USD/JPY clings to gains near YTD peak, seems poised to appreciate further – by hareshmenghani USDJPY Fed Bonds BOJ Currencies
on on Tuesday. The pair is currently placed around the 136.65-136.70 area and seems poised to prolong its upward trajectory witnessed since the beginning of this month.
A fresh leg up in the US Treasury bond yields, bolstered by hawkish Fed expectations, helps revive thedemand, which, in turn, acts as a tailwind for the USD/JPY pair. The markets seem convinced that the US central bank will continue to tighten its monetary policy to bring inflation down back to the 2% target. The bets were reaffirmed by the stronger US PCE Price Index last week, which indicated that inflation isn't coming down quite as fast as hoped.
The Japanese Yen , on the other hand, is weighed down by the overnight dovish remarks from the incoming Bank of Japan Governor Kazuo Ueda. Addressing the upper house of the parliament, Ueda said that the benefits of the BoJ's stimulus outweigh its side effects. He also stressed the need to maintain the ultra-loose policy to support the fragile economy and reinforced that the BoJ isn't seeking a quick move away from a decade of massive easing.
That said, a generally softer risk tone benefits the JPY's relative safe-haven status and keeps a lid on any further gains for the major, at least for the time being. The
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