Comments from the country's monetary authorities suggest a new wave of pressure on the yen after three months of easing or ‘recharging’. With the Bank of Japan not changing policy, the yen is potentially under pressure from an intensified interest rate differential game. And this game promises to be more aggressive now than a year ago, as yield spreads between Japan and the US have widened for both short and long-term yields. The current higher interest rate environment is an opportunity for Japan to competitively devalue its currency to support national exporters, which it failed to do in the last decade in the era of zero interest rates.
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The USD/JPY pair consolidates its recent strong gains to the 139.00 neighbourhood, or a fresh YTD peak touched this Tuesday and seesaws between tepid gains/minor losses through the early North American session. The pair is currently placed just below mid-138.00s, down less than 0.15% for the day, though any meaningful retracement slide still seems elusive.
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USD/JPY corrects further from YTD peak, drops to 139.00s on weaker USD
The USD/JPY pair faced some selling pressure on the final day of the week and continued its gradual decline during the first half of the European session. The spot prices declined to the mid-139.00s level in the last hour, negating the positive movement of the previous day that had reached the highest level since November 2022.
The USD/JPY pair faced some selling pressure on the final day of the week and continued its gradual decline during the first half of the European session. The spot prices declined to the mid-139.00s level in the last hour, negating the positive movement of the previous day that had reached the highest level since November 2022.
