Japanese yen weak, USDJPY rises past 160 on middling BOJ, Fed fears

Investing.com-- The Japanese yen steadied on Monday, seeing little relief after middling signals from the Bank of Japan and increased expectations of higher-for-longer U.S. interest rates put the currency close to levels last seen in 1986.pair- which pegs the number of yen required to buy one dollar, blew past the 158 level on Friday, and remained above the level in early trade on Monday. The pair is expected to see limited moves on Monday, given that Japanese markets are closed for a holiday.

The BOJ had hiked rates for the first time in 17 years in March, citing an expected increase in inflation on the back of bumper wage hikes this year. But the move provided fleeting support to the yen., which acts as a bellwether for Japan, also raised more questions over the BOJ’s forecast for higher inflation. Data on Friday showed inflation fell below the central bank’s 2% annual target rate in April.

While Japanese officials have continued to offer verbal warnings, a lack of action on their end potentially signals limited resources to completely stem weakness in the yen.Scan QR code to install app

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