The Japanese Yen (JPY) edges lower during the Asian session on Thursday in reaction to the weaker-than-expected release of Core Machinery Orders data from Japan. This, along with a further US Dollar (USD) recovery from the post-FOMC swing low to the lowest level since February 2022, acts as a tailwind for the USD/JPY pair .
Moreover, concerns that domestic political uncertainty could give the Bank of Japan (BoJ) more reasons to delay raising interest rates, along with the underlying bullish sentiment, seem to undermine the safe-haven JPY.
Meanwhile, the US Federal Reserve's (Fed) dovish stance, signalling two more rate cuts by the year-end, marks a significant divergence in comparison to the growing acceptance that the Bank of Japan (BoJ) will stick to its policy normalization path.
The resultant narrowing of the US-Japan rate differential could limit deeper losses for the lower-yielding JPY. Traders might also opt to move to the sidelines ahead of a two-day BoJ meeting, starting this Thursday. In the meantime, second-tier US data could provide some impetus during the North American session.
Source: FXstreet
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