The USD/JPY pair declined 0.7% on Monday, dropping below the 157.00 level amidst low trading volumes due to the year-end holidays. Market uncertainty persists regarding the Bank of Japan's (BoJ) potential trigger for a rate hike, as they continue to combat the two-year decline in the Japanese Yen. The US PMI figures are anticipated to provide further direction for the pair.
USD/JPY shed 0.7% on holiday-thinned market volumes on Monday. It’s a thin data docket on both sides of the Pacific, but US PMI figures loom ahead. Investors remain unsure of what signs the BoJ is waiting for to pull the rate hike trigger. USD/JPY corkscrewed on Monday, backsliding seven-tenths of one percent and getting knocked back below the 157.00 handle as markets push back into the midrange ahead of the midweek New Year’s holiday closures.
USD/JPY daily chart Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen is one of the world’s most traded currencies. 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.
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