | NZD: 0.12% | CHF: 0.02% \The heat map, presented alongside the table, visualizes the percentage changes between major currencies. The base currency is selected from the left column, while the quote currency is chosen from the top row. For instance, selecting the Japanese Yen from the left column and moving horizontally to the US Dollar will reveal the percentage change represented as JPY (base)/USD (quote)
BANK OF JAPAN INFLATION YEN COST-PUSH CURRENCY PAIRS
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