The Japanese Yen (JPY) touches a one-week low, around the 151.00 mark against its American counterpart during the Asian session on Monday, though the downside remains limited amid hawkish Bank of Japan (BoJ) expectations.
In fact, investors have been pricing in the possibility of more interest rate hikes by the BoJ, which pushed the yield on the benchmark 10-year Japanese government bond (JGB) to its highest level since November 2009. Apart from this, the emergence of some US Dollar (USD) selling acts as a headwind for the USD/JPY pair.
Meanwhile, BoJ Governor Kazuo Ueda warned last week that the uncertainty about US President Donald Trump's tariff plans and their impact on the global economic outlook require vigilance in setting monetary policy.
This, in turn, is holding back the JPY bulls from placing fresh bets and lending some support to the USD/JPY pair. Traders also seem reluctant and opt to wait for this week's important US macro releases scheduled at the beginning of a new month, starting with the ISM Manufacturing PMI later during the North American session this Monday.
Source: FXStreet
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