JPY: Japanese economic recovery continues

In recent sessions, the USD150 area has been mostly capping the upside for the currency pair.

At the start of the month USD/JPY was propelled higher by a remark from the then freshly installed PM Ishiba. He remarked that the economy was not ready for further rate hikes. This could have been a clumsy mistake by a politician unused to being in the market’s central view, Rabobank’s FX analyst Jane Foley notes.

” “While the move back to the USD/JPY 150 level has also been supported by USD strength this month as Fed rate cut speculation was pared back, there would appear to be concern in the market about the risk of MoF intervention should USD/JPY break convincingly above the 150 level. This would likely commence with verbal push-back from the authorities, which underscores the likelihood that Ueda will refer to the impact of exchange rates on prices next week.

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