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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

Sentiment Remains Weak As Tariff Fears Outweigh Still-Supportive Fundamentals
2 days ago
Dollar Slump Continues As Appeals Court Temporarily Reinstates Trump Tariffs
2 days ago
Tariff Celebration Proves Short-Lived
3 days ago
Markets Soar After Trump Tariffs Are Ruled Illegal
3 days ago
Rally Fades As Uncertainties Remain
4 days ago
Tumult Fades As Intense Trading Week Begins
5 days ago

Latest Analysis

All Commentary

Latest Analysis

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...
Rally Fades As Uncertainties Remain
28 May, 2025
Traders are trimming risk after yesterday’s relief rally took market valuations a little too far. A rebound across Treasuries, equity indices, and the US dollar – initially driven by the Trump administration’s...
Tumult Fades As Intense Trading Week Begins
27 May, 2025
Measures of risk appetite are improving this morning amid signs of an easing in last week’s bond market tantrum, and following a brief escalation in cross-Atlantic trade tensions. Equity markets are setting...
Tariff sabre rattling
25 May, 2025
• Tariff news. Threats of increased US tariffs on the EU rattled nerves on Friday. US President Trump pushed out the deadline this morning.• FX trends. US growth challenges & policy uncertainty weighs...
Yields Push Higher as Debt Worries Intensify
22 May, 2025
Treasury markets are extending their losses this morning on worries that funding strains could reach unsustainable levels after the House of Representatives passed President Donald Trump’s broad-reaching...
Dollar Retreats As Market Momentum Slows
21 May, 2025
The ‘Sell America’ trade is back in play this morning. The dollar is unwinding last week’s gains and is down against all of its major counterparts, US equity markets are setting up for a bruising open,...
Markets Retreat on Signs of Consumer Strain
15 May, 2025
The dollar is retreating as optimism surrounding the weekend’s trade deal continues to diminish and US consumers show signs of exhaustion, leaving investors to contemplate longer-term risks to the American...

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