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