The USD/JPY pair rebounds to historic highs of 152.00 in Wednesday’s early American session.
USD/JPY hovers near historic highs around 152.00 ahead of Fed Powell’s speech. The US ADP Employment report for March has indicated that private labor demand remains strong. Investors remain uncertain over Japan’s wage growth spiral. The asset is expected to extend its upside by easing expectations that the Federal Reserve will begin reducing interest rates from the June meeting.
Going forward, investors will focus on Fed Chairman Jerome Powell's speech, which is expected at 16:10 GMT. Powell is expected to provide cues about when the central bank will pivot to rate cuts. Meanwhile, the Japanese Yen is broadly weak as investors lack confidence that the Bank of Japan will tighten its policy sooner due to uncertainty over the wage growth spiral. Investors seem to have digested fears of Japan’s intervention in the FX domain to support the Japanese Yen.
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