USD/JPY surges to the highest level since 2002, retakes 126.00 mark on Kuroda’s remarks By HareshMenghani USDJPY BOJ Fed Bonds Currencies
The divergent Fed-BoJ policy outlook continued weighing on the JPY and remained supportive.USD/JPY
pair caught aggressive bids during the early European session and surged past the 126.00 mark for the first time since May 2002. Following the previous day's good two-way price moves, the USD/JPY pair regained positive traction on Wednesday and was supported by a combination of factors. A goodish recovery in the risk sentiment - as depicted by a generally positive tone around the equity markets - undermined the safe-haven Japanese yen. This, along with the big divergence in the monetary policy outlooks between the Fed and the Bank of Japan, further drove flows away from the JPY.
In fact, Fed Governor Lael Brainard said on Tuesday that the US central bank will proceed with a series of interest rate hikes, as well as an effort to trim its balance sheet. The comments followed the release of the US consumer inflation figures, which showed no signs of easing in March and accelerated to levels last seen in 1981. The Fed's hawkish stance pushed the US dollar to a nearly two-year high and acted as a tailwind for the USD/JPY pair.
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