The USD/JPY pair falls to near 152.00 in Thursday’s North American session after refreshing a 12-week high near 153.20 on Wednesday.
USD/JPY falls due to mild correction in the US Dollar. US flash S&P Global PMI for October came in better than projected. Investors doubt whether the BoJ will hike interest rates again in the remainder of the year. A mild correction in the asset is purely driven by a temporary pause in the US Dollar’s rally for a while. The US Dollar Index , which tracks the Greenback’s value against six major currencies, corrects to near 104.20 after revisiting the August high of 104.50.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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