JPY/USD Just Below 157.00

The yen weakened across the board after the Bank of Japan (BoJ) announced its policy decision. Despite a brief gain against the US dollar, which may indicate intervention by Japanese authorities, the yen still almost touched the 157.00 mark.

US PCE price index data showed higher than expected inflation, but failed to have a significant impact on the USD/JPY exchange rate.

The yen plunged to a fresh multi-decade low of 156.99 against the dollar after the Bank of Japan decided to maintain its policy settings. Bank of Japan Governor Kazuo Ueda’s speech at the post-meeting press conference did little to ease the yen’s downward trend. Despite early intervention attempts, the yen only rebounded briefly as persistent selling pressure prevailed.

The Bank of Japan’s uncertain interest rate outlook, signs of cooling in Japan’s inflation and general optimism surrounding stocks have combined to undermine the yen’s safe-haven appeal.

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