AUD/JPY justifies downbeat Australia data, as well as slightly hawkish bias about the Bank of Japan (BoJ), amid early Thursday’s risk aversion as it d
rops to 94.10 by the press time. In doing so, the cross-currency pair prints a three-day losing streak while also justifying the sluggish yields.
It’s worth noting that the fears about China's slowdown and optimism surrounding the US and Japan, not to forget concerns suggesting economic fears for Australia, together weigh on the sentiment and the AUD/JPY prices due to the quote’s risk-barometer status. China’s early-week disappointment via China Caixin Services PMI joined the market’s lack of confidence in the Dragon Nation’s stimulus to weigh on the concerns about Beijing. On the same line could be the US-China tension surrounding the trade conditions and Taiwan.
Further, Bank of Japan board member Hajime Takata defended the central bank’s easy policy by citing very high uncertainty on the outlook. “BoJ will closely watch market developments to achieve bond market stability with eye on benefits, de-merits of YCC,” added the policymaker. BoJ’s Takata also cited stronger-than-expected US economic growth to justify the US Dollar strength while adding that there’s a certain distance to the ditching of negative rate policy.
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