The USD/JPY pair cracked to near 148.80 but recovered quickly to its broader trading range around 149.50 as
USD/JPY delivered a volatile spike as BoJ set to raise inflation forecasts for the fiscal year of 2023 and 2024. The market mood is risk-averse due to deepening Middle East tensions. Fed Daly suggested that the recent surge in long-term bond yields is equivalent to one 25 bps interest rate hike. the Bank of Japan is expected to announce inflation forecasts for the fiscal year of 2023 and 2024 sooner.
Therefore the authorities cannot reverse the tide against weak appeal for the Japanese Yen backed by expansionary monetary policy. Meanwhile, S&P500 futures have posted significant losses in the European session, portraying a risk-off market mood due to deepening Middle East tensions. The US Dollar Index retreated from 106.50 as Federal Reserve policymakers supported keeping interest rates unchanged in November.
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