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Yen steadies as USD/JPY holds near 159, easing MoF policy concerns
Scotiabank ties the move to expectations around Bank of Japan and Fed coordination, with resistance seen above 159.50 and support just above 158.50.
Scotiabank strategists Shaun Osborne and Eric Theoret said USD/JPY is trading near 159, with modest Japanese yen gains offering some reassurance to Japan’s Ministry of Finance after recent yen weakness.
They pointed to material efforts to counter yen depreciation via coordinated Bank of Japan and Federal Reserve actions, adding that BoJ policy signals remain critical as investors watch for possible tightening.
The strategists flagged two near term catalysts, a potential BoJ hike in the fall and Japan’s Q2 GDP data due early next week, and said upcoming policy commentary is likely to drive the pair.
On technical levels, they cited resistance above 159.50 and support just above 158.50, noting the yen was up about 0.2% versus the US dollar and modestly stronger versus the EUR while underperforming most other G10 currencies.
Latest closeUSD/JPY 159.31 ▼0.1%