Japanese Yen Jumps On BOJ Ueda`s Comments

Published on Sep 11, 2023 14:31

The Japanese yen jumped higher against the dollar on Monday following Bank of Japan Governor Kazuo Ueda`s hawkish remarks, signalling possible interest rate hikes. USDJPY tumbled to a week`s low after Governor Ueda reportedly said that Japan could soon move away from negative rates. USDJPY pair is currently quoting at 145.95, down more than 1% after having topped to November 2022 high of 147.80 levels last week. A surge in Japanese benchmark 10-year bond yields also supported gains in the yen. Meanwhile, a pull back in dollar index from recent high also pushed the yen higher. The dollar index that measures the greenback against a basket of currencies is quoting at 104.65, down 0.40%. On the NSE, JPYINR September futures contract is trading higher by 0.6% at 56.90.