USD/JPY bulls cross 135.00 as BoJ’s Ueda defends monetary policy inaction, yields rise – by anilpanchal7 USDJPY BOJ RiskAppetite Inflation YieldCurve
Japan’s household spending drops the most since March 2022, real wages ease too.Yields improve amid mixed US signals, focus on banking, US CPI.
USD/JPY takes the bids to refresh intraday high near 135.30, up for the third consecutive day, as Bank of Japan Governor Kazuo defends easy money policy as markets in Tokyo open for Tuesday. Adding strength to the risk-barometer pair could be the comments from Japan’s Finance Minister Shunichi Suzuki, as well as broadly firmer US Treasury bond yields and the US Dollar.
BoJ’s Ueda said, “Our scheduled review won't have any pre-set idea in mind on specific monetary policy move.” The policymaker also added that the BoJ will take necessary policy action at each meeting, with an eye on financial and price developments, even while conducting the review. On the other hand, Japan FinMin Suzuki confirmed that the nation’s financial system is stable.
Elsewhere, Japan’s Household Spending marked the biggest fall since March 2022 with -1.9% YoY figure for March, versus the expected +0.4% and prior +1.6%. Further, the nation’s Inflation Adjusted Wages for the said month also eased to -2.9% YoY during the said month compared to -2.4% market forecasts and -2.9% previous readings. extends the previous day’s rebound amid firmer yields and mixed signals surrounding inflation and banking conditions.
It’s worth noting that Chicago Federal Reserve Bank President Austan Goolsbee said, “It is too early to say what the next policy move will be,” while explaining that there were a lot of uncertainties regarding the impact of credit tightening on the economy. However, Reuters came out withsuggesting US Treasury Secretary Janet Yellen’s personal reaching out to business and financial leaders to explain the "catastrophic" impact a US default on its debt would have on the U.S.
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