The USD/JPY recovers Bank of Japan’s (BoJ) interest rate hike-inspired losses and rises to near 156.60 in Friday’s North American session.
USD/JPY recovers sharply to near 156.50 as Japanese Yen underperforms its major peers. The BoJ refrained from providing a specific policy-tightening path. US President Trump has pushed back fears of imposing tariffs on China . The USD/JPY recovers Bank of Japan’s interest rate hike-inspired losses and rises to near 156.60 in Friday’s North American session. The Japanese Yen has turned upside down in the aftermath of the BoJ’s monetary policy announcement.
The initial reaction from the Yen was very bullish after the BoJ raised its key borrowing rates by 25 basis points to 0.5%, as expected. However, it dived later. Only one policymaker, Toyoaki Nakamura, dissented to the decision to tighten the monetary policy further. The sell-off in the Yen came after BoJ Governor Kazuo Ueda’s press conference in which he refrained from committing a pre-defined policy-tightening path.
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