USD/JPY slumps over half a percent to trade in the 156.70s on Thursday as the Japanese Yen gains on increased safe-haven demand amid a broad sell-off in risk assets whilst the US Dollar takes a breather from its rally on the previous day.
USD/JPY falls as safe-haven demand preferences the Japanese Yen and the US Dollar bulls take a breather. BoJ official Adachi suggests higher interest rates could support the historically weak Yen. Investors still foresee the BoJ raising rates despite uneven inflation data. Rising Japanese Government Bond yields also support the Yen, with the benchmark 10-year JGB yield at 1.05%. US 10-year yields meanwhile have fallen to 4.
Adachi added the proviso, however, that excessive interest rate moves could also cause disruptions to household and corporate investment. Traders have increased bets that the BoJwill raise interest rates despite Japan's Weighted Median Inflation Index, a significant gauge of the country’s trend inflation, increasing by 1.1% in April, representing a slowdown from the 1.3% increase recorded in March. Japan’s Corporate Service Price Index posted a year-over-year reading of 2.
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