The Japanese Yen (JPY) weakened across the board on Wednesday amid the uncertainty over the Bank of Japan's (BoJ) plans for additional interest rate hikes.
The Japanese Yen dropped to a two-month low against the USD on Wednesday amid the BoJ uncertainty. Rising bets for a regular 25 bps Fed rate cut move in November offer support to the USD and USD/JPY. The JPY bulls seem unimpressed by Japan’s PPI print as the focus remains glued to the US CPI report. The Japanese Yen weakened across the board on Wednesday amid the uncertainty over the Bank of Japan's plans for additional interest rate hikes.
A BoJ report showed on Thursday that the Producer Price Index in Japan remained unchanged in September against a 0.3% decline anticipated, while the yearly rate unexpectedly inched up from 2.6% in August to 2.8%. Investors now await the US Consumer Price Index , due later today, which, along with the US Producer Price Index on Friday, might influence market expectations about the Fed's rate-cut path and drive the USD/JPY pair.
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