AUD/JPY breaks above 90.00 as BOJ favors continuation of easy policy – by Sagar_Dua24 AUDJPY Coronavirus China GDP BOJ
by the Bank of Japan through the summary of opinions of the previous week’s meeting has trimmed the appeal for the Japanese yen. The risk barometer is delivering a breakout of theContrary to the movement of the AUD/USD pair, which is displaying weakness, the AUD/JPY pair is showing strength. The Australian Dollar has sensed a severe demand due to the scrapping of Covid-19 restrictions in China.
In order to ease supply chain disruptions, the Chinese economy has revoked quarantine rules imposed on inbound travelers to meet the tolerance Covid policy. This has also resulted in an upside revision of the 2023 Gross Domestic Product forecast by China’s National Bureau of Statistics . The agency said that they have revised the country’s estimate of 2023 GDP growth to 8.4% from 8.1% previously.is considering new Covid measures for travelers from China.
On the Tokyo front, BOJ’s summary of opinions is indicating that policymakers are in favor of the continuation of loose monetary policy. It also conveyed that the Japanese economy is showing signs of wage rises, a positive economic cycle but it is appropriate to maintain an easy policy.
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