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Japanese Yen Eyes Support After Fed Fails to Reassure Markets
Weekly Market Analysis: April 26 – 30, 2021
With this, the quote recorded a two-day downtrend as traders anticipate hawkish signals from the Bank of Japan as Bank of Japan Governor Haruhiko Kuroda approaches his retirement in April. Over the weekend, Reuters reported news that the Japanese government will revise a decade-old joint statement with the BoJ that commits the central bank to achieving inflation around 2% as soon as possible. Japanese Currency News Points:- USD/JPY extends two-week uptrend decline on Friday
- BoJ rate hikes gain momentum as Bank of Japan governor nears retirement
- US dollar bearish supports hawkish Fedspeak
- The BoJ measures inflation as the Fed's preferred measure, which aims for a clear direction.
Forex Daily Analysis: March 16, 2021
Former BoJ Vice Governor Hirohide Yamaguchi said the BoJ should take steps to create a more flexible monetary policy framework and be prepared to raise long-term interest rates next year if the economy can withstand overseas risks. Recent comments from Japan's Chief Secretary Hirokazu Matsuno challenged USD/JPY's decline amid hawkish BoJ expectations.Matsuno made comments that the government will continue to work with the BoJ to achieve clearer economic growth and stabilize prices based on the agreements outlined in the joint statement. On the other hand, the DXY posted its first daily decline in three days, dropping around 0.20% to near 104.55 intraday amid market caution. Therefore, the DXY is struggling to justify recent hawkish comments from Cleveland Fed Bank President Loretta Mester and New York Fed President John Williams.
The reason for the comments was attributed to Friday’s dismal December US PMI results and the Fed raising interest rates by around 0.50%. The US Treasury yields are showing signs of recession amidst the hawkish Fedspeak challenging the Japanese currency pair and USD bears amid a sluggish Asian session. Looking ahead, USD/JPY traders should pay attention to risk catalysts as well as BoJ chatter in the market ahead of Tuesday’s monetary policy meeting. Even if the Bank of Japan is not expected to change its current monetary policy, any hints on its future moves may be enough to soothe the bears.
Forex Daily Analysis: 03 June 2021 – Strengthening US Dollar Weakens Yen
Above is information about the Yen currency. Continue to update the latest information through the GIC journal which will be announced every day. You can also trade on the GICTrade Forex Trading application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from 0 Rupiah!
