The USD/JPY pair is gradually resuming its upward trajectory.
The Japanese yen, in conjunction with the US dollar, is poised for further decline, with the current USD/JPY exchange rate at 148.10.
During the January meeting, the Bank of Japan upheld its ultra-accommodative monetary policy, maintaining the interest rate at -0.10% per annum.
The Central Bank refrained from modifying its credit and monetary policy framework and refrained from offering guidance on future measures. Concurrently, the BoJ revised down its inflation projections for the upcoming fiscal year starting in April.
The seismic event that occurred in Japan in January has deferred the Bank of Japan’s plans to tighten monetary conditions. For the yen, the absence of alterations is interpreted as an unfavorable signal.
The earliest possible timeframe for the BoJ to reconsider the prospect of an interest rate hike is April.
The post JPY Continues Its Descent: Overview for January 23, 2024 appeared first at R Blog – RoboForex.