USD/JPY retreats after reaching a new three-month high on Wednesday after the release of Japanese factory-gate price inflation data (producer prices) supported the Japanese Yen (JPY) after they showed a higher-than-expected rise in October.
USD/JPY pulls back after the Japanese Yen strengthens following release of Japanese Producer Price Index for October. Higher prices could filter through into broader inflation and lead the BoJ to hike interest rates, strengthening JPY. The US Dollar remains underpinned by still-high US inflation data and expectations of US fiscal and trade policy.
This comes amid market expectations that President-elect Donald Trump’s mix of protectionism, higher tariffs and lower taxes will be inflationary for the US. This, in turn, is likely to flatten the trajectory for interest rates which had been expected to fall steeply.
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