The post Japanese Yen remains close to multi-month low against US Dollar appeared on BitcoinEthereumNews.com.

The Japanese Yen continues to be undermined by wavering BoJ rate hike expectations. The au Jibun Bank Japan Services PMI was revised down to 50.9 from 51.4 for December. The USD stands near a two-year top amid the Fed’s hawkish shift and supports USD/JPY.  The Japanese Yen (JPY) attracts fresh sellers at the start of a new week and remains close to a multi-month low touched against its American counterpart in December on the back of the Bank of Japan’s (BoJ) dovish outlook. Apart from this, the prevalent risk-on environment is seen undermining the safe-haven JPY. Furthermore, a bullish US Dollar (USD), bolstered by the Federal Reserve’s (Fed) hawkish signal and the optimism over US President-elect Donald Trump’s expansionary policies, acts as a tailwind for the USD/JPY pair.  Meanwhile, data released earlier this Monday showed that the business activity in Japan’s service sector expanded for the second straight month in December. This comes on top of a pick-up in Japan’s service-sector inflation and backs the case for a January BoJ rate hike. Apart from this, geopolitical risks and concerns about Trump’s tariff plans hold back the JPY bears from placing aggressive bets. Moreover, speculations that Japanese authorities might intervene to prop up the domestic currency should help limit deeper JPY losses.  Japanese Yen bulls remain on the sidelines amid BoJ rate-hike uncertainty The Bank of Japan last month offered few clues on how soon it could push up borrowing costs again, while stressing the need to be more cautious amid domestic and global uncertainties.  The au Jibun Bank Service Purchasing Managers’ Index (PMI) was revised down to 50.9 for December, from the flash reading of 51.4, still marked expansion for the second straight month.  The survey further revealed that the subindex of new business rose for a sixth straight month,…

---

Filed under: News - @ January 6, 2025 3:23 am