The Japanese yen (JPY) continued to strengthen throughout the Asian session on Monday (December 1st) after Bank of Japan Governor Kazuo Ueda again signaled that an interest rate hike could be imminent. These hawkish comments sent Japanese government bond yields to their highest level in years, narrowing the interest rate spread between Japan and other major economies. Coupled with a cautious market sentiment, the yen has increasingly been viewed as a safe haven currency, further strengthening its position.
Meanwhile, the US dollar (USD) weakened, hitting its lowest point in nearly two weeks. This was due to growing market confidence that the Federal Reserve will cut interest rates again this month. This combination of factors pushed the USD/JPY pair down to the 155.50-155.45 range, opening the door to further declines. Market participants are now awaiting the release of key US data, starting with today's ISM Manufacturing PMI, which could provide clues as to the dollar's future direction. (az)
Source: Newsmaker.id
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