The USD/JPY pair moved lower near 151.90 during the North American session on Wednesday (2/19). The asset moved lower despite the US Dollar (USD) trading higher, with the US Dollar Index (DXY) rising near 107.20.
The greenback strengthened as market sentiment turned slightly cautious following US President Donald Trump's tariff threats. On Tuesday, Donald Trump threatened to impose a 25% tariff on foreign imports of cars, pharmaceuticals, and semiconductors. Trump did not provide a timeframe for allowing local manufacturers to increase operating capacity.
Market participants expect Germany, Japan, South Korea, Taiwan, and India to be the main victims of Trump's latest tariff threats.
In the meantime, investors await the minutes of the Federal Open Market Committee (FOMC) for its January meeting, which will be published at 19:00 GMT. At its January meeting, the Fed announced a pause in its monetary expansion cycle after cutting interest rates by 100 basis points (bps) in the last three meetings of 2024. Fed Chairman Jerome Powell has suggested that monetary policy adjustments would be appropriate when officials see "a marked improvement in inflation or at least some weakness in the labor market."
On the Japanese side, market participants will focus on January's National Consumer Price Index (CPI) data, due on Thursday. Economists expect the National CPI excluding Fresh Food to rise to 3.1% from 3% in December. Strong inflation data will boost market expectations that the Bank of Japan (BOJ) will raise interest rates again this year. (Newsmaker23)
Source: FXstreet
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