The USD/JPY pair strengthened near 148.80 during the early Asian session on Thursday (September 25th). The US dollar (USD) strengthened near a three-week high against the Japanese yen (JPY) due to a renewed wave of risk aversion in financial markets and a cautious tone from the US central bank.
Federal Reserve (Fed) Chairman Jerome Powell struck a cautious tone regarding further easing on Tuesday, supporting the greenback. Powell said the Fed needs to continue balancing the competing risks of high inflation and a weakening labor market in its upcoming interest rate decisions. He added that interest rates are well-positioned to address both threats, indicating that he sees no urgency to cut rates aggressively.
Financial markets are anticipating quarter-point rate cuts at the Fed's two remaining meetings this year and another in the first quarter of 2026, in line with the Fed's guidance after last week's meeting.
The S&P Global Japanese Manufacturing Purchasing Managers' Index (PMI) fell at its fastest pace in six months in September, dragging down the JPY. Furthermore, concerns over political uncertainty in Japan ahead of the Liberal Democratic Party (LDP) leadership election scheduled for October 4 could prompt the Bank of Japan (BoJ) to delay an interest rate hike. This, in turn, could contribute to the JPY's weakness.
Traders will be closely watching the Bank of Japan (BoJ) Meeting Minutes and the final reading of US Gross Domestic Product (GDP) for the second quarter (Q2), due on Thursday. Signs of US economic weakness could weaken the USD against the JPY in the near term. (alg)
Source: FXstreet
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