By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Japanese Yen remains stable against US Dollar in light post-New Year trading
Share
Notification Show More
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > Japanese Yen remains stable against US Dollar in light post-New Year trading
Forex

Japanese Yen remains stable against US Dollar in light post-New Year trading

News Room
Last updated: 2024/12/30 at 6:31 AM
News Room
Share
3 Min Read
SHARE

The Japanese Yen (JPY) has been gaining ground against the US Dollar (USD) as traders anticipate an interest rate hike by the Bank of Japan (BoJ) in January. This follows the release of Tokyo Consumer Price Index (CPI) inflation data last week, which strengthened the JPY. Japan’s Jibun Bank Manufacturing PMI also exceeded expectations in December, reaching 49.6 compared to the expected 49.5 and November’s 49.0 readings. Despite this improvement, factory activity has been on a decline for the sixth consecutive month.

In contrast, the US Dollar has remained subdued as US Treasury yields have declined. The 2-year and 10-year yields stand at 4.32% and 4.62%, respectively. This has added pressure on the Greenback, as traders anticipate fewer rate cuts by the US Federal Reserve (Fed) next year. The Fed has already indicated two rate cuts in 2025, and its recent hawkish pivot has impacted the USD negatively. The Tokyo CPI inflation data for December showed an increase, with the headline and core inflation rising from November’s levels.

The Bank of Japan (BoJ) has been closely monitoring economic conditions and has plans to adjust easing measures if necessary. The possibility of gradual rate hikes has been mentioned in the October meeting Minutes, with a potential path to 1.0% by late fiscal 2025. BoJ officials have emphasized the importance of monitoring economic activity, prices, and financial conditions in determining the timing and pace of monetary accommodation adjustments. BoJ Governor Kazuo Ueda expects the Japanese economy to move closer to achieving the 2% inflation target next year.

In technical analysis, the USD/JPY pair has maintained its bullish momentum on the daily chart and is trading near 157.80. The pair is within an ascending channel, with the 14-day RSI indicating a bullish trend. However, an overbought condition could trigger a downward correction if the RSI exceeds the 70 level. The immediate support lies around the nine-day EMA, while the pair may retest its monthly high of 158.08 on the upside.

The table showing the percentage change of the Japanese Yen against major currencies indicates that the JPY was the strongest against the Swiss Franc. The heat map displays the percentage changes of major currencies against each other, providing a visual representation of the currency movements. As the BoJ continues to navigate its monetary policy, traders will closely watch for any developments that could impact the JPY’s strength in the forex market. With expectations of a rate hike and adjustments to easing measures, the JPY is likely to remain in focus in the coming weeks.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room December 30, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article MCIT announces establishment of Digital Skills Working Group within government institutions
Next Article South Korean authorities are seeking the arrest of impeached President Yoon.
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?