USD/JPY remains calm and hovers around 151.40 during the early European hours on Friday.
USD/JPY struggles as BoJ’s cautious approach to keep monetary conditions accommodative. Tokyo CPI rose 2.6% in March, from the previous reading of a 2.5% rise. The strength of the US Dollar is bolstered by hawkish statements fromFed officials. Tokyo Consumer Price Index for March climbed 2.6% following a 2.5% rise in February. Meanwhile, the Core Tokyo CPI climbed 2.9% year-over-year, down from a 3.1% rise in February.
The Japanese Yen likely faced challenges due to the Bank of Japan's cautious approach to maintaining accommodative monetary conditions, thereby supporting the USD/JPY pair. The US Dollar Index strengthens, nearing 104.60, as recent data indicates annualized economic expansion in the United States , driven by consumer spending. In the fourth quarter of 2023, the US Gross Domestic Product Annualized expanded by 3.4%, surpassing market expectations of remaining unchanged at a 3.2% increase.
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