Japanese Yen trades above multi-decade low against USD, not out of the woods yet

📆 4/12/2024 2:12 AM
📰 FXStreetNews

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The Japanese Yen (JPY) is seen oscillating in a narrow trading band against its American counterpart during the Asian session on Friday and consolidating this week's heavy losses to the lowest level since 1990.

The Japanese Yen ticks higher amid intervention warnings, albeit with a lack of bullish conviction. The divergent Fed-BoJ policy expectations keep a lid on any meaningful JPY appreciation. USD/JPY seems poised to register strong gains and end in the green for the fifth straight week. The Japanese Yen is seen oscillating in a narrow trading band against its American counterpart during the Asian session on Friday and consolidating this week's heavy losses to the lowest level since 1990.

Japan's Finance Minister Shunichi Suzuki reiterated on Friday that he will closely watch FX moves with a high sense of urgency as a weak JPY could push up import prices and have a negative impact on consumers and firms. The USD/JPY pair remains on track to register strong weekly gains, up for the fifth straight week, as market participants now look to the release of the Preliminary Michigan Consumer Sentiment Index for short-term trading impetus.

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