Yen Rises After BoJ Himino Comments
10 Ottobre 2024 - 9:55AM
RTTF2
The Japanese yen strengthened against other major currencies in
the European session on Thursday, after the Bank of Japan deputy
Governor Himino said that the central bank would hike rates if it
had more confidence in forecasts.
Ryozo Himino, deputy governor of the Bank of Japan, stated that
if the board has "greater confidence" in the realization of its
pricing and economic projections, the central bank will take
interest rate hikes into consideration.
Himino also said that the "totality" of the facts presented at
each policy meeting will be taken into consideration by the BOJ
when determining when to hike interest rates.
Investors remain cautious ahead of the U.S. CPI data later in
the day that could influence the pace and size of interest-rate
cuts by the Federal Reserve.
In other economic news, producer prices in Japan were unchanged
in September, the Bank of Japan or BoJ said on Thursday - versus
expectations for a decline of 0.3 percent following the 0.2 percent
drop in August. On a yearly basis, producer prices rose 2.8 percent
- exceeding forecasts for an increase of 2.3 percent and up from
2.6 percent in the previous month.
Export prices fell 0.4 percent on month and rose 0.5 percent on
year, the bank said, while import prices slumped 1.3 percent on
month and 0.4 percent on year. The foreign exchange rate slumped
2.0 percent on month.
The BoJ also said the value of overall bank lending in Japan was
up 2.7 percent on year in September, the Bank of Japan said on
Thursday - coming in at 624.24 trillion yen. That was shy of
expectations for an increase of 2.9 percent and down from 3.0
percent in August. For the third quarter of 2024, overall lending
was up 3.0 percent on year, lending excluding trusts rose 3.3
percent and lending from trusts was up 0.6 percent
In the European trading today, the yen rose to 162.69 against
the euro, 194.52 against the pound and 148.78 against the U.S.
dollar, from an early near 2-month low of 163.61, a 3-day low of
195.50 and more than a 2-month low of 149.55, respectively. If the
yen extends its uptrend, it is likely to find resistance around
157.00 against the euro, 191.00 against the pound and 140.00
against the greenback.
Against the Swiss franc, the yen edged up to 179.09 from an
early low of 173.73. On the upside, 169.00 is seen as the next
resistance level for the yen.
Looking ahead, U.S. CPI data for September and U.S. weekly
jobless claims data are slated for release in the New York
session.
Grafico Cross US Dollar vs Yen (FX:USDJPY)
Da Ott 2024 a Nov 2024
Grafico Cross US Dollar vs Yen (FX:USDJPY)
Da Nov 2023 a Nov 2024
