USD/JPY falls to 151.00 even though the appeal for the US Dollar is upbeat. The USD Index refreshes monthly high on upbeat US economic outlook. Japan’s hot inflation for February has improved the credibility of BoJ’s shift to policy normalization. The Japanese Yen has been underpinned against the US Dollar as Japan’s hot February inflation data improved investors' confidence in the Bank of Japan’s decision to pivot to policy normalization.
Japan's Finance Minister Shunichi Suzuki said that currencies must move in a stable manner and that he is closely watching foreign exchange moves with a high sense of urgency. Meanwhile, the US Dollar Index refreshes its monthly high at 104.44 as investors hope that rate cuts by the Federal Reserve won’t be so aggressive due to the upbeat US economic outlook. The outlook for the US economy improved after the Federal Reserve upwardly revised growth forecasts for 2024.
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