USD/JPY slides back below 130.00 amid risk-off mood, downside seems cushioned – by hareshmenghani USDJPY Recession BOJ Fed Currencies
Looming recession risks weigh on investors’ sentiment and drive some haven flows towards the JPY.USD/JPY pair
A combination of factors provides a modest lift to the Japanese Yen, which, in turn, is seen exerting some downward pressure on the USD/JPY pair. Despite the Bank of Japan's dovish decision last week, market participants seem convinced that high inflation may invite a more hawkish stance from the central bank later this year. Apart from this, a fresh wave of the global risk-aversion trade benefits the JPY's relative safe-haven status.
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