The Japanese yen weakened slightly during the Asian session on Wednesday, as investors remained cautious while awaiting the Bank of Japan (BoJ) policy update. Market focus now turns to the two-day BoJ meeting next Friday, which is expected to provide clues regarding the interest rate path through 2026.
Expectations for a BoJ interest rate hike this week are believed to be a supportive factor for the JPY. Investors anticipate a hawkish BoJ stance could boost the yen or at least prevent further depreciation, although more cautious market sentiment has limited the currency's movement.
Meanwhile, the US dollar struggled to capitalize on its modest recovery from its lowest level since October due to speculation of further interest rate cuts by the Federal Reserve. The divergent expectations between the BoJ and the Fed exerted moderate pressure on the USD/JPY pair, while the yen remained supported as a safe-haven asset amidst a risk-averse market. (az)
Source: Newsmaker.id
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