The Japanese yen strengthened for the fifth straight day on Thursday, remaining near the two-week high reached the previous day as the US dollar weakened. Markets are increasingly accepting that the Bank of Japan will continue its policy normalization, contrary to speculation that the Fed could cut interest rates two more times this year.
This divergence in policy direction has narrowed the US-Japan interest rate differential, providing additional support for the lower-yielding JPY. Meanwhile, the market response to the US government shutdown has been subdued so far, with expectations of a limited economic impact—supporting risk sentiment and potentially limiting the yen's strength as a safe-haven asset.
The US dollar itself has struggled to extend its rebound from a one-week low due to dovish Fed expectations. As a result, selling interest has resurfaced in the USD/JPY pair following its Asian session rally to 147.25–147.30.
Source: Newsmaker.id
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