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Will the BOJ raise rates on Friday? USD/JPY edges off fresh European session low
A short while ago the USD/JPY fell back to set a fresh European session low around 140.35. It has just edged off that low as this update is typed. So, with so much chatter concerning a possible 0.50% Fed cut tomorrow that has continued to undermine the USD/JPY and explains the new 2024 low seen yesterday, at 139.58. It was noted here yesterday that the BOJ will be watching very closely what the Fed delivers tomorrow evening, as they have to make a corresponding decision on Friday. The risks of a deeper cut by the Fed will surely concern them and whilst they do not want to see the USD/JPY rising above 160, they surely do not want to see it crumbling either. That would push up Japanese inflation and potentially force the BOJ into rate hikes they do not want. The reason for that is clear, with debt to GDP running above 260% in Japan, every rate increase is going to add to that burgeoning debt pile, which is already out of control. The USD/JPY is currently trading at 140.51
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