Japanese Yen: Supported by policy shift expectations – MUFG
MUFG’s Lee Hardman notes that the Japanese Yen (JPY) has strengthened, driving USD/JPY back towards 153.00, as comments from US Treasury Secretary Scott Bessent reinforce expectations of policy changes in Japan.
Recent comments from US Treasury Secretary Scott Bessent have bolstered market confidence in a forthcoming policy shift in Japan, leading to a surge in the Japanese Yen (JPY) against the US Dollar (USD). According to MUFG's Lee Hardman, the Yen has gained strength, pushing USD/JPY back towards the 153.00 level, as traders anticipate that the Bank of Japan (BoJ) will accelerate rate hikes this month.
Bessent's remarks have reinforced expectations that Japan will implement more supportive domestic policies to prop up the Yen, and this, combined with the joint FX intervention, has helped the currency rebound without additional intervention.
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