In US time on Thursday USD/JPY traded to circa 158.09, its highest since mid-July this year. The pair pulled back toward 157.50 during the session here, responding to:
December inflation in Tokyo accelerated for a second month, the government temporarily phased out utility subsidies;the ‘Summary of opinions’ from the Bank of Japan December meeting (when the bank maintained its policy rate at 0.25%) showed the policy board members remaining optimistic in its assessment that the economy and inflation are moving in line with its projections – amidst caveats of course – supporting market expectations for a near-term rate hike, perhaps as soon as the January 23-24, 2025 meeting.JPY crosses slid also. EUR/JPY’s slide was cushioned somewhat by a drift down a few points for EUR/USD. There were no fresh notable news items for the euro.
From China today we had data showing that industrial profits extended their decline to a fourth straight month, dropping 7.3%. The flip side, if you prefer a brighter take, is that the fall was slower than the 10% drop in October. The YTD figure worsened, to -4.7% in January-November from -4.3% in the January-October period.
Regional equities rose, following a lead from higher Wall Street.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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