USDJPY Lingers Beyond 149 Mark; JPYINR In Red

Published on Sep 29, 2023 12:02

USDJPY edged slightly lower on Friday although the pair continues to trade at higher levels, approaching a critical 150 mark. Pull back in the dollar overseas as benchmark US treasury yields retrace from sharply higher levels is supporting yen. Data overnight showed US GDP was consistent at 2.1% as expected while initial jobless claims for the week ending on September 22, improved to 204K from the 202K prior but below 214K expected. Meanwhile, data from Japan showed inflation continues to surpass the Bank of Japan`s (BoJ) 2% target, but the central bank is expected to maintain its ultra-loose monetary policy. Japan`s Finance Minister Shunichi Suzuki reportedly stated on Friday to renew his pledge to take action against sharp falls in the yen as it weakened to its lowest level in almost a year. Currently, USDJPY is quoting around October lows at 149.19. On the NSE, JPYINR is trading lower at 56.11.