Japanese Yen Remains Unchanged Against the Dollar Despite Momentus Fall By USD

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Despite the US dollar index (DXY) hitting a seven-month low on Monday, the Japanese yen (JPY) hasn’t altered much against the dollar so far this week. The currency market has been rather quiet in the Tuesday trading session.

After reaching a 40-year high of 4.0% year-on-year at the end of December last year, the headline Tokyo CPI, or Japanese inflation, appears to be picking up speed. Although this was in line with expectations, core CPI for the same time period was 4.0%, exceeding both the 3.8% projection and the 3.6% before.

Japan’s Inflation Data Made no Impact on the Japanese Yen

The news had a minimal impact on USD/JPY, but it may draw more attention to the Bank of Japan’s (BoJ) capacity to sustain a loose monetary policy environment.

Mary Daly and Raphael, the presidents of the San Francisco and Atlanta Federal Reserve Banks, respectively, said on Monday that they expect the US Fed Funds target rate to rise above 5% and remain there for a considerable amount of time.

This is greater than the existing pricing in the futures and swaps markets. Additionally, the discussion seemed to pave the way for a 25 basis-point (bp) increase at the February Federal Open Market Committee (FOMC) meeting.

With Fed speakers citing it as essential to their decision at the Federal Open Market Committee (FOMC) meeting, US CPI on Thursday is expected to be a key data point for markets.

According to a Bloomberg survey of economists, the annual growth rate until the end of 2023 will be 6.7%.

Later today, Fed Chair Jerome Powell will speak, and his words will be closely watched for hints about future monetary policy.

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