AUD/JPY reverses its intraday losses and trades in positive territory for the second consecutive day on Wednesday, reaching levels near 97.70 during the European session.
AUD/JPY extends its gains for the second successive session on Wednesday. Australia's ASX 200 tracked the Wall Street gains overnight, shrugging off the stronger US Inflation data. Japanese firms have agreed to the demands for pay hikes of 5.85% in 2024. The AUD/JPY cross initially faced challenges during the Asian trading hours as the Japanese Yen strengthened on market speculation suggesting that the Bank of Japan is considering an interest rate hike in March.
Bank of Japan Governor Kazuo Ueda mentioned scrutinizing the wage talk outcome, as well as other data and information from our hearings, in making policy decisions. Ueda will consider tweaking the negative rate, YCC, and other monetary easing tools if the sustained achievement of our price target comes into sight. The Australian Dollar received upward support on Wednesday on higher S&P/ASX 200 Index, which has risen for the second consecutive day, following gains on Wall Street overnight.
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