The Japanese Yen (JPY) weakens slightly during the Asian session on Thursday in reaction to reports that US President Donald Trump could impose an additional 15% tariff on all Japanese imports.
This, along with the uncertainty over the likely timing of the next interest rate hike by the Bank of Japan (BoJ) and a generally positive risk tone, undermines the safe-haven JPY. Apart from this, a modest US Dollar (USD) bounce from over a one-week low touched on Wednesday pushes the USD/JPY pair back above mid-147.00s in the last hour.
Meanwhile, the BoJ last week left the door open for a further interest rate hike by the end of this year. In contrast, the Federal Reserve (Fed) is widely expected to lower borrowing costs at the September policy meeting, which could cap the attempted USD recovery.
Furthermore, the divergent BoJ-Fed policy outlook could act as a tailwind for the lower-yielding JPY and warrants caution for bearish traders. This makes it prudent to wait for some follow-through buying before positioning for any further appreciating move for the USD/JPY pair.(alg)
Sumber: FXstreet
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