The post Japanese Yen slumps to 153.00 against USD after initial US election results appeared on BitcoinEthereumNews.com.

The Japanese Yen fails to capitalize on the hawkish BoJ minutes-led modest gains.   The BoJ rate-hike uncertainty and the risk-on impulse weigh heavily on the JPY. The US election results trigger a sharp USD rally and push the USD/JPY pair higher. The Japanese Yen (JPY) touches a two-week high against its American counterpart during the Asian session on Wednesday after Bank of Japan (BoJ) minutes showed that the central bank will continue to hike interest rates if economic and price forecasts meet. Investors, however, seem convinced that Japan’s political landscape could make it difficult for the BoJ to tighten its monetary policy further. Apart from this, a generally positive risk tone undermines the safe-haven JPY.  This, along with the emergence of strong US Dollar (USD) buying, bolstered by initial exit polls showing that the scale leans toward former President Donald Trump, triggers a goodish intraday recovery of nearly 150 pips for the USD/JPY pair. As polls continue to hit the wires, markets are expected to react sharply one way or the other. This, in turn, warrants some caution for aggressive traders and before positioning for a firm near-term direction for the currency pair.  Daily Digest Market Movers: Japanese Yen is pressured by resurgent USD demand The minutes of the September Bank of Japan policy meeting showed that the central bank plans gradual policy rate increases, though it remains cautious about overseas economic uncertainties, especially from the US. This comes on top of BoJ Governor Kazuo Ueda’s hawkish remarks last week and keeps the door open for additional rate hikes, which, in turn, provides a modest lift to the Japanese Yen during the Asian session.  The initial market reaction, however, turns out to be short-lived and fades rather quickly amid doubts over the BoJ’s ability to tighten its monetary policy…

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Filed under: News - @ November 6, 2024 1:23 am