The Japanese Yen (JPY) moved lower after a cautious statement from the International Monetary Fund (IMF) and helped the USD/JPY pair bounce from sub-151.00 levels, the lowest level since December 10, touched during the Asian session on Friday (February 7). However, a meaningful JPY depreciation seems elusive given the growing acceptance that the Bank of Japan (BOJ) will continue to tighten its policy.
In fact, comments from a senior BOJ official on Thursday suggested that the Japanese central bank is sticking to its stance of continuing to raise borrowing costs. This would result in a narrowing of the interest rate differential between the BOJ and other major central banks, including the Federal Reserve (Fed), which should continue to support the lower-yielding JPY and help limit losses. Additionally, a subdued US Dollar (USD) price action might help cap the USD/JPY pair ahead of the US Nonfarm Payrolls (NFP) report. Source: FXStreet
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