The Japanese Yen (JPY) attracts some follow-through buying for the second straight day on Tuesday and moves back closer to a multi-month peak touched against its American counterpart last week.
The hawkish sentiment surrounding the Bank of Japan's (BoJ) policy outlook continues to underpin the JPY. Moreover, concerns about the potential economic fallout from US President Donald Trump's tariff policies temper investors' appetite for riskier assets and further benefit the safe-haven JPY.
Adding to this, Trump's threat to Japan over currency depreciation, along with subdued US Dollar (USD) price action, turn out to be other factors exerting some downward pressure on the USD/JPY pair.
The JPY bulls, meanwhile, seem rather unaffected by weaker macro data from Japan, which showed an unexpected uptick in the Unemployment Rate and a fall in corporate capital expenditure for the first time in three years. This, in turn, suggests that the path of least resistance for the JPY remains to the upside.
Source: FXStreet
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