The Japanese yen strengthened toward 142 per dollar on Tuesday, reaching its highest level in four weeks as the US dollar continued to retreat amid growing fiscal concerns.
Market sentiment was weighed down by President Donald Trump's sweeping tax and spending bill, which is expected to significantly widen the US fiscal deficit.
The yen also benefited from safe-haven demand as investors reacted to increased market volatility driven by Trump's unpredictable trade stance. After threatening to impose a 50% tariff on the European Union, Trump abruptly delayed the measure, adding to investor uncertainty.
On the domestic front, attention remains focused on the Bank of Japan's monetary policy path. Expectations are rising that the central bank may continue tightening, following persistent inflationary pressures.
Data released last week showed Japan's core inflation rate unexpectedly rose to 3.5% the highest level in more than two years reinforcing the case for further interest rate hikes.
Source: Trading Economi
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