USD/JPY extends the gains for a second trading session on the upbeat US Dollar. Japan’s ruling LDP won the lower house seat but faced defeat in the House of Councilors poll in by-elections. Greenback strengthens on the back of higher US Treasury yields. Governor Kazuo Ueda on Friday. BoJ Governor Kazuo Ueda reiterated that the central bank remains steadfast in its commitment to achieve a 2% inflation target in a stable and sustainable manner.
Additionally, the upbeat US Treasury yields provide support in underpinning the US Dollar , with the 10-year US Treasury yield standing at 4.98%, up by 1.30%, by the press time. Federal Reserve Chairman Jerome Powell mentioned during the previous week that the central bank has no plans to raise rates. Powell also emphasized that further tightening of monetary policy is possible on further signs of growth.
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