USD/JPY Surges as BOJ Asada Reiterates Opposition to Further Hikes
The Japanese yen held lower against the US dollar on Wednesday after Bank of Japan board member Toichiro Asada said he needs demand-driven inflation before backing another hike, reinforcing dovish expectations after June's rate increase took borrowing costs to a 31-year high of 1%. In Wednesday's G10 trading, the JPY dropped against all other currencies. The next mild-impact event for the Japanese currency will be the June Producer Price Index, due on July 10. For the USD, the major event will be the FOMC Minutes, due later on Wednesday. The USD/JPY pair was trading at 162.566, with a 0.30% gain during Wednesday's American trading hours at the time of writing.
The Japanese yen held lower against the US dollar on Wednesday after Bank of Japan board member Toichiro Asada said he needs demand-driven inflation before backing another hike, reinforcing dovish expectations after June's rate increase took borrowing costs to a 31-year high of 1%.
In Wednesday's G10 trading, the JPY dropped against all other currencies.
The next mild-impact event for the Japanese currency will be the June Producer Price Index, due on July 10.
For the USD, the major event will be the FOMC Minutes, due later on Wednesday.
The USD/JPY pair was trading at 162.566, with a 0.30% gain during Wednesday's American trading hours at the time of writing.