AUDJPY tends around 94.00 prior to the release of RBA policy minutes
AUDJPY is edging closer to 94.00 as attention shifts to Tuesday's RBA policy minutes. The RBA minutes will provide a comprehensive justification for maintaining the rate hike at 25 basis points per quarter. Kanda of Japan stated that officials are constantly monitoring currency fluctuations with a sense of urgency.

After surpassing the immediate barrier of 93.50 in the Tokyo session, the AUDJPY pair has extended its rally. The risk barometer is approaching the round-level threshold of 94.00 as volatility has decreased in tandem with the S&P 500's remarkable rebound. In addition, US Treasury yields have experienced a massacre following a big decline in inflation figures.
After maintaining on a downward trend for the previous two trading sessions, the cross encountered renewed interest near 93.00. Investors are moving their attention to the minutes of the Reserve Bank of Australia's (RBA) monetary policy meeting.
The RBA minutes will detail the complete rationale behind the announcement of a 25 basis point (bps) increase in interest rates despite an unprecedented increase in inflationary pressures. In comparison to expectations of 7.0% and the previous announcement of 6.1%, Australia's third-quarter inflation rate surged to 7.3%.
RBA Governor Philip Lowe was anticipated to revert to a 50 basis point increase in the Official Cash Rate (OCR). The RBA appears to aim to profit on its frequent monetary policy meetings by announcing modest rate increases.
Masato Kanda, Japan's senior currency diplomat, reaffirmed that officials are constantly monitoring forex market movements with a sense of urgency and that, if necessary, they will act swiftly. Reuters stated that authorities remained willing to take action.
On the front of economic statistics, investors anticipate the release of the Gross Domestic Product (GDP) report on Tuesday. On a quarterly basis, the economic data is anticipated to be 0.3% lower than the previous report of 0.9%, while the annualized figure may decrease to 1.1% from 3.5%.
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