USD/JPY Maintains Stability Near Multi-Decade Highs

The Japanese yen (JPY) saw marginal gains amid minimal trading activity on Friday, with USD/JPY exhibiting sideways movement following its ascent into a critical resistance zone. The Bank of Japan’s (BOJ) decision to raise its base rate and end its ultra-loose monetary policy failed to provide sustained support to the national currency.

Concerns over potential interventions by Japanese authorities to prevent excessive JPY depreciation lingered, despite the pressure from largely priced-in Fed rate cuts. Japanese Finance Minister Shunichi Suzuki’s commitment to monitor currency market developments emphasized the government’s readiness to act.

Traders await the release of the US ISM Manufacturing PMI data, which could influence USD/JPY dynamics. While a stronger-than-expected report may lead to modest gains, weaker figures could prompt a sharp downward correction towards 150.000, amid cautious sentiment surrounding potential interventions by Japanese authorities.

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