USDJPY hovers around 120.80s for the first time in six years
The pair has since eased back to just above the 120.50 mark, but continues to trade with on-the-day gains of about 0.9%, taking its on-the-month gains to nearly 5.0%. The yen continues to suffer at the hands of a bearish combination of dovish BoJ rhetoric and higher/rising yields elsewhere and is the worst-performing G10 currency on Tuesday by a substantial margin.
The main driver of the move higher in yields that has propelled USD/JPY to multi-year peaks has been the Fed’s hawkish shift in its policy guidance. In wake of the central bank’s policy announcement last Wednesday and Fed Chair Jerome Powell’s speech on Monday, markets are upping their bets that 1) the Fed moves more quickly to lift rates and 2 that the Fed takes interest rates higher than so-called “neutral” .
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