USD/JPY is trading a touch lower in the 154.30s on Friday as the Japanese Yen (JPY) strengthens against the US Dollar (USD) due to the release of higher-than-expected Japanese macroeconomic data, and Tokyo’s announcement of a $250 billion economic stimulus package.
USD/JPY falls as the Yen gains on expectations the BoJ will raise interest rates in December. Bets are falling meanwhile for the Federal Reserve to cut interest rates, narrowing the differential. This advantages the JPY, creating a headwind for USD/JPY going forward. USD/JPY is trading a touch lower in the 154.
According to the CME FedWatch tool the probability of the Fed making a 25 basis point rate cut in December has fallen to 59% from previously being 100%. In Japan, meanwhile, bets are increasing that the Bank of Japan will raise interest rates in December, when previously investors had not been so sure. Japanese Consumer Price Index data for October, released overnight, came in broadly stronger, especially in the core measures. Japan CPI ex Food, Energy was 2.3% YoY from 2.
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