Japanese Yen retreats despite hotter inflation as focus shifts to Jackson Hole
USD/JPY rises 0.14% on Friday and trades around 159.60 at the time of writing, extending its advance for a fifth consecutive day.
The Japanese Yen slid on Friday, despite robust Japanese inflation and employment indicators that could signal more tightening from the Bank of Japan. The Tokyo Consumer Price Index (CPI) decreased to 1.9% year-over-year in August, while core inflation climbed to 1.8% from 1.7%. BoJ Deputy Governor Ryozo Himino expressed concerns about rising inflation and advocated for timely interest hikes.
Meanwhile, Japan's unemployment rate fell to 2.4% in July, the lowest in 12 months. Societe Generale noted that electricity and gas subsidies' re-introduction cushioned inflation and anticipates continued impact on CPI through October. In contrast, markets now focus on the US Federal Reserve, especially Chairman Kevin Warsh's Jackson Hole speech on Friday, to gauge potential reactions to persistently high US inflation.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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