The USD/JPY pair trades on a weaker note near 153.00 after retreating from the highest level since July 1990, nearly 153.24, on Thursday during the early Asian session.
USD/JPY trades softer to 153.00 after reaching the July 1990 tops on Thursday. The US CPI inflation rose more than expected in March, triggering the Fed to delay rate cuts this year. The potential FX intervention from the BoJ might provide some support to the JPY. The uptick of the pair is supported by the upbeat US Consumer Price Index data for March, which triggered investors to scale back bets on US interest rate cuts this year. The US CPI inflation rose more than expected in March.
Additionally, Minutes of the last Fed meeting suggested that participants were worried about the persistence of elevated inflation and the recent data did not help the US central bank to gain confidence that inflation moved sustainably towards the 2% target. The officials emphasized the need to keep interest rates higher for longer, which boosts the Greenback and acts as a tailwind for the USD/JPY pair.
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