The USD/JPY pair has been consolidating near its recent highs for the fourth consecutive session.
The Japanese yen takes a break from its devaluation. Currently, the USD/JPY quote stands at 144.59.
Over the past four days, there has been no significant change in the yen’s value, with the dominant scenario still favoring devaluation, and no apparent reasons for a correction.
Yesterday’s released statistics revealed that the Tankan non-manufacturing index climbed to 23 points in the second quarter, surpassing the previous 20 points and exceeding initial forecasts. Similarly, the index for the largest manufacturers expanded from 1 to 5 points. Tankan surveys are highly regarded due to their extensive coverage, involving over 8,000 companies in the manufacturing sector, making them one of the most reliable reports among similar releases.
This week, there is no significant data expected from Japan until Friday. The crucial report on household spending, along with data on average wages and leading economic indicators, will be released then.
The Bank of Japan’s ultra-loose monetary policy continues to be a key factor influencing the yen’s performance. As the focus eventually shifts to the interest rate differential, it is anticipated that the JPY will resume its decline.
The post JPY Takes a Pause – Overview for July 04, 2023 appeared first at R Blog – RoboForex.
