The Japanese Yen (JPY) eased after hitting a fresh multi-month high against its US counterpart during the Asian session on Thursday (4/17), although a meaningful decline seems elusive. A slight improvement in the global risk sentiment – as depicted by a generally positive tone around equity markets – was seen undermining the safe-haven JPY. This, along with a modest uptick in the US Dollar (USD) from near multi-year lows contributed to the USD/JPY pair's intraday recovery of over 100 pips from the 141.60 region.
However, uncertainty surrounding US President Donald Trump's tariff announcement, the rapidly escalating US-China trade war, and fears of a global recession are likely to keep a lid on market optimism. Additionally, expectations that the Bank of Japan (BOJ) will raise interest rates further – albeit possibly delaying the decision amid concerns about the economic damage caused by Trump's tariffs – will continue to act as a tailwind for the JPY. Coupled with hopes for a US-Japan trade deal may also contribute to limiting deeper JPY losses.(Newsmaker23)
Source: FXstreet
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