The Japanese Yen (JPY) edged higher during the Asian session on Thursday (1/23) following the release of better-than-expected Trade Balance data from Japan, although it remained near a one-week low against the US currency hit the previous day. Prospects of an imminent interest rate hike by the Bank of Japan (BoJ) on Friday continued to underpin the JPY. Moreover, a subdued US Dollar (USD) price action, amid bets that the Federal Reserve (Fed) will cut interest rates twice this year, capped the USD/JPY pair's recovery from a more than one-month low hit on Tuesday.
However, JPY market players appeared reluctant and preferred to wait on the sidelines ahead of the crucial two-day BoJ policy meeting that begins on Thursday. Further, concerns about US President Donald Trump's tariff plans and risk sentiment might cap further appreciation of the JPY. However, divergent BOJ-Fed policy expectations warrant caution before confirming that the USD/JPY pair has bottomed out in the near term. Traders now await Trump's speech at the World Economic Forum for some impetus ahead of Friday's much-anticipated BOJ decision. (AL)
Source: FXstreet
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