$USDJPY continues with its struggle to make it through 145.00 and edges lower on Tuesday
psychological mark. Spot prices remain depressed through the first half of the European session and currently trade just below mid-144.00s, down 0.15% for the day.
Speculations for a potential intervention by the Japanese government to curb any further sharp decline in the domestic currency turn out to be a key factor acting as a headwind for the USD/JPY pair. In fact, Japan's Finance Minister Shunichi Suzuki warned last week that the government will take appropriate steps should the Japanese Yen weaken excessively.
Apart from this, worries about a global economic downturn further benefits the safe-haven JPY, which, along with subdued US Dollar price action, contributes to the mildly offered tone surrounding the USD/JPY pair. That said, a big divergence in the monetary policy stance adopted by the Bank of Japan and the Federal Reserve helps limit the downside.
In contrast, the US central bank signalled in June that borrowing costs may still need to rise as much as 50 bps by the end of this year and the
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