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Yen weakens again, pushing USD/JPY back above 162

MUFG cited higher energy prices and a fading effect from last week’s verbal intervention as USD/JPY moved back above 162.

Reported · Written up by our desk · Major Pairs

The Japanese yen weakened again, sending USD/JPY back above 162.00, according to MUFG’s Lee Hardman, as higher energy prices weighed on the currency.

Hardman said uncertainty over any formal policy shift at the GPIF, plus a slow timeline for potential changes, limits near term support for domestic assets and the yen.

The FXStreet report also pointed to broader early week market crosscurrents, including a stronger US dollar tone and an oil price rise tied to renewed tensions in the Gulf, factors that can influence FX sentiment.

In the same market roundup, FXStreet noted that financial markets began the week with risk sentiment shaky, while it flagged upcoming US CPI data and Fed Chair Warsh’s testimony as potential catalysts.

Latest closeUSD/JPY 161.67 ▼0.5%

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