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22/07/24
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JPY Begins Week by Gaining Slightly
On Monday, the Japanese yen inched higher, and USD/JPY traded at about 157.11, down 0.16% for the day in the North American session. Today’s data calendar is light, with no events out of Japan or the US.
The US presidential campaign continues and seems to have new twists regularly. President Biden said over the weekend that he would not continue seeking the Democratic nomination for president.
Democrats have applied increased pressure on Biden to step aside and he endorsed Vice-President Harris for the nomination. It is, however, not yet clear if she will face any competition. Biden will likely complete his term as President.
Although it was expected the move would cause some volatility, the US dollar and the US stock market were steady today. July has been rough for the US dollar, and it dropped 2.3% against the yen.
On July 10 the yen fell to as low as 161.80 but then surged more than 2% the next day in what is suspected to have been a currency intervention by the Bank of Japan.
The BoJ’s next meeting will be on July 31, and it will not likely hike rates, as consumers aren’t spending, and the economy has been faltering.
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