Helena Lyng Blak
10 weeks ago

USDJPY exchange rate has risen

As Bank of Japan Governor Ueda addressed parliament, the USDJPY exchange rate rose.
Pile of US dollars and Japanese yen notes.
Dasian / Shutterstock.com

Bank of Japan Governor Kazuo Ueda addressed parliament in the early hours of Tuesday CET. 

“Although there’s weakness in some household spending data, my view is that the gradual recovery continues,” said Ueda, quoted in Bloomberg.

"The USDJPY exchange rate has risen as BOJ Governor Ueda addressed parliament"The USDJPY exchange rate has risen as BOJ Governor Ueda addressed parliament," says financial analyst Andreas Steno, explaining: "The increase is probably due to algorithmic trading reacting to his rather dovish remarks regarding a decline in non-durable goods consumption."

According to Steno, Ueda's parliamentary speech was careful not to provoke concern among politicians regarding policy tightening.

"It appears that the Bank of Japan is anticipating a significant wage increase announcement from the Rengo labor union this week, which would complete the requirements for ending the negative interest rate policy."

Ultimately, Steno says: "The USDJPY has also not managed to fall significantly below the 146.50 mark this week, setting the stage for dollar short covering, even as the primary downward trend continues and real rate differentials suggest further strength in the Yen."


The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

4 hours ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
5 hours ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.
7 hours ago Walmart and Capital One Call It Quits on Partnership Walmart and Capital One announce the end of their six-year card partnership amidst legal disputes.
7 hours ago US Market Open - May 27, 2024: Wall Street Wavers but Nasdaq Soars Daily update from the US market open.
9 hours ago Crypto, Currently: May 27, 2024 - Ethereum Leads Weekly Surge, Bitcoin Holds Steady Daily update on Ethereum, Bitcoin, and more!
1 day ago Debunking the headline: US GDP grows by a third ahead of EU in 15 years Europeans need not worry as much as these articles would suggest.
1 day ago Empowering Women Could Boost Economic Growth, Says IMF Economists Discover how gender equality initiatives could transform economies in Japan and Korea.