Japanese Yen Stumbles

London: 19 October 2023 (TraderMade): Several regional and global economic influences caused the Japanese Yen to stumble against the mighty US Dollar. The USDJPY was at 149.94 yesterday. Yet today, at about 07:26 AM GMT, the pair is at 149.76.

Driving factors

The Japanese balance of trade was at a surplus of JPY 62.44 billion in September. Increased exports, decreased imports, and declining energy prices set the tone for the Japanese economy.

The Bank of Japan's quarterly report indicates recovery in the economy of all regions. The financial experts anticipate that the Japanese Finance Ministry will intervene as the USDJPY hits 150. Otherwise, the pair may experience a steep decrease.

The financial world will closely watch the Japanese inflation data and US Fed Chair Powell's speech later this week. US Fed officials indicated yesterday that the Fed may retain the interest rate to cool down inflation.

The rising Israel-Hamas conflict in the Middle East has attracted investors to both currencies as safe-haven assets.

Stay updated by obtaining USDJPY live rates from TraderMade and make informed trading decisions.