Japanese Yen Breaches Crucial 150 Per Dollar Mark

Published on Oct 26, 2023 10:48

A sharp rebound in dollar on the back of a spike in US benchmark treasury yields led USDJPY pair to breach the crucial 150 levels, raising expectations of an intervention by the Japanese authorities. Bank of Japan intervened in November last year to support the currency when yen reached similar levels. USDJPY was trading higher by 0.13% at 150.40 on Thursday. Overall FX sentiment stay muted today as the dollar index rebounded well above 106 mark on the back of rising US benchmark treasury yields towards a 16-year high around 5% ahead of FOMC meeting next week and US GDP and PCE data due this week. The figures are expected to provide clarity for FOMC to decide on raising interest rates further. Meanwhile, Japan continues to stay committed to ultra easy monetary policy at a time when other central banks are on a hiking spree. On the NSE, JPYINR futures fell deep in red to trade at 55.38, down 0.35% on the day.