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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

Dollar Juggernaut Gains Momentum
1 day ago
Strong Payrolls Report Reignites Dollar Rally
4 days ago
Bond Market Turmoil Eases, Dollar Edges Lower
5 days ago
Tariff and Inflation Worries Kick Yields and the Dollar Higher
6 days ago
Tariff Threat Aftershocks Leave Currency Markets Jittery
1 week ago
Potential Dilution in Trump Tariff Plans Pummels Dollar
1 week ago

Latest Analysis

All Commentary

Latest Analysis

Dollar Juggernaut Gains Momentum
13 January, 2025
The almighty greenback is trading near a two-year high after Friday’s non-farm payrolls report reinforced expectations for a prolonged pause in the Federal Reserve’s easing cycle. When measured against...
Strong Payrolls Report Reignites Dollar Rally
10 January, 2025
The US created more jobs than expected in December, putting renewed momentum behind Treasury yields and the dollar. According to data just released by the Bureau of Labor Statistics, 256,000 jobs were...
Bond Market Turmoil Eases, Dollar Edges Lower
09 January, 2025
A multi-day selloff in global bond markets appears to be easing, providing some support to currencies outside the United States. The US ten-year yield is holding near 4.65 percent this morning after breaking...
Tariff and Inflation Worries Kick Yields and the Dollar Higher
08 January, 2025
Bond yields and the greenback are sitting on substantial gains this morning on the back of a report suggesting that the US could apply universal tariffs on its major trading partners, and after data released...
Tariff Threat Aftershocks Leave Currency Markets Jittery
07 January, 2025
Currency markets are suffering a case of whiplash after Donald Trump yesterday denied a report saying that his aides were exploring plans to implement a narrower set of tariffs than had been promised on...
Potential Dilution in Trump Tariff Plans Pummels Dollar
06 January, 2025
As the curtain rises on 2025, the dollar is tumbling on a report suggesting that incoming US president Donald Trump will ultimately implement tariffs on a much narrower set of products than he had threatened...
Markets Retreat as Threat Environment Worsens
20 December, 2024
Markets are dressed in red for all the wrong reasons this morning. Most major currencies are down against the dollar on a month- and year-to-date basis as increasingly-hawkish policy expectations intersect...
Central bank divergence
19 December, 2024
• Calm down. A sense of calm returned overnight. US equities consolidated & the US yield curve steepened. USD held its ground. AUD ticked up a little.• Central banks. BoE kept rates steady but kept...
“Bad Santa” Shock Hits Markets
19 December, 2024
This year’s Santa rally came with a Fed clause. Markets are recovering, but remain in turmoil after officials at the world’s most powerful central bank turned far more hawkish on the year ahead than almost...
Markets Brace for Fed's "Hawkish Cut"
18 December, 2024
Financial markets are treading water this morning ahead of the year’s last Federal Reserve decision. US Treasury yields and the dollar are holding in narrow trading ranges, equity markets are pushing higher,...

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