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The USD/JPY exchange rate is anticipated to resume its ascent from 132.00 as the BOJ favors greater policy easing

Alina Haynes

Jan 05, 2023 15:05

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The USD/JPY pair has gradually retraced approaching the crucial support level of 132.00 in the early Asian session. Following a big increase to approximately 132.70, the asset is seeing weak selling pressure. The major may resume its ascent despite the risk-on market mentality, as the Bank of Japan (BOJ) has supported greater policy easing to bolster wages.

 

As the Federal Reserve (Fed) is projected to lower the rate of interest rate hikes, the S&P500 exhibited a stronger recovery on Wednesday following a two-day fall.

 

The US Dollar Index (DXY) dropped sharply below 104.00 as an adjustment to the Fed's sluggish pace of policy tightening anticipated a reduction in the US price index for goods and services. In addition, the yield on US Treasury bonds has increased due to the majority of Fed policymakers' support for a slower rate of interest rate increases. The yield on 10-year US Treasuries has declined to approximately 3.69 percent.

 

Investors will await the release of the United States Automatic Data Processing (ADP) Employment Change (Dec), which is projected to be 150K, up from the previous release of 127K. In contrast, the US Nonfarm Payrolls (NFP) report reveals a rise of 200K jobs compared to the previous estimate of 263K. The US Institute of Supply Management's (ISM) report of a decline in manufacturing activity and the Federal Reserve's decision to increase interest rates increase predictions of a slowed employment creation process.

 

After BOJ Governor Haruhiko Kuroda pushed for greater policy easing to drive the wage price index in order to meet higher inflation projections for CY2023 and CY2024, the Japanese yen experienced a strong fall in Tokyo.


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