MUFG’s Lee Hardman notes that the Japanese Yen (JPY) has strengthened, driving USD/JPY back towards 153.00, as comments from US Treasury Secretary Scott Bessent reinforce expectations of policy changes in Japan. The bank highlights growing market conviction that the Bank of Japan will accelerate rate hikes this month, helping the Yen rebound without further joint FX intervention.
Yen gains on BoJ shift expectations
“The yen has continued to strengthen overnight resulting in USD/JPY falling back towards the 153.00-level.”
“The stronger yen has been encouraged by bullish comments from US Treasury Secretary Scott Bessent overnight who stated that…
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