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The USD/JPY pair has resumed its upward trajectory.

Once again, the Japanese yen is losing ground against the US dollar, with the current USD/JPY exchange rate at 149.86.

Japanese Prime Minister Fumio Kishida, when asked about the yen's recent decline, commented that stable currency rates are desirable. He stressed that the specific means of monetary policy are in the hands of the Bank of Japan. However, the government and the central bank maintain close communication in shaping policies, as they are doing now.

In essence, Kishida's statement suggests that everyone understands the situation, but no immediate action will be taken as the consequences are uncertain. This aligns with market forecasts, indicating no short-term interventions.

As for economic data, there are no clear signals at the moment. A preliminary calculation of Japan's manufacturing PMI for September showed no change, remaining at the previous level of 48.5 points, contrary to forecasts of an increase to 48.9 points.

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The post JPY Keeps Declining: Overview for October 25, 2023 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: JPY Keeps Declining: Overview for October 25, 2023
Sourced From: blog.roboforex.com/blog/2023/10/25/jpy-keeps-declining-overview-for-october-25-2023/
Published Date: Wed, 25 Oct 2023 09:15:26 +0000

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