The post USD/JPY weakens below 146.50 after Japanese National CPI data, BoJ’s Ueda speech appeared on BitcoinEthereumNews.com.

USD/JPY loses traction to near 146.20 in Wednesday’s early Asian session.  Japan’s CPI inflation continued to rise in July, adding to expectations for another BoJ rate increase. Fed’s Collins said it will soon be appropriate to begin cutting rates.  The USD/JPY pair trades on a weaker note near 146.20 during the early Asian session on Friday. The Japanese Yen (JPY) edges higher after the release of National Consumer Price Index (CPI) inflation data and the Bank of Japan’s (BoJ) Governor Kazuo Ueda’s speech. Traders will closely watch US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium later on Friday.  Data released by the Japan Statistics Bureau on Friday revealed that the country’s headline National CPI climbed 2.8% YoY in July, compared to 2.8% in June. Meanwhile, Core inflation, which strips out prices of fresh food, came in at 2.7% YoY in the same report period versus 2.6% prior, This figure was in line with the market expectation and may have revitalized the BoJ’s interest rate-hike case, which lifts the JPY against its rivals  The so-called “core-core” inflation rate, which strips out prices of both fresh food and energy, fell to 1.9% YoY in July from 2.2% in June. This figure registered the lowest level since September 2022. Additionally, the hawkish comments from BoJ’s Governor Ueda boost the JPY broadly. The BoJ Governor Kazuo Ueda said on Friday that the Japanese economy is moving in line with price target protections. Ueda added that the central bank expects to adjust policy if economy moves as planned. On the other hand, markets expect the Fed to begin easing policy in its September meeting. Minutes released on Wednesday indicated that the majority of Fed members support a rate cut in the upcoming meeting next month. Investors are now pricing in around 76%…

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Filed under: News - @ August 23, 2024 1:19 am