The Japanese Yen (JPY) languishes near a multi-decade low against its American counterpart during the Asian session on Friday as traders keenly await the outcome of the highly-anticipated Bank of Japan (BoJ) policy meeting.
The Japanese Yen struggles to register any recovery amid dovish BoJ expectations. The lack of action by Japanese authorities and softer Tokyo CPI also exert pressure. Traders keenly await the crucial BoJ decision ahead of the US PCE Price Index data. The Japanese Yen languishes near a multi-decade low against its American counterpart during the Asian session on Friday as traders keenly await the outcome of the highly-anticipated Bank of Japan policy meeting.
Japan's Finance Minister Shunichi Suzuki reiterated that he is closely monitoring FX fluctuations and that he will prepare to take full steps on the currency, though declined to comment on details of the policy. Meanwhile, traders now seem reluctant and prefer to wait for the crucial BoJ policy decision, which will be followed by the release of the US Personal Consumption Expenditures Price Index. Technical Analysis: USD/JPY is likely to confront stiff resistance near 156.
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