USD/JPY holds positive ground near 155.80 on Monday, Fed’sBostic said he saw signs of cooling inflation,butheprefers to watch more data before cutting rates. The divergence in interest rates between the US and Japan weighs on the JPY and creates a tailwind for the pair. The downtick of the pair is supported by weaker Japan’s GDP data in the first quarter . The Fed’s Bostic, Barr, Waller, Jefferson, and Mester are set to speak later in the day. The FOMC Minutes will be due on Wednesday.
Cleveland Fed President Loretta Mester said policy was well positioned, and it was too early to say progress on inflation had stalled. Richmond Fed President Tom Barkin noted the central bank needs to keep borrowing costs high for longer to ensure inflation is on track with its target. Thewideinterest rate differential between the US and Japan exerts some selling pressure on the Japanese Yen and lifts the USD/JPY. The BoJ abandoned theworld'sonlynegativeinterest policy in March.
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