JPY has turned around and is strengthening. Overview for 07.03.2024

The Japanese yen is actively strengthening against the US dollar. The current USDJPY quote stands at 148.57.

The yen is currently at a one-month high, made possible by the weakening of the US dollar. The market believes that, due to deteriorating economic conditions, the Federal Reserve may decide to cut interest rates this year.

These forecasts have pressured US government bond yields, dragging down the dollar. Meanwhile, other currencies managed to strengthen their positions against this backdrop.

There have been no changes in the Japanese interest rate. Earlier, Bank of Japan Governor Kazuo Ueda drew attention to the need for more statistical data before seriously considering the possibility of exiting the ultra-soft monetary policy.