USD/JPY consolidates around 142.00 mark, just below YTD high set this Tuesday – by hareshmenghani USDJPY BOJ Fed Bonds Currencies
The Japanese continues with its relative underperformance in the wake of a big divergence in the monetary policy stance adopted by the Bank of Japan and other major central banks, including the US Federal Reserve . It is worth recalling that the BoJ on Friday kept intact its view that inflation will slow later this year, underscoring its focus on supporting a fragile economic recovery on the back of global uncertainty. This, in turn, assists the USD/JPY pair to attract fresh buyers near the 141.
This, in turn, triggers a fresh leg up in the US Treasury bond yields, which allows the USD to capitalize on its recent recovery from over a one-month low touched last Friday and further acts as a tailwind for the USD/JPY pair. That said, a generally weaker tone around the equity markets lends some support to the safe-haven JPY.
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