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Forex Today: Ueda talks about the Japanese yen

Forex Today: Ueda talks about the Japanese yen

The Japanese yen gained more than 1% today against a basket of currencies following hawkish comments from the governor of the Bank of Japan.

➡️ The Japanese yen gained strongly from this week's open in Asia, following public comments from Bank of Japan Governor Ueda. Ueda said there may be enough data available to justify a rate hike by the end of 2023, which would end Japan's negative interest rate and mark at least the beginning of the end of its extraordinary super-accommodative monetary policy. The Japanese yen gained strongly today, with  the USD/JPY currency pair  down over the 1.15%, erasing all of last week's gains and calling into question whether the current uptrend in that currency pair has already seen an extended period of upside. -term high.

➡️ The Japanese government's 10-year government bond yield rose to 0.7%, the highest level since 2014.

➡️ In the Forex market, the Japanese yen is clearly the strongest major currency today, while the US dollar is the weakest, despite its long-term bullish trend.

➡️ Bitcoin  threatens to collapse to new 2-month lows as the cryptocurrency sector remains weak.

➡️ It will likely be a relatively quiet day in the market, as it is a Monday and no major data releases are expected today.

 

Credit by DailyForex.com

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