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USD/JPY Surpasses 131.80 As Concern Grows Prior To BoJ Governor Selections

Alina Haynes

Feb 09, 2023 15:08

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During the Tokyo trading session, the USD/JPY pair jumped past the key resistance level of 131.80. The asset has demonstrated significant increases as investors become anxious in advance of the announcement of the list of candidates to replace Bank of Japan (BoJ) Governor Haruhiko Kuroda. The BoJ's Kuroda has maintained an ultra-loose monetary policy for an extended length of time, and the Japanese government wishes to arrange an exit from the expansionary policy with his successor.

 

The statement by Vice President Joe Biden that the United States will not experience a recession in 2023 and 2024 has bolstered risky assets. S&P500 futures are showing moderate gains in the Asian session following a decline on Wednesday, indicating a modest revival in investor risk appetite.

 

The US Dollar Index (DXY) is failing to hold above 103.00 despite Federal Reserve (Fed) chair Jerome Powell and his team's commitment to raising interest rates higher and maintaining them at elevated levels for a longer period of time.

 

As reported by CNBC, Fed Governor Christopher Waller stated that the central bank will maintain its present plan of action, which has resulted in eight interest rate increases since March 2022. Regarding the labor market, the Fed official finds it to be relatively solid and anticipates that it will promote future consumer spending.

 

On the Japanese Yen front, investors are focusing mostly on the list of candidates for the position of next BoJ Governor. Wednesday, Japanese Prime Minister Fumio Kishida stated, "In the process of selecting the next Bank of Japan (BoJ) Governor nominee, they are aware of the market's keen emphasis on the decision."

 

In the meantime, OCBC has issued the following statement: "This week, the focus will be on the list of BoJ nominees that is anticipated to be presented to parliament on 10 February, but rumors predict a delay until next week. The appointment of Amamiya would be most beneficial for the USD/uptrend, JPY's but Yamaguchi's appointment might weaken the Japanese Yen.


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