USD/JPY Positioned to recover 119.0 as Bank of Japan keeps Interest rate constant at -0.1 Percent

Updated:

USD/JPY is gliding near 118.70 after it claimed a new 6years high at 119.12 and it is currently focusing to reclaim the 119.12 as BoJ (Bank of Japan) has left the interest rate unhampered at -0.1 percent. The decision to keep the interest rate in changed is in-line with the anticipation of traders and investors. A little adjustment was experienced in the pair after the announcement, which might be restored soon in the midst of the total positive picture.

More on the Market Actuators
The Governor of the Bank of Japan has chosen to keep to a constant policy guided by capped inflation news in the country. The Statistics Bureau of Japan recounted the annual National CPI (Consumer Price Index) at 0.9percent, which is higher compared to the previous report of a 0.5 percent and the market’s general agreement of 0.3 percent.

yen 2451969 1280

In spite of the raised news, the inflation rate in Japan is under 2 percent. While the National Consumer Price Index (CPI) previous fresh food has arrived at 0.6 percent in line with the street appraisals, however, higher than the last figure of 0.2 percent.

At the same time, the USD index strives to remain firm around 98.00 following a rapid dip of 1.5 percent during this week. The increase of the interest rate by 0.25 percent from the Federal Reserve has brought pressure on the dollar. Investors were anticipating a violent interest rate increase to nook the inflation problem but a step-wise approach to manage the rapid inflation was unable to excite the market participants.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.