The USD/JPY pair extends the rally near 157.50 during the early Asian session on Monday.
USD/JPY gains traction around 157.50 on Monday, up 0.08% on the day. The hawkish stance from the US Fed supported the Greenback, despite the weaker-than-expected Michigan Consumer Sentiment Index data. BoJ kept short-term rate target unchanged and could reduce its purchases of JGBs after the next monetary policy meeting. The hawkish stance from the US Federal Reserve provides some support to the pair.
1 in the previous reading, below the forecast of 72.0. Nonetheless, the downbeat Consumer Sentiment data had little to no impact on the Greenback. On the JPY’s front, the BoJ kept its benchmark interest rate unchanged between 0% to 0.1% at the end of its two-day policy meeting on Friday but indicated it could reduce its purchases of Japanese government bonds after the next monetary policy meeting in July.
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