USD/JPY is edging higher into the 101.90s on Tuesday. The latest move comes after a speech by the Governor of the Bank of Japan (BoJ) Kazuo Ueda in which he suggested that any future interest rate hikes – a key FX-market driver – would be highly dependent on incoming data.
USD/JPY rises up to within a hair’s breadth of 152.000 after comments from BoJ governor Ueda. His views suggest the BoJ is not in a hurry to raise interest rates, reducing the attractiveness of the Yen. Analysts are bullish USD/JPY despite the threat of intervention as US-Japan interest rates continue to diverge. USD/JPY is edging higher into the 101.90s on Tuesday.
Whereas the US Federal Reserve had expected to make three 0.25% reductions in interest rates in 2024 the start of the year, the persistence of stubbornly high inflation has led many to doubt this will be the case. Strong US labor market data on Friday and an unexpected fall in the Unemployment Rate, have further suggested that inflation is likely to remain sticky as more workers earning are likely to also continue spending.
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