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Japanese Yen recovers a large portion of the lost ground after dramatic post-BoJ sell-off. JPY makes back roughly 50% of the losses that incurred in the “Tokyo Chainsaw Massacre” that followed Tuesday’s BoJ meeting. USD/JPY returns and settles on prior highs prompted by investors’ dovish take of Fed Powell’s post-meeting presser.  The Japanese Yen (JPY) has been holding tightly to the 150.40s against the US Dollar (USD) on Thursday afternoon after pulling back from a surge in strength at the start of the US session. The USD/JPY briefly tanked to 149.83 as US markets opened on Thursday, but the pair moved quickly higher as the Greenback developed more strength in the late morning and afternoon. The Yen is making back lost ground after the dramatic sell-off registered following the BoJ’s Halloween day meeting, in which it bled over 1% lower versus the US Dollar. The runaway market backtracked on Wednesday and Thursday to fill the inefficiency gap created after Tuesday’s sheer drop – the largest recorded this year.  The Yen was helped by a weaker US Dollar, which fell after the market’s dovish take of Federal Reserve (Fed) Chairman Jerome Powell’s comments at the press conference following the Fed’s own meeting the day after. With progress being made on inflation and less chance of another interest-rate hike, the Fed chair assessed the “risks” as now “more two sided” and “balanced” than previously. The market took the hint, stocks rallied and the Greenback gave way. Daily digest market movers: Yen recovers to fill inefficiency gap The Yen climbs halfway out of its grave after taking a beating on October 31 following the Bank of Japan (BoJ) policy meeting.   JPY came under pressure after the Bank of Japan governor Kazuo Ueda played down inflationary risks at the post-meeting presser, saying most inflation was caused…

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Filed under: News - @ November 3, 2023 2:26 am