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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

Easing US-China Tensions Boost Risk Appetite
1 day ago
Trump talk continues
2 days ago
Calm After the Storm Settles on Currency Markets
2 days ago
US tariffs: delayed not derailed
4 days ago
Currency Markets Retreat as Tariff Nerves Fray
4 days ago
Trump & tariffs
5 days ago

Latest Analysis

All Commentary

Latest Analysis

Easing US-China Tensions Boost Risk Appetite
24 January, 2025
Financial markets are back in risk-on mode after US President Donald Trump appeared to suggest that he could avoid putting tariffs on Chinese imports, backing off a campaign pledge to hit the country with...
Trump talk continues
23 January, 2025
• Trump talk. More comments from US President Trump overnight, but market reaction was relatively muted. Equities rose, while oil & the USD eased.• AUD & NZD. The USD pull-back is supporting AUD...
Calm After the Storm Settles on Currency Markets
23 January, 2025
Financial markets are enjoying a period of placidity amid a relative lack of new headline risks related to the incoming administration’s trade, immigration, and fiscal policy plans. The global borrowing...
US tariffs: delayed not derailed
21 January, 2025
• Trump vol. Markets were swung around by tariff news on Pres. Trump’s first day in office. But on net, equities rose while bond yields & the USD declined.• Delayed not derailed. Wide ranging...
Currency Markets Retreat as Tariff Nerves Fray
21 January, 2025
Currency traders are suffering from whiplash after Donald Trump made volatility great again in his first day back in office. The dollar is on the offensive and currencies like the peso, Canadian dollar,...
Trump & tariffs
20 January, 2025
• US politics. President Trump is officially back in power. Reports tariffs could be implemented in a ‘measured way’ eased market nerves.• USD trends. Lack of follow through of election tariff...
Markets Rally as Trump Backs Off Tariff Threats
20 January, 2025
Financial markets are staging an across-the-board relief rally after the Wall Street Journal said president-elect Donald Trump intends to stop short of hitting major trading partners with tariffs on his...
Markets Stay on Edge Ahead of Inauguration
20 January, 2025
An uneasy calm is settling on currency markets as traders brace for a “shock and awe” campaign on the policy front when Donald Trump takes office for a second time this afternoon. Ten-year Treasury yields...
Get set for Trump 2.0
19 January, 2025
• Positive tone. US equities, bond yields, & the USD rose at the end of last week. US data remains positive. Markets also positioning for Trump 2.0.• US policy. Pres. Trump will be in the drivers seat....
Holding on
16 January, 2025
• Mixed signals. US equities failed to push on despite further falls in bond yields. USD/JPY continues to slip back. AUD & NZD lose a bit of ground.• Data & comments. US consumer spending holding...

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