USD/JPY could receive pressure due to revived expectations for the Fed’s interest rate cuts in 2024. US Nonfarm Payrolls reported fresh 175K jobs were added in April, lower than the estimated 243K. Japanese markets are closed on Monday due to a national holiday, with the possibility of intervention by authorities still present. This decline in the USD/JPY pair could be attributed to the rebound in the US Dollar .
Goolsbee stressed the importance of the Fed to evaluate its commitment to reducing inflation. He highlighted that if the Fed persists with a restrictive stance for an extended period, it will have to consider the employment aspect of its mandate. In Japan, markets are closed on Monday due to a national holiday, with intervention risks lingering. Last week, the Japanese Yen appreciated amidst potential government intervention by Japanese authorities.