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Policymakers could hold the line.

A more bearish backdrop for the yen might unfold if the Bank of Japan holds firm, ignoring elevated inflation and indications that price growth could persist. In this scenario, wide interest rate differentials should continue to depress the yen: especially if risk sentiment remains buoyant, inflation cools, and global growth slows whilst avoiding more sinister outcomes.

USDJPY and Japan Trade Weighted Index

US jobs in focus
7 hours ago
Bank of Canada Holds Rates, Signals Easing Bias
1 day ago
Currency Momentum Slows As Markets Wait To Exhale
1 day ago
Markets Turn Defensive
2 days ago
Trade War Flare-Up Destabilises Dollar
3 days ago
Hold the line
4 days ago

Latest Analysis

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Latest Analysis

US jobs in focus
05 June, 2025
• US wobbles. US equities declined & USD softened. Public spat between Musk & Trump intensified. AUD touched a fresh year-to-date high.• Macro trends. ECB delivered a ‘hawkish’ cut....
Bank of Canada Holds Rates, Signals Easing Bias
04 June, 2025
After a series of rate cuts, the Bank of Canada opted to leave interest rates unchanged for a second consecutive time this morning, and Governor Tiff Macklem subtly communicated a bias toward further easing...
Currency Momentum Slows As Markets Wait To Exhale
04 June, 2025
An early-week rebound in the dollar is losing steam this morning as markets shift focus toward macroeconomic indicators and await developments in trade negotiations between the US and China. The greenback...
Markets Turn Defensive
03 June, 2025
The dollar is inching off a two-year low as investors adopt a defensive posture ahead of this morning’s Job Openings and Labor Turnover report, which is expected to confirm a cooling in US labour market...
Trade War Flare-Up Destabilises Dollar
02 June, 2025
The dollar is back on the defensive as June begins, retreating amid a worsening in trade tensions between the United States and its global counterparts. On Friday, President Donald Trump announced he would...
Hold the line
01 June, 2025
• Holding on. Consolidation across markets on Friday. US yields slipped back. AUD & NZD tread water. AUD near 1-month average.• Data flow. Tariff impacts starting to show. Container traffic to US slowing....
Sentiment Remains Weak As Tariff Fears Outweigh Still-Supportive Fundamentals
30 May, 2025
Measures of risk appetite remain soft in currency markets amid mounting concern that Donald Trump’s tariffs may prove more enduring than had been hoped. A federal appeals court yesterday granted the administration...
Dollar Slump Continues As Appeals Court Temporarily Reinstates Trump Tariffs
29 May, 2025
A federal appeals court has temporarily paused implementation of last night’s ruling that voided President Trump’s most wide-ranging tariffs. The US Court of Appeals for the Federal Circuit issued an order...
Tariff Celebration Proves Short-Lived
29 May, 2025
Financial markets this morning celebrated a temporary reprieve from President Trump’s trade war after the bipartisan US Court of International Trade ruled that he overstepped his authority in using emergency...
Markets Soar After Trump Tariffs Are Ruled Illegal
28 May, 2025
The dollar and equity futures are spiking higher after the US Court of International Trade invalidated many of President Trump’s tariffs on key trading partners, finding in two cases that he had substantially...

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