The USD/JPY pair remains under some selling pressure around 153.70, the lowest in three months, on Thursday during the early Asian session.
USD/JPY remains on the defensive near 153.70 in Thursday’s early Asian session. A higher chance of a BoJ rate hike might support the JPY in the near term. Mixed US S&PPMI for July and the Fed’s dovish comments are likely to weigh on the Greenback. The rising bets that the Bank of Japan will cut interest rates next week provide some support to the Japanese Yen for the time being.
Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen.
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