USD/JPY trades around 155.30 during the early European session on Wednesday, marking a third consecutive day of gains.
USD/JPY extends winning streak amid hawkish sentiment surrounding the Fed’s stance on monetary policy. Fed's Kashkari anticipates the prolonging of elevated rates and suggests that further rate hikes are not entirely ruled out. The Japan ese Yen depreciated despite the potential for intervention by Japan ese authorities. The US Dollar gained ground due to the possibility of the Federal Reserve's prolonging higher interest rates.
Reuters reported data from the Bank of Japan suggesting that Japanese authorities may have allocated approximately ¥6.0 trillion on April 29 and ¥3.66 trillion on May 1 to support the JPY. However, these interventions could only provide temporary relief, given the significant interest rate differentials between Japan and the United States . Despite continued warnings from Japanese authorities against extreme currency movements, the Japanese Yen depreciated.
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