The USD/JPY pair trades on a weaker note near 153.90 during the early Asian session on Tuesday.
USD/JPY weakens around 153.90 in Tuesday’s early Asian session. The Fed will likely keep an interest rate on hold at its July meeting on Wednesday. The BoJ is expected to raise rates at its July 31 meeting, according to a Reuters poll of economists. The pair trims gains after retreating from 153.35 amid the risk-off mood and rising speculation of a rate hike by the Bank of Japan .
strategistssaid, “The combination of BoJ policy normalization andFed possibly cutting rate in due course is a case of monetary policy convergence and should underpin USD/JPY downside.” Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen is one of the world’s most traded currencies.
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