Forex
Home›Forex›Major Pairs›USD/JPY rises near 162.40 as US strikes against Iran e…
USD/JPY rises near 162.40 as US strikes against Iran escalate
The yen is also under watch amid Japan signaling it could intervene in currency moves, while traders look to the preliminary July Michigan Consumer Sentiment Index.
The US dollar strengthened versus the Japanese yen, with USD/JPY gaining modestly near 162.40 in Asian trading on Friday, as renewed US strikes against Iran continued for a sixth straight night, according to FXStreet.
US Central Command said the attacks were intended to further degrade Iranian military capabilities and that it boarded a vessel as part of its blockade of the Strait of Hormuz, while Iran’s state media reported missile strikes near the island of Qeshm and locations including Bandar Abbas and Bushehr.
FXStreet also noted that renewed Hormuz hostilities could support the dollar against the yen in the near term, as traders assess risk sentiment.
Separately, Japan flagged potential policy and intervention risks, with Kyodo News Agency saying Japan’s economic blueprint would leave specific monetary policy tools to the Bank of Japan and that Japan’s government would decide by early August on whether to cut an 8% consumption tax levied on food, while Finance Minister Satsuki Katayama said authorities are ready to act on currency moves whenever necessary. Traders also remained focused on the preliminary July reading of the Michigan Consumer Sentiment Index later on Friday.
Latest closeUSD/JPY 162.33 ▲0.2%