USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad fx market.
US Dollar tips into a fresh 34-year high against Japanese Yen on Wednesday. BoJ policy statement is expected as markets await Yen intervention. US data sends mixed shocks through markets as Fed watchers look on. According to reporting from Nikkei, the Bank of Japan is expected to discuss “impact of accelerating Yen depreciation”, a clear sign to market participants that BoJ intervention in the fx markets could be impending if the JPY continues to soften.
Investors hoping for signs of rate cuts from the US Federal Reserve will continue to celebrate downside economic indicators from the US, and will be hoping for slowing GDP growth and easing PCE inflation prints. The BoJ will be releasing its latest Monetary Policy Statement early Friday, and a press conference from BoJ Governor Kazuo Ueda is expected to follow at an unspecified time.
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