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Following an inflation report, the USD/JPY pair is currently in a consolidation phase.

The Japanese yen is successfully holding its ground against the US dollar, with the current USD/JPY exchange rate at 149.21.

In October, Japan experienced a rise in the overall inflation rate, reaching 3.3% year-on-year compared to 3.0% in September. This marks the highest level since July of the same year.

Preliminary statistics released this week indicate a slowdown in business activity for November, hitting an 11-month low due to persistent weaknesses in the production sector.

During its October meeting, the Bank of Japan reiterated its commitment to maintaining a lenient credit and monetary policy. On that occasion, the regulator made slight adjustments to the yield curve control, which, although considered by the market, proved to be insufficient for impacting the currencies.

The BoJ's interest rate remains negative at -0.1% per annum. Given the significant interest rate gap between the US Federal Reserve and the Bank of Japan, investors are diverting their attention away from the yen.

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The post JPY Maintains Stability: Overview for November 24, 2023 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: JPY Maintains Stability: Overview for November 24, 2023
Sourced From: blog.roboforex.com/blog/2023/11/24/jpy-maintains-stability-overview-for-november-24-2023/
Published Date: Fri, 24 Nov 2023 08:45:50 +0000

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