JPY managed to rebound from its low point. Overview for 12.09.2023
The Japanese yen, paired with the US dollar, still appears weak but is currently stabilising. The current exchange rate for USDJPY stands at 146.68.
The basis for the recovery of JPY positions is the local weakening of the US dollar. Even if it is just a brief respite, it holds great value for the yen.
According to Japan's Minister of Finance, Shinichi Suzuki, the central bank will continue to pursue an appropriate monetary policy and collaborate with the government to achieve inflation targets. However, he refrained from commenting on recent statements made by the Bank of Japan's governor regarding the readiness to gradually move away from ultra-easy monetary policy tools.
On Monday, long-term interest rates in Japan rose to their highest levels in almost a decade, driven by expectations of a possible local tightening of the BoJ's monetary policy. During that time, the central bank's chairman, Kazuo Ueda, mentioned that the regulator might cease its negative interest rate policy once inflation reaches the 2% target.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.