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Dollar Stalls, Yen Weakens Before BOJ Decision

31 Oct 2024 , 09:30 AM

The dollar stalls before jobs data, while the yen falters before the BOJ’s announcement

As the U.S. dollar stopped ahead of jobs data later this week and the U.S. presidential election next week, the yen continued to face pressure on Thursday as the Bank of Japan appeared poised to maintain ultra-low interest rates.

The dollar and U.S. Treasury yields have been at or near their highest levels since July, which has hurt the value of the Japanese yen this month.

With a monthly decline of around 6.3%, the yen is headed for its largest monthly decline vs the US dollar since November 2016.

The yen’s problems have been exacerbated by Japan’s political upheaval, which has increased doubt about the prognosis for the nation’s monetary and fiscal policies.

With the future clouded by political unpredictability and restless markets, the BOJ is mostly expected to remain unchanged on Thursday and emphasise a cautious approach.

The possibility of more rate hikes by the end of the year is still up for debate among experts, who are looking to BOJ Governor Kazuo Ueda’s post-meeting conference for hints on the timing and speed of future rate hikes.

At 153.24 against the dollar, the yen was down 0.11% from Monday’s three-month low of 153.885.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Dollar
  • dollar vs yen
  • USD
  • Yen
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