The USD/JPY pair continues its relentless upward trend as the Japanese yen hits its lowest point in eleven months. The current exchange rate stands at 148.84 JPY per USD.
The yen's depreciation against the US dollar remains ongoing, gradually approaching the significant 150.00 mark. This trend is primarily due to the unwavering commitment of Japanese monetary authorities to maintaining ultra-loose fiscal policies.
Market observers are closely watching the 150.00 yen per dollar threshold, as it may prompt intervention from either the Ministry of Finance or the Bank of Japan. Warnings about this possibility have been growing in recent weeks. However, it's noteworthy that if the devaluation of the JPY were a significant concern, the Bank of Japan would have likely intervened by now.
Today, Japan will host a meeting of political leaders and representatives from the Bank of Japan, during which interim statements may be made.
Currently, market dynamics are working against the JPY.