27 August 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) has lost ground against the US dollar (USD) for the second consecutive day on Tuesday. However, the yen's decline may be moderated by a more optimistic outlook on the part of the Bank of Japan (BoJ).
Furthermore, diverging statements from the Bank of Japan (BoJ) and the Federal Reserve (Fed) regarding their policy outlook are exerting downward pressure on the USD/JPY pair. Bank of Japan Governor Kazuo Ueda stated in Parliament on Friday that the central bank may maintain its current course of action regarding interest rates, contingent on the accuracy of its economic forecasts.
Meanwhile, at a symposium in Jackson Hole, Fed Chairman Jerome Powell stated that it was time to adjust policy. However, Mr. Powell did not provide a timeline for the rate cuts or indicate the potential size. Furthermore, San Francisco Fed President Mary Daly stated in an interview with Bloomberg TV on Monday that it is an appropriate time to commence a reduction in interest rates, which she anticipates will be by approximately a quarter of a percentage point.
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