The Japanese Government’s Verbal Intervention Continues To Strengthen The Yen

The yen extended gains after Chief Cabinet Secretary Yoshimasa Hayashi said the Japanese authorities would respond appropriately to excessive currency volatility

The yen appreciated as Japanese authorities spent billions of dollars on yen-buying intervention.

The CME FedWatch tool puts the probability of a Fed rate cut in September at 67.7%, compared with 61.5% a week ago.

The Japanese yen (JPY) rose for a second straight session on Tuesday. USD/JPY remained close to the 160.00 level that recently forced Japanese authorities to spend billions of dollars on yen purchases, according to Reuters.

Japan’s business services price index rose 2.5% year-on-year in May, slowing from a 2.7% increase in April. Investors now look forward to more domestic economic reports this week, including retail sales, May unemployment data and Tokyo’s June inflation data.

On the dollar side, revised U.S. first-quarter gross domestic product (GDP) will be released on Thursday, followed by the personal consumption expenditures (PCE) price index on Friday.

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