Forex Analysis by Investing.com (Robert Zach) covering: USD/JPY. Read Investing.com (Robert Zach)'s latest article on Investing.com
BoJ has kept rates near zero, following which the yen tumbled to 34-year low against US dollar.Learn more here>>
In his press conference after the meeting, BoJ Governor Kazuo Ueda noted that the probability of prolonged JPY weakness is not zero. Historically, the central bank defended the yen's exchange rate by highlighting its positive implications for the economy. Notably, a weaker yen bolsters the profits of export-oriented companies through enhanced overseas earnings conversion.Nonetheless, as the yen's depreciation persisted, adverse effects on the domestic economy and consumers became increasingly apparent.
Government data on Friday showed that Tokyo's consumer inflation slowed sharply in April, undermining the Japanese Yen along with the Bank of Japan's decision to maintain the status quo. Tokyo's headline consumer price index rose 1.8 % in the month, both missing consensus estimates. The core CPI, which excludes both fresh food and energy prices and is closely watched by the BoJ as a measure of underlying inflation, fell below the 2 % target for the first time since September 2022.
As market participants await the BoJ's next move, the trajectory of the yen and its broader implications for Japan's economic landscape remain subjects of intense scrutiny and speculation, underscoring the pivotal role of prudent monetary policy in navigating uncertain terrain.
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