USD/JPY tracks yields to retreat from five-week high below 135.00 amid BoJ, Fed concerns – by anilpanchal7 USDJPY BOJ Fed YieldCurve RiskAversion
The latest chatters surrounding the Bank of Japan’s easy money policy seem to weigh on the Yen pair as the decision-makers try to defend the current policy amid challenges from bond buying and fiscal moves.
That said, new Bank of Japan Governor Kazuo Ueda said that BoJ bond purchases are not aimed at monetizing government debt while adding, “Interest Before BoJ’s Ueda, the newly appoint BoJ Deputy Governor Shinichi Uchida also tried to defend the current monetary policy as he said, “Fiscal constraints won't undermine the ability to carry out monetary policy.”
Elsewhere, the market’s anxiety ahead of the key US PMIs and Japan inflation numbers, as well as due to mixed updates from China, also weighs on the USD/JPY price. While portraying the mood, S&P 500 Futures remain indecisive even as Wall Street closed with mild gains whereas Japan’s Nikkei 225 rises 0.67% intraday to 28,705 at the latest.rate hike in May, as well as cut the odds of a rate reduction from the US central bank sometime in late 2023.
Not only the data and the yields but Fed talks also favored the hawkish Fed bets and the USD/JPY buyers previously. That said, the NY Empire State Manufacturing Index jumped to 10.8 for April while snapping the four-month downtrend, as well as marking the highest level since July last year. Further, the US National Association of Home Builders housing market index also rose for the fourth consecutive month in April to 45, versus 44 expected and prior reading.
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