The USD/JPY pair attracts bids near 148.50 and rebounds strongly in the European session. The asset finds cushion despite hopes of a stealth intervent
USD/JPY finds support near 148.50 despite rising odds of BoJ’s intervention due to excessive volatile moves.
S&P500 futures added significant gains, portraying an improvement in appeal for risk-sensitive assets. Investors will focus on the US core PCE inflation data for August, which will shape November’s monetary policy.pair attracts bids near 148.50 and rebounds strongly in the European session. The asset finds cushion despite hopes of a stealth intervention by the Bank of Japan in the FX domain to support the Japanese Yen against excessive volatility.
Unlike other developed economies, the Japanese Yen is struggling for a firm footing despite a correction in the US Dollar. The Japanese Yen fails to find support as thecontinues to support an easy monetary policy until the achievement of the 2% inflation target. This week, BoJ Governor Kazuo Ueda cited that it would be premature to discuss an exit from the ultra-loose monetary policy as inflation above 2% is not governed by wage growth.
The pair rebounds despite expectations of BoJ’s intervention near the psychological resistance of 150.00. Japanese Finance Minister Shunichi Suzuki reiterated on Thursday, he won't rule out any steps to respond if there's any excessive FXS&P500 futures added significant gains in the London session, portraying an improvement in the appeal for risk-sensitive assets.
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