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Market News While Investors Anticipate a Dovish BoJ Policy, USD/JPY Corrects Abruptly To Near 134.00

While Investors Anticipate a Dovish BoJ Policy, USD/JPY Corrects Abruptly To Near 134.00

After a significant decline in the USD Index, the USD/JPY exchange rate has fallen significantly to near 134.00. Investors unloaded the U.S. dollar in anticipation that the Federal Reserve will halt rate increases after raising them in May. BoJ Ueda is not in a rush to modify the Yield Curve Control (YCC) because inflation is anticipated to peak sooner.

Daniel Rogers

2023-04-25

8079

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After failing to maintain above 134.60 during the Asian session, the USD/JPY pair has experienced a sharp decline to near 134.00. The asset has been subject to intense selling pressure as the US Dollar index (DXY) has declined. Following a collapse of the consolidation formed between 101.64 and 102.22, the USD Index has retreated to 101.26.

Investors dumped the US Dollar in anticipation that the Federal Reserve (Fed) will contemplate a hiatus in the policy-tightening spree following the May rate hike. The preliminary United States S&P Manufacturing PMI rebounded after surpassing 50.0 for the first time in six months.

On the PMI gauge, it is important to note that a value of 50 indicates expansion. However, a one-time recovery figure is insufficient to inspire investors with optimism. In order to avoid a recession in the United States economy, the market anticipates that the Federal Reserve will maintain essential interest rates at their current levels.

In the meantime, S&P500 futures are showing modest gains in the Asian session following a moderately positive Monday, indicating a modest recovery in market participants' risk appetite. Following in the footsteps of the USD Index, U.S. Treasury yields have declined further. Yields on 10-year US Treasury bonds have fallen below 3.48 percent.

Due to the Bank of Japan's (BoJ) interest rate decision, the Japanese Yen could be subject to extreme volatility this week. Governor Kazuo Ueda of the Bank of Japan is widely anticipated to continue the decade-long ultra-loose monetary policy in order to keep inflation consistently above 2%. The Bank of Japan has no immediate intentions to modify Yield Curve Control (YCC) despite mounting evidence of inflation peaking.