USD/JPY RISES TO 157.85 WHILE JAPAN REITERATES FX INTERVENTION WARNING
USD/JPY moved higher to around 157.85 during Monday’s Asian session, according to FXStreet, extending its recovery from Friday’s post-Bank of Japan decline below 157.00.
Japan’s Finance Minister Satsuki Katayama said that the joint foreign exchange statement with the United States remains in effect and reiterated that Tokyo is prepared to act against excessive or disorderly currency movements.
According to investingLive, Katayama declined to comment on specific exchange-rate levels and said she “could not describe current levels as either good or bad.”
On Friday, the Bank of Japan kept its policy rate at about 1.25% in an 8–1 vote, according to investingLive.
According to FXStreet, Katayama’s remarks failed to support the Yen amid uncertainty over the timing of the next BoJ rate hike. FXStreet also noted that the wide interest-rate gap between Japan and other major economies weighs on the lower-yielding Yen and lends some support to USD/JPY.
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