The post Japanese Yen extends the range play, hangs near multi-month low ahead of BoJ appeared on BitcoinEthereumNews.com.

The Japanese Yen remains confined in a familiar range as traders keenly await the BoJ decision. The BoJ is expected to keep policy settings unchanged in the wake of domestic political uncertainty. The attention will then turn to the release of the US PCE Price Index later during the US session. The Japanese Yen (JPY) extends its consolidative price move against its American counterpart on Thursday and remains close to a three-month low touched earlier this week. Traders opt to wait on the sidelines and refrain from placing aggressive directional bets ahead of the Bank of Japan (BoJ) policy decision later today. In the meantime, expectations that Japan’s political landscape could force expansionary fiscal policy, and make it difficult for the Bank of Japan (BoJ) to hike interest rates further, continue to act as a headwind for the JPY.  That said, fears of possible government intervention and the cautious market mood offer some support to the safe-haven JPY. Apart from this, a subdued US Dollar (USD) price action keeps a lid on the USD/JPY pair through the Asian session. Meanwhile, bets for smaller interest rate cuts by the Federal Reserve (Fed) and deficit-spending concerns after the US election continue to push the US Treasury bond yields higher. This, in turn, favors the USD bulls and should contribute to capping the upside for the lower-yielding JPY. Daily Digest Market Movers: Japanese Yen struggles to lure buyers amid diminishing odds of further BoJ rate hikes Government data showed this Thursday that Japan’s Industrial Production bounced after declining by 3.3% in August and rose 1.4% in September. The report also revealed that companies expect production to increase by 8.3% in October. A separate government report showed that Retail Sales increased by 0.5% from a year earlier in September, marking a sharp deceleration from…

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Filed under: News - @ October 31, 2024 2:20 am