USD/JPY extends its upside near 156.20 in Tuesday’s early Asian session. Investors will monitor the US PPI figure on Tuesday,which isestimated to rise 2.2% YoY in April. The BoJ cut the amount of Japanese government bonds it offered to buy in a regular purchase operation. The Japanese Yen loses ground against the US Dollar despite the hawkish signal from the Bank of Japan to cut purchases of Japanese government bondson Monday and the downbeat Nonfarm Payrolls for April last week.
On the JPY’s front, the Bank of Japan sent a hawkish signal on Monday by reducing the amount of Japanese government bonds it offered to buy in a regular purchase operation. This moveis expectedto put upward pressure on Japanese bond yields and possibly narrow the gap between Japan and the United States, which has weakened the JPY. However, the recent move was muted and had little effect on the Yen.On the Japanese docket,the nation’s GDP growth number for Q1 2024 will be releasedon Thursday.
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