Forex Today: Japanese Yen extends rally, Oil prices climb higher
Here is what you need to know on Tuesday, September 8:
On Tuesday, September 8, the Japanese Yen continued its upward trend, reaching its highest level against the US Dollar since mid-February. The US Dollar to Japanese Yen exchange rate (USD/JPY) was trading below 154.00 at the time of the report. The Bank of Japan (BoJ) is expected to continue its aggressive policy-tightening cycle, further bolstering the strength of the Yen.
Meanwhile, crude oil prices climbed higher with no signs of de-escalation in the Middle East conflict. Secretary of Iran's Supreme National Security Council, Mohsen Rezaei, warned that Tehran would respond to what it perceives as US "economic warfare" by imposing a maritime exclusion zone across the Persian Gulf. Analysts attribute the Yen's strength to rising real wages in Japan, which increased by 2.4% year-on-year in July, surpassing expectations. Additionally, total cash earnings rose 4.7%, marking the largest increase since January 1997.
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